Commercial Real Estate & Business News – November 6, 2020

Phoenix Industrial Market on Pace for a Record Year
Phoenix industrial market activity continued on record-setting throughout the third quarter, according to a report from CBRE. In Q3 2020, sixteen buildings delivered totaling 3,160,450 square feet. Year-to-date construction completions totaled 8,561,225 square feet…»
Paradise @ P83 Luxury Apartments Open in Peoria Entertainment District
Paradise @ P83, a new luxury apartment community developed by The Opus Group (Opus) along with joint venture partner Principal Real Estate Investors, recently opened in the center of the P83 Entertainment District located in Peoria. Managed…»
Phoenix Approves Proposal for Arizona’s Tallest Tower
A tower that could soon be Arizona’s tallest building received final approval Wednesday from Phoenix City Council. Council approved an amendment that will allow Aspirant Development, a division of Scottsdale-based Empire Group, to build a mixed-use project, called…»
Hines Secures Financing, Starts Construction on New Luxury Multifamily Project in North Phoenix
Hines, the international real estate firm, announced today that it has closed financing with Alliance Bank of Arizona and is set to begin construction on a significant new luxury multifamily project in north Phoenix. The new Hines multifamily property will feature a 325-unit…»
Arizona Just Legalized Recreational Cannabis, Opening the Door to a $790 Million Market for Major Marijuana Firms
Arizona became one of four states to legalize cannabis for all adults, after voters passed a ballot initiative that would make marijuana legal for everyone over the age of 21. The measure has the support of almost 60% of Arizona voters, according to preliminary results from Decision…»