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Commercial Real Estate & Business News September 6, 2018

Arizona’s economy is growing at a rate not seen in 11 years, according to a reportfrom the Bank of Montreal. The BMO Capital Markets Economics State Monitor report finds Arizona’s economy advanced 4.2 percent year over year during the first three months of 2018. That was the best growth since 2007 prior to the Great Recession.…»
Nationwide Mutual Insurance Co. bought 134 acres of state trust land in Scottsdale for $83 million at auction Tuesday, paving the way for the insurance company to create its regional headquarters in the area along Hayden Road and Legacy Boulevard. In June, Nationwide received preliminary approval from the Scottsdale City Council to develop the land while the company…»
Citing increased patient need, Mayo Clinic in Arizonawill nearly double the size of its Phoenix campus with a five-year building project set to cost $648 million. The construction project, which officials say will add 2,000 jobs by 2029, is the largest expansion in not-for-profit Mayo Clinic’s 30-year history in Arizona. The construction is not expected to disrupt patient care…»
PHOENIX, ARIZ. – RED Development announced today that it is nearing completion on a multimillion-dollar redevelopment of The Shops at Norterra in Phoenix that will welcome new tenants later this year. The redeveloped area is located near Harkins Norterra 14 Theatre and encompasses approximately 44,500 square-feet that is now designed…»
CHICAGO-E-commerce resistant quick serve restaurants remain a popular investment vehicle as cap rates continue to compress, the “premium” paid for this retail sector increases further, and the 2018 mid-year level of activity was higher than the same period one year ago, according to the 2018 Net Lease QSR Market Report, published by Wilmette, IL-based The Boulder Group.…»