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Commercial Real Estate & Business News – May 14, 2024

Retail Becomes Top Performing Asset Class

The retail market is the property division that is generally delivering the strongest results among the four leading asset types, according to In Marcus & Millichap’s look at first-quarter fundamentals data. Multi-tenant retail space absorption in the first quarter totaled…»

Henderson Park Buys Arizona Biltmore for $705 Million

London-based private equity real estate manager Henderson Park bought the 705-key Arizona Biltmore, LXR Hotels & Resorts, for $705 million. CoStar data shows the rumored sale is official, citing a special warranty deed dated May 8 in New York County and an affidavit of…»

Several Companies Line up to Bid on Massive State Land Acreage Around TSMC Campus

Three heavyweight contenders have entered the ring in a battle for 2,300 acres of prime state land next to the sprawling Taiwan Manufacturing Semiconductor Co. campus in North Phoenix. An Arizona state land auction for the megasite surrounding TSMC is scheduled May 29 with…»

Phoenix Aiming for High-Rise With Affordable Housing on Downtown Site

Phoenix is seeking proposals for developers to create a high-rise development on city-owned land downtown, with a goal of adding affordable housing. The city is looking to lease about 1.5 acres of land near First and McKinley streets to a developer, according to a request for proposals…»

Here’s Why Prop 479 is Crucial to the Growth of Metro Phoenix

Viewing a map of Greater Phoenix reveals an efficient transportation system, with streets forming a neat grid that connect to multiple highways, making travel around the Valley quick and convenient. This network came about thanks to the planning and funding provided by a…»