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Commercial Real Estate & Business News – October 9, 2017

Investment in the U.S. data center sector reached record levels in the first half of 2017-$18.2 billion, more than double that for all of 2016, according to a new report from CBRE. At this pace, investment in the data center sector-which includes all single-asset, portfolio, and entity-level/mergers and acquisition transactions-is on track to surpass the total for the three previous years combined.…»

Construction is expected to begin this fall on a 43-acre, mixed-use campus at Loop 101 and 90th Street in Scottsdale. Phase I of the project will include luxury assisted living, skilled nursing, medical office, retail, hotel and parking – and cost about $125 million to develop. Smith Development/C.D. Smith Construction will provide construction services, while Plunkett Raysich Architects will provide design services.…»

Institutional investors are shelling out significant amounts of capital to take debt and equity positions in affordable and workforce housing as the long U.S. apartment bull market enters its later stages and yields tighten on new upscale apartment supply in major U.S. markets. TruAmerica Multifamily, Beacon Communities and other apartment developers and operators have been expanding their stakes in the affordable and workforce space…»

ORION Investment Real Estate arranged the sale of the Southern 19 Plaza. Principals Sushil Thukral and Vijay Thukral bought the property for $1.8 million and Paragon Southern Plaza LLC represented the seller. Located in South Phoenix along the major artery of 19th Ave. and Southern Avenue, the retail center is situated in a strong trade area. The asset consists of more than 16,000 square feet, anchored by Family Dollar. Other tenants include Boost Mobile, City Nail & Spa, Sr Ozzy’s Tacos Y Mariscos, and a Clearly Water Kiosk.…»

The Phoenix data center market continued its steady growth in the first half of 2017. Driven by growth in both hyperscale and enterprise infrastructure deployments, the Phoenix data center market remains one of the most diverse primary markets in the country, and has the potential to become one of the leading data center destinations in the U.S.…»