Commercial Real Estate & Business News – March 29, 2017

The regional job market could improve this year and Phoenix is expected to rank among top U.S. markets for employment gains in 2017. That is according to a report by commercial real estate firm Marcus & Millichap(NYSE: MMI). Phoenix is expected to see 2.8 percent job growth this year up from 1.5 percent in 2016.…»
In garden apartment communities across the country, the average rents are rising quickly and occupancy rates are high. “It’s a really attractive type of development to own and operate,” says Greg Willett, chief economist for MPF Research, a division of RealPage Inc. But developers are building far fewer garden apartment complexes than they used to…»

Nationwide Realty Investors has started construction on two new speculative office building at its 250-acre Rivulon development in Gilbert. The two buildings are 60,000-square-feet and four stories each and are at Nationwide’s Rivulon’s project at Gilbert Road and Loop 202. Speculative office and commercial building has been stunted in the Phoenix market since the last real estate downturn. …»

Scottsdale, AZ-based Store Capital Corp. (NYSE: STOR) announced pricing for its public offering of 8,650,000 shares of common stock at $23.10 per share. The REIT upsized the offering from the previously announced 7,600,000 shares and granted the offering’s underwriters a 30-day option to purchase up to 1,297,500 additional shares. The offering is expected to close on March 31, 2017, subject to customary closing conditions. …»
Controversial zoning changes for a residential condominium project near Dove Valley and Scottsdale roads named Scottsdale Heights have been approved. The council approval on a 5-2 vote will shift the land from commercial zoning to medium-density residential zoning, leaving many neighbors disappointed. The approval came despite petitions, with more than 600 signatures, that had objections from neighboring residents.…»