Commercial Real Estate & Business News – October 16, 2017

The U.S. economy has enjoyed stable, long-term growth in recent years, yet remains vulnerable to federal government dysfunction or aggressive Federal Reserve moves. August marked 83 consecutive months of U.S. job growth-the longest run on record-though it was finally broken with a small loss in September (provided that figure isn’t revised upward to be positive)…»

Sprouts Farmers Market, Inc. (NASDAQ: SFM) has had serious competition since Whole Foods Market was acquired by (NASDAQ: AMZN), and the e-commerce giant slashed Whole Foods’ prices near the end of August. Despite that increased competition, Sprouts is still pushing for growth. The Phoenix-based grocer announced to open 30 new stores in 2018, including nine during the first quarter…»

The 148,000-square-foot Walmart represents the single largest capital investment at Metrocenter Mall in decades. Built new from the ground up, the store is built on the site of the former Broadway building, which had been vacant since 2006…»

Five Star Development has received $282 million in construction financing for the next stage of development of The Ritz-Carlton Hotel and Residences in Paradise Valley. Owned and developed by Five Star, The Ritz-Carlton Paradise Valley is part of a master-planned community spanning 122 acres. The property includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 villas, ranging from 1,700 to 4,500 square feet, as well as 39 single-family homes, ranging from 4,500 to 10,000 square feet. Five Star also plans to build luxury townhomes and a shopping and dining destination known as The Palmeraie…»

The high-rise condominium tower known as Optima Kierland is currently more than 75 percent sold. The community comprises a total of 220 units, with only 55 still available. The company topped out on the upscale condo building in Phoenix earlier this year; the development is a pilot program for the city’s International Green Construction Code, promoting safe and sustainable construction…»