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Commercial Real Estate & Business News September 28, 2018

Maricopa County, which contains about 90 percent of metropolitan Phoenix’s residents, was the fastest-growing county in the U.S. last year. Strong domestic in-migration continued to drive population growth that more than doubled the national average. In addition to warm weather and a low cost of living, prospective residents are drawn to Phoenix’s robust job market. Hiring sprees in the tech…»
The first phase of a four-phase industrial development near Loop 202 and Phoenix-Mesa Gateway Airport has begun construction and is expected to be completed by the end of the first quarter of next year. Landing at PMG’s first phase will consist of six buildings totaling 280,000 square feet and cost $30 million to develop. Buildings in the first phase will contain between 5,000 and 100,000 square feet of…»
Maracay, a wholly owned company of the TRI Pointe Group (NYSE: TPH), has closed on the second of three parcels for a new 236-acre master-planned community that will span Gilbert and Chandler. Maracay has been assembling land for this community since it purchased 41 acres at the site in Gilbert earlier this year. Officials anticipate closing on another 80 acres in Chandler that connects to…»
Greg Hancock, CEO of Phoenix-based Hancock Builders, is on his way toward building 4,000 single-family homes in metro Phoenix. But these aren’t the typical homes built by his father, Gene Hancock, who founded Cavalier Homes in Phoenix in 1948. Instead, these are hybrid rental homes that combine the privacy of single-family homes with apartment prices and amenities. The single-story units are…»
To identify the multifamily trends that people working in commercial real estate should know about, AZRE talked with Chris Brozina, executive vice president at Mark-Taylor Companies. AZRE: Downtown urban areas (Phoenix, Tucson, Gilbert, Mesa, Scottsdale) seem to be drawing much of the current multifamily development in the Valley. What’s driving this trend? Chris Brozina: Equity. Developers…»