In the News—Week of July 22, 2024
Deal of the Week
An entity tracing to Sunway 210 LLC recently sold a 1.38 acre property in Gilbert, AZ for $4,360,000. The transaction was handled by Vice President & Senior Commercial Escrow Officer Joel Montemayor in our Scottsdale, AZ office.
National
Mall will be demolished to make room for ‘downtown’ in suburb of St. Louis
Decades ago, shopping malls killed off the downtowns in small and medium sized cities and towns. Now in Chesterfield, Missouri, a suburb of St. Louis, the process is being reversed, KSDK reports. The Chesterfield Mall, scheduled to close on Aug. 31, will begin its demolition on Oct. 15 as part of a $2 billion mixed-use redevelopment project by The Staenberg Group. The project will include retail and residential and has been dubbed “downtown Chesterfield.”
National
Denver office market sees positive numbers for first time since 2022
For the first time in more than two years, more companies leased office space in Denver than vacated it, The Denver Gazette reports. The downtown saw positive net absorption figures in Q2 2024 — with 261,000 square feet. Despite this, downtown Denver continues to struggle with high vacancy rates, which reached nearly 34%. Much of the positive absorption was driven by new office buildings with low vacancy rates across the region.
National
Elon Musk says he’s moving his X’s to Texas in reaction to California law
Elon Musk announced that the headquarters of SpaceX and X will move from California to Texas, NBC reports. He cited a new California law, which prevents school districts from requiring parental notification for a child’s gender identification change, as the primary reason for the relocation. Musk expressed that such laws are detrimental to both families and companies. Previously, Musk had relocated Tesla’s headquarters from California to Texas in 2021. SpaceX has not provided additional comments on the move.
National
Pluck and luck: 26-year-old preschool teacher in NYC wins apartment lottery
Nahjae Olin, a 26-year-old preschool teacher, won the NYC housing lottery and secured a one-bedroom apartment in the Bronx for $881 a month, NBC Chicago reports. Olin applied over 100 times before being selected, and her persistence paid off with a home close to where she grew up. The NYC housing lottery helps residents find affordable, rent-stabilized apartments. The process can be lengthy, but applicants are encouraged to stay persistent and keep their profiles updated. Olin’s story illustrates the challenges and rewards of navigating this system.
Arizona
Survey shows Phoenix market ranks second in apartment rent increases
Over the past five years, average rents for apartments have hit record highs in almost every major U.S. metro area, and Phoenix is among the leaders, AZ Big Media reports. Figures from SpareRoom, a roommate matching site, show that Phoenix ranks No. 2 for biggest rent increase. Rents have increased 48% over the past five years in the Valley of the Sun. Only the Riverside, California, area has seen a bigger jump (51%). The Las Vegas market ranked third (43%), followed by Tampa (42%) and San Diego (41%).
Arizona
Virgin Galactic finishes space plane factory at Mesa Gateway Airport
Virgin Galactic has completed a new manufacturing facility at Mesa Gateway Airport, which will be used to build their next- generation Delta class space planes, Space.com reports. The Delta class space planes carry up to six passengers and perform up to eight missions per month. They are expected to take flight no earlier than 2026, with assembly beginning in 2025. The completed spacecraft will undergo flight tests at Spaceport America in New Mexico before starting commercial operations. Virgin Galactic says the new facility will create hundreds of high-paying jobs in the area.
