Commercial Real Estate & Business News – June 26, 2020

Developer Moves Forward with Valley Hotels, Spec Office
Now that the 238-room, 8-story Hyatt Place hotel is under construction in downtown Phoenix, the developer hopes by the time it is ready for visitors in September 2021, travel will have resumed to normal after the coronavirus pandemic. “We closed on the land and moved financially forward…»
Arizona Jobless Rate Drops Sharply, But Still at Twice Pre-COVID Levels
WASHINGTON – Arizona posted one of the sharpest unemployment drops in the country in May, falling from a historic high of 13.4% in April to 8.9% last month, according to the latest numbers from the Bureau of Labor Statistics. But that drop still left May’s unemployment rate…»
Industrial Real Estate Leads the Way Out of the COVID Crisis
As NAIOP’s I.CON Virtual 2020 conference kicked off this week, keynote speakers, panelists and a COVID commercial real estate tracking survey all pointed to the strength and momentum of the industrial real estate sector. In the third NAIOP survey tracking the commercial real estate…»
Westcore Buys 164K-SF Chandler Industrial Property for $38M
Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired a 164,486-square-foot, Class A industrial warehouse on 16.5 acres of land in Chandler, Arizona for $38 million. Located at 2550 North Nevada Street, the warehouse is fully leased…»
VT LandGroup Launches For Land Acquisition Nationwide
Van Tuyl  Companies has launched VT LandGroup, an entity dedicated to land acquisition initiatives. The company will operate in unison with its sister company VanTrust Real Estate to seek and acquire land nationwide in various stages, from raw land to fully entitled/developed land, over a full spectrum…»