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Commercial Real Estate & Business News – November 7, 2017

The gap in pricing expectations will continue to make an impact on commercial property transactions in the coming year, the National Association of Realtors’ Lawrence Yun said Friday. However, Yun told attendees at the 2017 Realtors Conference & Expo here that secondary markets will experience sustained demand and stable real estate prices. …»

Phoenix-Mesa Gateway Airport is working with a private Mexican developer to create a 360-acre mixed-use business park adjacent to the airport that could turn into a preeminent destination for American exporters by bringing Mexican customs officers to the East Valley. …»

Sears Holdings Corp. (Nasdaq: SHLD) announced it is closing 63 Sears and Kmart stores. That includes the Sears at mostly empty Fiesta Mall in Mesa and a Kmart in Casa Grande. Fiesta Mall is slated for redevelopment into medical and education uses as well as other offices with some retail. …»

Arizona Center, Phoenix’s original downtown entertainment destination located at 3rd St. and Van Buren, announced plans to add an AC Hotel by Marriott to the property. Las Vegas-based LaPour Partners is currently under contract for an undisclosed amount for a 49,190-square foot parcel on 5th St. between Fillmore St. and Van Buren St. …»

A severe shortage of homes hit property sales in the United States in the third quarter of 2017 and kept prices from rising at a steady in metros across the country, the latest research shows. The national median existing single family home price in the third quarter was $254,000, up 5.3% from the same quarter of 2016, according to the data from the National Association of Realtors (NAR).…»