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Commercial Real Estate & Business News March 7, 2019

Arizona’s Economy, Population Growth and Jobs Expected to Continue Outpacing U.S. Averages
With continued low unemployment rates, sustained population growth and surges in key industries, Arizona’s economy continues its positive trajectory. These were the findings presented last week by prominent economist Dr. Christopher Thornberg of Beacon Economics at the Alliance Bank of Arizona 2019 Economic Forum. Steady growth…»
CoStar Market Insights: Multifamily Investment Trends Put Phoenix on Course for Another Record Year
Last year, apartment sales set a new record in Phoenix as more than $6.2 billion worth of multifamily properties were sold, shattering the previous high of $5.1 billion set in 2016.The average price per unit for apartment properties in Phoenix also soared to a new all-time high of $145,000 per unit, a 27 percent jump from the previous year. Early indications are…»
Gilbert Lands 380-unit Residences at SanTan Village
Leon Capital Group, a Dallas-based investment company with a focus on real estate, today announced the development of the currently named Residences at SanTan Village, a new Class A 380-unit multifamily community just north of SanTan Village Mall. The property is located at the southwest corner of SanTan Village Parkway and Ray Road…»
Here’s How Crown Realty Got $121M Worth of Prime Land for $54M
One simple, obvious question kicked off the process that unlocked thousands of acres of land in North Phoenix and cleared the way for what could be years of economic development in the City of Phoenix. “We were standing on top of the big parking structure up (at High Street) and looking out over all of the vacant land up there,” said…»
Life Time Fitness to Build in Peoria
High-end gym Life Time Fitness Inc. has purchased land in north Peoria and plans to build a new club there. Life Time purchased 3 acres on the southwest corner of Happy Valley Road and 67th Avenue in Peoria from Christ’s Church of the Valley Inc. and Terrazza Land LLC for $2.5 million, according to Maricopa County records. The land was…»