Commercial Real Estate & Business News – October 12, 2017

The nation’s largest grocery operator by revenue is exploring a sale of its convenience store business. The Kroger Co. said Wednesday it had hired Goldman Sachs to identify, review and evaluate options for its 784 C-store properties, which operate under five different banners in 18 states. …»

Well-rounded activity could help market surpass absorption record set in 2005. The Phoenix industrial market is on pace to hit an all-time high absorption record. The last peak came in 2005, when the market absorbed 7.9 million square feet of industrial space during a single calendar year.…»

Walmart’s new store in Metrocenter opens today. The 148,000-square-foot Walmart Supercenter is the first step in Carlyle Development Group’s plans to bring life back to the mall in west Phoenix, which was once the largest shopping mall in the western U.S. when it first opened in 1973.…»

Uptown Phoenix has been a hotbed for development, so much so that the Urban Land Institute of Arizona recently named Camelback Road and Central Avenue the Valley’s “hottest intersection.” The bulk of that development has been restaurants and retail, with places such as St. Francis, Uptown Plaza and Upward Projects’ cluster of restaurants taking the spotlight. …»

Good news in the nation’s battle for housing affordability-a decrease in the percentage of U.S. renters considered rent-burdened, defined as spending more than 30 percent of their income on housing-may in part be shaded by the fact that an increasingly wealthy group of Americans have entered the rental population. …»