Commercial Real Estate & Business News – October 5, 2017

ORLANDO, FL-Xenia Hotels & Resorts Inc. has acquired two Hyatt Hotel properties in Phoenix and Scottsdale, AZ and the Ritz-Carlton Pentagon City in Arlington, VA in two separate transactions for a total purchase price of $410 million. Xenia announced on Wednesday that it purchased the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, a 493-room upper upscale resort…»
Benchmark Electronics (NYSE: BHE) will land a new corporate headquarters in Tempe at the Rio 2100 development. Rio 2100 development sits on 52-acres at the Loop 101 and Loop 202 freeways. Benchmark moved its headquarters from Houston to Arizona earlier this year. It currently has space in Scottsdale with plans to grow its new Tempe base to 500 workers over the next five years…»
Nowadays, a mix of realism and optimism permeates the retail REIT sector, with landlords acknowledging the rocky atmosphere for brick-and-mortar retail while touting the rise of “experience” retailers that don’t rely heavily on e-commerce. On one end of the spectrum are retail REITs with a heavy concentration of older regional malls in secondary and tertiary market…»
A Five Guys, Cold Stone Creamery, Rubio’s Coastal Grill and Dickey’s Barbecue Pit should open by the end of the year in a new shopping area near SanTan Village Mall. A Sandbar Mexican Grill is in the works, but the company is waiting on design approval from the town, according to Stephen Herman, vice president of development and leasing for Capital Asset Management…»
SANTA BARBARA, CA-Continuing a trend of deceleration seen in multifamily over the past several months, US monthly rents were flat in September, remaining at $1,354, according to Yardi Matrix’s monthly survey of 121 markets. Rents were up 2.2% year-over-year nationwide in September, representing a 10-basis-point decline from August and the slowest pace of annual growth since April 2011…»