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Commercial Real Estate & Business News May 15, 2018

After building a business by scooping up hundreds of thousands of homes nationally to assemble vast portfolios of single-family housing, some investors are now taking the next step and building new homes to meet rental demand. “The build-to-rent market has started to expand significantly over the past year,” says Gary Beasley, CEO and co-founder of Roofstock, a marketplace for rental houses. “A lot of entities, including traditional homebuilders and investors, are starting to become active in this space.”…»
E-commerce has underpinned demand for new industrial space in Phoenix over the past several years. In the first half of 2018, online retailers that require the clear heights and amenities of modern logistics buildings have signed many of the largest leases. A pet-product supplier, Chewy.com, and a pair of online clothing merchants, ThredUP and Gwynnie Bee, are among the ecommerce tenants who have taken large chunks of industrial space…»
Two retailers that began as online-only marketplaces are setting up shop at Scottsdale Fashion Square. Morphe, a beauty brand, and UNTUCKit, a men’s clothing retailer, are part of a growing trend of digitally-native retail brands setting up brick-and-mortar locations. “Scottsdale Fashion Square is globally recognized as the undisputed leader for luxury and contemporary brands in the Southwest,” said Michael Guerin, senior vice president of leasing for Scottsdale Fashion Square’s parent company, Macerich…»
The Arizona State Land Department expects to auction off three parcels worth at least $52.1 million in the next two months, with the bulk of that money going to state jails. In total, 228 acres of state land will hit the block in three auctions. The biggest parcel, roughly 125 acres of residential land on the southwest corner of Lake Pleasant Parkway and Deer Valley Road in Peoria is starting with a bid of $31.35 million. It will hit the block July 17…»
PHOENIX, Arizona – Hines, the international real estate firm, is further diversifying its portfolio by launching a high-end, self-storage expansion strategy in the Southwestern U.S. Hines will soon break ground on the Valley’s first Class A self-storage facility in Gilbert and plans to build three to five more a year in well-populated growing suburban areas with high incomes. Hines will develop the facilities and partner with professional self-storage operators to manage the portfolio…»