Commercial Real Estate & Business News September 24, 2019

U.S. Household Net Worth Increases $1.8 Trillion U.S. household wealth kept rising in the second quarter, though at a slower pace than at the start of the year, as the stock market hit fresh highs and home-price gains remained intact. Net worth for households and non-profit groups increased $1.83 trillion, or 1.6%, to $113.5 trillion after an upwardly revised 5% gain in the prior period, Federal Reserve data showed Friday. Household debt…»
Navigating the Retail Sector’s Unpredictable Future
The commercial real estate sector is as healthy as ever, but it’s the retail portion of the market that is proving hard to predict, according to MetLife Investment Management’s latest report. In their quarterly report on commercial real estate, MetLife explained that the market has strong fundamentals, with declining vacancy rates and increasing rents across property types so far in…»
ORION Sells 19-Acre Scottsdale Land Site to Camelot Homes
Well-located on the southwest corner of Pima Road and Bronco Trail, the soon-to-be 16 residential lots sold for $2,850,000, or approximately $150,000/acre. The land parcel totaled 19 acres and sold subject to zoning and plat recordation. The property is located near the affluent communities of Troon North, Estancia, Grayhawk, and Pinnacle Peak Estates.Larry Kush, Senior Vice President of…»
Phoenix Investment Company Changes Name, Continues Renovations of Former Chinese Cultural Center
Phoenix investment group True North Cos. has changed its name to Outlier LLC as it continues to renovate its new campus in the former Phoenix Chinese Cultural Center. David Tedesco, founder, CEO and managing partner of Outlier, began buying and growing businesses in 2005. Outlier now has seven companies in its portfolio. Several of the businesses needed improved back-end…»
Metro Phoenix Needs Another 150,000 Apartments by 2030, as Long as Rents are Affordable
Metro Phoenix needs another 150,000 new apartments in the next decade. That’s more than 10,000 a year, according to the apartment industry’s latest research. Anyone who’s visited central Phoenix, Scottsdale or Tempe lately, where there are dozens of new apartment complexes and renovated older ones, might be shocked by that number. About 27,000 new apartments have…»