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Commercial Real Estate & Business News May 7, 2019

Construction Job Boom Continues in State The state’s seasonally adjusted jobless rate ticked down a tenth of a point in March in what, by all indications, was a pretty unremarkable report. On one hand the state’s construction industry continues to boom, adding 2,800 jobs last month and 16,700 in the past year. That latter figure was enough to post a 10.8 percent year-over-year gain. But Arizona also lost 900 jobs last month in wholesale and retail…»
Dallas Investor Buys Apartments in Sizzling Phoenix
The latest investor smitten with the rent growth in greater Phoenix is Dallas investment shop Milestone Investments. Milestone threw down $112 million, or $157,000 a unit, for an apartment complex in suburban Avondale, Arizona, according to CoStar data. The 715-unit Bella Mirage is 10 miles west of downtown Phoenix. The garden-style complex was built in 2009, giving Milestone a chance to buff up…»
The Monday Morning Quarterback
Last week’s economic news paints quite a picture.Employment is growing at twice the rate necessary to keep pace with growth in the working-age population. This, as a result, will pull more unemployed workers into the labor force. In addition, employment also grew well above expectations. The unemployment rate is now at a nearly 50-year low. Personal income continues to grow at a faster pace than…»
Ritz-Carlton PV Exceeds $215M in Sales as Estate Homes Hit Market
Five Star Development announced today it has exceeded over $215 million in luxury real estate sales within the initial release of The Villas at The Ritz-Carlton Residences, Paradise Valley and will officially begin writing contracts for the second release, The Estate Homes, on Monday, May 6. Within The Villas, only a handful of Residences are available for purchase, starting from $1.6 million. One of the most…»
Rebirth Comes Slowly to Aging Parts of Mesa
Southwest Mesa didn’t lose its vibe – a vibe that once included the region’s premier shopping mall – overnight. So, no one expects that vibe to come back overnight, either. And when – if – it does, it will be nothing like the magnetic attraction that drew shoppers and diners a generation ago. Outlines of that future are beginning to emerge, one property at a time, under the watchful eye of a city government that has…»