Commercial Real Estate & Business News March 29, 2019

New York Company Plans $7M Opportunity Zone Investment in Goodyear
A planned 325,000-square-foot industrial complex in Goodyear will be the first opportunity zone investment for New York-based real estate investment firm EquityMultiple, which is working to raise $7 million to invest in the project. “We looked at easily 100-plus transactions in opportunity zones, and this struck us as the first deal that came…»
Land in Northeast Phoenix Sells to Homebuilder for Record Price
A homebuilder has paid a record price for approximately 120 acres in northeast Phoenix. Only one home was on the nearly vacant swath of desert. D.R. Horton bought the land, at Bell Road and Tatum Boulevard, for about $80 million, according to public real estate records. The deal breaks down to more than $670,000 an acre, the…»
Brycon Construction Joins $300M Grande Vita Project
The development of Grande Vita, a 300 million dollar medical and residential campus, will be breaking ground on May 21st in Mesa with Brycon Construction joining the project as the lead construction company. Their expertise in complex construction makes them the perfect fit for Grande Vita, a project that combines hospitality, recreation,…»
Data Center Developers Turn to Opportunity Zones, Getting Tax Breaks for Creating Few Jobs
Developers are building data centers in areas designated as economically distressed under the federal Opportunity Zone program, earning tax breaks to boost their returns as the need for more digital processing power surges across the United States. But the shift in where data centers, massive sites with relatively few workers, are getting…»
Wayfair is Opening Up its First Store Ever, the Latest Internet Retailer to Grow Offline
Internet furniture retailer Wayfair is the latest company to go from clicks to bricks. Wayfair on Tuesday announced it will be opening its first full-service store at the Natick Mall in Natick, Massachusetts, which is managed by Brookfield Properties, in early fall of this year. That’s after it tested a few pop-up shops, including one at…»