Commercial Real Estate & Business News – September 6, 2023

Here’s the New Retail, Dining Coming with Scottsdale Fashion Square Redevelopment

Macerich, one of the nation’s leading owners, operators and developers of high-quality retail and mixed-use properties in top markets, today detailed progress for its current redevelopment of the south wing at Scottsdale Fashion Square, including more experiential dining and…»

Phoenix’s Top Malls Play Key Role in Record Low for Retail Vacancies

Phoenix’s commercial retail real estate market is having one of its most successful moments in recent history, with a record low occupancy rate reported in the second quarter. The Greater Phoenix retail market vacancy level hit a historic low of 4.8% at the end of June, according to a…»

Struggling Arizona Center Sold in Downtown Phoenix as City Hopes for Revitalization

Arizona Center, once a destination for downtown dining and nightlife, has struggled in recent years to attract and retain businesses to serve the growing downtown. Phoenix officials hope the new, local owner of the center will help turn things around. “Arizona Center is…»

Data Firm Bids $62.7M for State Land in Mesa

The owner of Utah’s largest data center was the sole bidder for 165.3 acres of land near the old GM Proving Grounds in East Mesa last week. Wes Swenson, CEO of Novva Holdings, LLC, bid the minimum $62.7 million price posted by Novva boasts on its website of…»

Here’s How Many Californians — and Others — Have Moved to Arizona

Wondering how many Californians have moved to Arizona in the last few years? Or what states send the most new residents and migrants to Arizona? Roughly 64,000 Californians moved to Arizona annually during 2017-2021. Population growth plays a crucial role…»