Commercial Real Estate & Business News – May 5, 2016

Five Star Development announced Wednesday its detailed plans to develop a retail and dining destination, The Palmeraie, in the heart of Scottsdale that will be connected to the $2 billion Ritz-Carlton, Paradise Valley master-planned community. The initial phase of The Palmeraie will encompass approximately 160,000 square feet of high-end, mixed-use space located on 18 acres at the corner of Scottsdale Road and Indian Bend Road bordering the posh town of Paradise Valley… Read more »
In its second Valley purchase to date, Nevada developers Remington Nevada (David Delzotto, owner-developer) and Intercapital Development have once again teamed up with locally-based Capital Asset Management to purchase a prime 32.9-acre site located on the southwest corner of Williams Field Road and SanTan Parkway in Gilbert. The site, cash purchased for $13,613,437, will be home to a new retail development, called SanTan Pavilions… Read more »
Little Cottonwoods — a 20-acre, 379-unit apartment development in Tempe — has sold for $56.7 million. Los Angeles-based TruAmerica Multifamily and Bahrain-based international finance firm Investcorp bought the Tempe complex… Read more »
Yardi Matrix data shows 6,563 new apartments completed last year in 23 Phoenix rental developments with 50 or more units. Demand for rental properties in Phoenix keeps growing and, as a result, rents increased by 10.9 percent in 2015. Phoenix ranks among the top places to live in the US, thanks to a combination of great career opportunities and beautiful surroundings with plenty of recreational options… Read more »
Apartment transaction volume jumped 12% year-over-year in the first quarter of 2016. There was 12% growth year-over-year in apartment transaction volume during the first quarter of 2016 on volume of $38.6 billion. The growth was paced by activity in the garden apartment subtype, with volume up 19% year-over-year on sales of $26.7 billion, according to Real Capital Analytics (RCA)… Read more »