Commercial Real Estate & Business News – March 16, 2016

New York private equity firm Blackstone Group is selling the Fairmont Scottsdale Princess as part of a $6.5 billion deal to sell Strategic Hotels and Resorts Inc. to Chinese company Anbang Insurance Group. The Fairmont is currently undergoing a $60 million renovation… Read more »
The building is the latest development in the steady expansion of the downtown Phoenix Biomedical Campus and expanding academic medical center. Located on the University of Arizona College of Medicine–Phoenix campus at 475 N. Fifth St., the 245,000-square-foot Biomedical Sciences Partnership Building will be a hub for healthcare and scientific innovation when it opens in early 2017. A construction milestone was celebrated recently at the new research building as the final beam was placed atop the 10-story building… Read more »
2.4 acres of industrial property within walking distance of Tempe Town Lake sold yesterday to Alliance Residential for a total of $5,843,903. The area is proposed for the 168-unit Broadstone Lakeside Apartments, which includes a retail component and 1-3 bedroom floorplans (including studios). Current industrial and office improvements are to be demolished… Read more »
Arizona’s seasonally adjusted unemployment rate dropped three-tenths of a percentage point from 5.9% in December to 5.6% in January. The US seasonally adjusted unemployment rate decreased from 5.0% in December to 4.9% in January. A year ago, the Arizona seasonally adjusted rate was 6.6% and the US rate was 5.7%…Read more »
Construction input prices fell for the eighth consecutive month during February 2016, according to an analysis of the Bureau of Labor Statistics Producer Price Index released, Tuesday, by Associated Builders and Contractors (ABC). Construction input prices fell 0.6 percent on a monthly basis in February and 3.7 percent on a yearly basis. Inputs to nonresidential construction fell even further, declining 0.7 percent from January 2016 and 3.8 percent from February 2015. Prices for eight of the 11 key inputs declined on a monthly basis in February, while nine of the 11 key inputs experienced year-over-year price declines… Read more »