Commercial Real Estate & Business News – September 23, 2020

Hotel Developers Continue to Open New Sites Despite Brutal Market Conditions
Despite the well-documented plummet in demand for hotel rooms that has only partially recovered from the lows at the height of worldwide COVID-19 precipitated lockdowns, developers are continuing to bring new projects online. It’s a difficult time to operate any hotel…»
Praedium Shows Faith in Phoenix Apartments
The Praedium Group is the latest investor to take the long view of Phoenix’s apartment market. The New York City firm paid $90 million, or $234,000 a unit, for the 385-apartment Liv North Valley, a 2-year old complex in the city, according to public records…»
Job Growth Weakened Nationally, but Few Cities Saw Losses Due to Census Hiring
The nation yet again saw a slowing in month-over-month job growth, according to the Bureau of Labor Statistics’ latest employment data for August. To recap the national employment numbers, the United States added about 2.7 million jobs in May, 4.8 million…»
Premiere at Eastmark Luxury Apartments Open in Mesa
The Premiere at Eastmark, a new luxury apartment community developed by PCS Development of California and Route 2 Construction of Arizona, recently opened in the master planned community of Eastmark located in Mesa. Managed by P.B. Bell, the $50 million…»
Westcore Sells 380,000-SF Phoenix Industrial Property
Westcore, a leading industrial real estate acquisition, development and asset management firm, sold its approximately 380,000-square-foot industrial property at 8001 West Buckeye Road in Southwest Phoenix to affiliates of KKR. The sale marks the closure…»