Commercial Real Estate & Business News – May 31, 2016

There are fewer projects this year than last year, but this year’s projects are bigger, which is why the state’s largest private employer is spending more money. Two of Banner’s biggest projects are on its main hospital campuses in Phoenix and Tucson. Yesterday, Banner broke ground on a $400 million hospital facility in Tucson and is in the midst of a $419 million new emergency department and 16-story patient tower on its Banner-University Medical Center Phoenix campus… Read more »
The explosive growth of rental apartment buildings over the last few years has taken everyone by surprise. After the housing market crashed, more people opted to rent than prior to 2009, and net absorption soared in the early years of the recovery, including 2010 and 2011. Millennials in particular seemed to eschew the suburbs, preferring new multifamily buildings in the urban cores with both local amenities… Read more »
One of Arizona’s largest but least-visible corporations received an important vote of confidence earlier this month as it strives to rebuild its image. Vereit Inc., the fourth-most-valuable company headquartered in the state, raised $1.3 billion from banks and investment firms amid concern about the company’s recent stumbles. The Phoenix-based REIT, or real estate investment trust, is bouncing back from an accounting scandal that led to an embarrassing… Read more »
A rental property investment firm has been on a buying spree during the past few months, indicating it is bullish on the Valley. The Greater PHX IV Portfolio, a four-property, 748-unit, real-estate-owned portfolio located in Phoenix and Mesa, AZ has sold to Western Wealth Capital LTD, a Vancouver, Canada-based multiple-unit rental property investment firm. The total sales price for the portfolio is $41.5 million… Read more »
April just might have been the best month for metro Phoenix’s housing market in a decade. A look at key indicators and some national rankings show why the Valley’s housing market appears to be stronger than it’s been since the boom and crash. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for homebuyers. And a national moving survey shows the Valley is one of the top 10 U.S. areas… Read more »