Commercial Real Estate & Business News – November 12, 2024

In late 2021, Mayo Clinic announced that it had purchased 228 acres adjacent to its campus in North Phoenix for $139 million to create a biotechnology corridor called Discovery Oasis. The project will encompass approximately 3.3 million square feet across 120 acres at build out, creating a…»

PNC Bank plans to open 10 new branches in the Valley over the next five years as part of the Pittsburgh-based financial institution’s national expansion. The subsidiary of PPNC Financial Services Group Inc. (NYSE:PNC) announced Nov. 8 it’s investing $500 million to open 100 new…»

A Phoenix apartment community built in 1996 has sold for $142.3 million in an all-cash deal — doubling what it sold for in 2016. The 604-unit San Valiente Luxury Homes apartment complex sold for $71.3 million in July 2016. New York-based Blackstone then bought it for $100 million in…»

RED Development, an industry-leading commercial real estate company renowned for its high-performing mixed-use and retail portfolio, is unveiling its redevelopment plans for the future of Biltmore Fashion Park, Arizona’s first luxury outdoor shopping and dining destination after…»

Investors in commercial real estate have taken a solid approach to the November election and interest rate cuts after a burst of activity in September. According to the LightBox CRE Activity Index, while market fundamentals remained mixed in October, high-demand sectors like multifamily and…»