Commercial Real Estate & Business News – October 18, 2022

$1 Billion West Valley Resort Featuring ‘Party Island’ to Open in 2023

VAI Global Development, a newly formed entity that’s behind the planned $1 billion resort and lagoon entertainment complex in the Phoenix metro, has unveiled new details about the project that’s now set to open in late 2023. The 60-acre Glendale resort will include the soon-to-be largest hotel in Arizona with…»

Kroger, Albertsons Might Have to Shed Stores Post-Merger


Kroger and Albertsons Companies last week announced that they have entered into a definitive agreement under which the companies will merge through Kroger’s 24.6 billion acquisition. The deal has Kroger paying $34.10 a share and it will create two complementary organizations aiming to establish a national…»

Industrial Is Showing Some Signs of Softening

The US industrial market is showing some signs of softening despite overall strong fundamentals, with vacancy ticking up 20 basis points in the third quarter and net absorption ringing down 132 million square feet from Q2. New third quarter research from Cushman & Wakefield notes that vacancy is predicted to…»

Odyssey Properties Buys Nola on 50th in Arcadia for $37.25M

Odyssey Properties Group, a multifamily investment sponsor and private equity real estate firm based in Los Angeles, has acquired Nola on 50th, a 155-unit multifamily community located in the Arcadia submarket of Phoenix, Arizona, for $37.25 million. Nola on 50th, which Odyssey will be rebranding as Parq…»

Utah Investment Firm Pays $150 Million for Upscale Arizona Apartment Property

One of the nation’s biggest multifamily development and investment firms sold a recently completed luxury apartment complex near Phoenix for $150 million. JB Partners, based in South Jordan, Utah, acquired the 274-unit SeventyOne15 in South Scottsdale for just under $550,000 per apartment, well above the…»