Retail Sectors Power The Latest Commercial Price Gains
Commercial real estate pricing has finally started to move again—and this time, it’s not a broad rally so much as a retail-led push dragging the rest of the market along for the ride. Green Street’s latest Commercial Property Price Index shows values ticking higher in recent months, with the all‑property index up 1.6% in May alone, but the real action is in a handful of consumer-facing and specialty sectors that are doing most of the heavy lifting. Retail Steps Into The Spotlight: In the most…»
NRF: Retail sales grow again in May
Consumers continue to show their resilience as retail sales rose for the eighth consecutive month in May despite high gas prices and ongoing inflation. Total retail sales (including restaurants, but excluding automobile dealers and gasoline stations) increased 0.42% month over month and were up 7.19% year over year in May, according to the CNBC/NRF Retail Monitor released by the National Retail Federation. That compared with increases of 0.34% month over month and 5.73% year over…»
US job growth beats forecasts again in May, giving Fed less reason to cut rates
U.S. employers went on a hiring spree in May, adding 172,000 jobs, the third consecutive monthly gain. The data boosted the three-month moving average gain in jobs to 188,000, its highest level in more than two years. The unemployment rate remained unchanged from prior months at 4.3%. The number was double market expectations of roughly 85,000 jobs, and revisions to earlier data suggested a strengthening after a period of weakness over the previous 12 months. From…»
Exclusive: Quarterra Sells Upscale Asset in Phoenix Area
Nationwide provided a $90 million acquisition loan. Quarterra Multifamily has sold Residences Kierland, a 290-unit community in Scottsdale, Ariz., to MacNaughton, according to Yardi Matrix information. Nationwide issued a $90 million, five-year loan for the transaction. This is the first time the property traded. Located at 15825 N. 71st St., in a Difficult Development Area, the property came online in 2023 on roughly 4 acres. It sits next to The Westin Golf Course, with multiple…»
City envisions mixed-use development on 10 acres at former Christown Spectrum shopping center
The city of Phoenix is looking for developers to build out a transit-oriented mixed-use project on 10.2 acres of city-owned property at the former Christown Spectrum Mall site. The site, which is at the southeast corner of 19th and Montebello Avenues, includes a Phoenix Public Library branch location and a park-and-ride station. The Economic Development and Arts Subcommittee will vote June 10 on whether to approve issuing a request for proposals. In their submittals, developers will…»