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Commercial Real Estate & Business News May 30, 2018

Two Arizona cities were among the fastest-growing in the nation in 2017, according to population estimates released Thursday by the Census Bureau. The bureau’s “2017 City/Town Population and Housing Unit Estimates” said Phoenix saw the second-biggest increase among cities in nation, adding 65,852 new residents over the course of the year, or almost 66 people per day. That trailed top-ranked San Antonio by just 172 people…»
The Chicago Cubs complex in northwest Mesa was never supposed to be just about baseball. When Mesa pitched the proposal to voters in 2010, the city and the Cubs talked about lucrative redevelopment on city land next to the spring-training stadium. Wrigleyville West would be a mini-Chicago, bringing tourists, jobs and a vibe. Other than a Sheraton hotel, however, there is no sign yet of Wrigleyville…»
Twenty old homes north of downtown Phoenix will be torn down in June to make way for a new apartment development that will bring another 329 rentals to the area. North Carolina-based Crescent Communities bought the houses, built between 1915 and 1950, in late March. The properties span the block along both Earll Drive and Cheery Lynn Road between Third and Fifth streets…»
Amazon.com is moving a team that supported delivery drivers from its Seattle headquarters in South Lake Union to Phoenix. Amazon confirmed the move to the Seattle Times, which reported that many of the team’s 130 employees were part-time workers who started near Seattle’s minimum wage of $15.45 per hour, citing an unidentified employee. Amazon said the job relocation is not related to Seattle’s newly approved head tax on large employers…»
Multifamily properties have been a great investment opportunity as rental demand continue to rise, but as the majority of all new supply coming to the market is Class A luxury-style housing, Jay Eisner, partner and co-founder of LEM many investors have turned to Class B assets. According to the U.S. Census Bureau, more than 43 million residents rent, and as more people migrate toward renting, investors are increasingly deploying capital into Class B assets, with the goal of enhancing them to a Class A standard…»