Commercial Real Estate & Business News – June 9, 2020

Construction Employment Sees Record Rebound in May
One way to look at this stunning jobs report is to suggest that economists missed the mark by approximately 10.5 million jobs,” said ABC Chief Economist Anirban Basu in a press statement. “Economists polled by Dow Jones had forecasted a decline exceeding 8 million jobs. Instead, the economy…»
1st Non-gaming Caesars Hotel Begins Construction in Scottsdale
HCW, which has developed more than $2 billion in real estate in the last 23 years, in partnership with Caesars Entertainment Corporation, announced construction is currently underway for the 265-room Caesars Republic Scottsdale luxury brand hotel, and is on schedule to open…»
Data Center Developer Snags 79 Acres in Phoenix for Build-to-Suit Computing Park
Stack Infrastructure, a company that develops data centers and digital infrastructure, acquired 79 acres just outside Phoenix, where it plans to develop up to 1 million square feet of data centers in the up-and-coming Southwest tech market. The Denver-based company bought land…»
Mobile Home Parks, Now a Safe Bet, Command $230 Million in Arizona
Investment giant The Carlyle Group scooped up a portfolio of Arizona mobile home parks in one of the biggest deals for that type of affordable housing in recent years. Carlyle, of Washington, D.C., paid $230 million for four properties in Mesa, a suburb of Phoenix, with a total of 1,588 units. All were built…»
Developer Makes Strategic Changes Phoenix Office Development
Developer George Oliver has quickly shifted its strategy on the redevelopment of the Alexander, a class-A office development in the Phoenix suburb of Chandler. The property is currently under construction, and will now reflect new needs in office space as a result of the coronavirus pandemic…»