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Commercial Real Estate & Business News – August 9, 2017

August 9, 2017 by Leave a Comment
By a number of measures, the multifamily sector continues to defy expectations of 'cooling down' over the second half of the year and loan origination projections for multifamily property is now projected to grow for the rest of 2017 and into 2018, according to new analysis from Freddie Mac and Kroll Bond Rating Agency analysis of Freddie Mac lending. While the multifamily market continues to attract investments and capital, market uncertainty in the first part of the year suggested that 2017 full-year volume might taper off...»
IRVINE, CA-Positive demographic trends are keeping wind in the apartment market's sails even as fundamentals are becoming spotty, Ten-X Commercial saidThursday. Among the areas in which fundamentals are uneven is the supply pipeline, a contributing factor in most of the top five markets in which Ten-X recommends that investors consider selling their apartment properties. Ten-X Commercial's latest US Multifamily Outlook report shows that vacancies nationwide rose 10 basis points during the first quarter...»
P.B. Bell, a multifamily specialist, with joint venture partner Gilbane Development Co., have broken ground on resort-style apartments in the Ocotillo master-planned community in Chandler, Ariz., Arista at Ocotillo. MT Builders is the general contractor. The 211-unit property will offer one-, two- and three-bedroom units. As a gated community, the Arista at Ocotillo residences will be accessed by interior corridors with elevators...»
Topgolf is planning a location near the Arizona Cardinals stadium and Westgate Entertainment District in Glendale, the company announced Tuesday. This would be the West Valley's first Topgolf and the fourth in Arizona, joining Gilbert, Scottsdale and Tucson, where a location is opening this winter. The popular entertainment venue mixes socializing and sports, with a restaurant, a bar and climate-controlled driving ranges on three stories...»
Skanska, one of the world's leading construction and development firms, is beginning construction on upgrades to the Arizona Center located at 455 N. Third Street in Phoenix. This $11.6 million project will provide Arizona Center customers and tenants with an updated and upgraded shopping and dining experience. Skanska's scope of work includes an exterior finishes upgrade of the open air retail space...»
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Commercial Real Estate & Business News – August 8, 2017

August 8, 2017 by Leave a Comment
CRE lending edged higher between the first quarter of 2017 and the second, and is up 27 percent year-over-year, according to the most recent CBRE Lending Momentum Index, which tracks the velocity of commercial loan closings nationwide. Volume increased in all major lending groups, with capital readily available for real estate deals. CMBS led all other lenders in terms of market share. In the second quarter, CMBS issuance spiked, putting year-to-date issuance at $38.8 billion, which is ahead of 2016's pace of $30.7 billion...»
There are a lot of cranes operating in Arizona as developers pursue new projects that are creating a more diverse state. Here are six projects that were recently finished or broke ground in Arizona, as seen in the July/August issue of AZRE magazine. If you think Tempe is a college town still, developments like this are telling a different story. Construction is underway for this mixed-use development, The Watermark | Tempe, along the north bank of Tempe Town Lake...»
When it comes to premium office space across the United States and Canada, creative firms are doing what they do best: driving change. JLL's 2017 Skyline shows that creative's boomerang to this coveted space and the eighth straight year of occupancy growth are contributing to record rents and a landlord-friendly market. In Phoenix, the 24/7 environment of downtown Phoenix is attracting creative and tech tenants in droves, even from prominent first-tier markets like San Francisco and Chicago...»
Vacancy in the Greater Phoenix multifamily market rose 30 basis points during the second quarter, which is common for the city. The vacancy rate rose to 5.9 percent, which is identical to the rate one year ago. Five submarkets in the city posted vacancy rates below five percent. Some areas are seeing rates rise in response to the addition of new developments. The Central Phoenix/Encanto area reached nine percent during second quarter, as inventory increased more than 15 percent in the past year...»
2017 is shaping up to be one of the best years for home sales in metro Phoenix. Sales aren't higher than the boom year of 2005 when speculators bought a record number of homes, or the bust year of 2011 when investors snapped up a record number of bargain Phoenix-area foreclosure homes. But those years weren't normal and definitely weren't healthy for Phoenix's housing market...»
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Commercial Real Estate & Business News – August 7, 2017

August 7, 2017 by Leave a Comment
The Phoenix Industrial market ended the second quarter 2017 with a vacancy rate of 9.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,117,870 square feet in the second quarter. That compares to positive 3,097,359 square feet in the first quarter 2017. Vacant sublease space decreased in the quarter, ending the quarter at 555,130 sq ft...»
Average U.S. multifamily rents rose $1 to $1,350 in July, according to a survey of 121 markets by Yardi Matrix. Rents were up 2.6% during the month on a year-over-year basis. The multifamily market remains strong despite the modest growth, as rents historically moderate in the second half of the year. Also, "the market is in an extended period of rate-growth deceleration, coming down from unsustainably high increases," the report states...»
The Milwaukee Brewers are exploring moving their spring training home 35 miles southeast to a new facility in Gilbert. The Major League Baseball team wants Gilbert to build a $90 million baseball facility near Loop 202 at Lindsay and Germann roads, according to emails between consultants and town officials. "We believe there may be a great deal of community support for the Brewers to relocate in the town of Gilbert," Bob Quinn, Brewers executive vice president of finance and administration, said in a statement...»
Grand Canyon Education Inc. (Nasdaq: LOPE) is set to spend more than $100 million this year to grow its Grand Canyon University campus in Phoenix. Plans call for building two more apartment-style dorms, a classroom building, another parking garage and a club sports facility Each of the 5-story, 624-bed dorms will be built north of a newly built parking garage at 29th Avenue and Camelback Road. An additional 2,400-space parking garage totaling nearly 800,000 square feet will be built on the north side...»
Out-of-state relocations, an ongoing economic recovery and job growth were all contributing factors in lowering the Phoenix industrial vacancy rate to 9.2% while rental rates ended the second quarter at $.59, which is an increase over the previous quarter, according to DAUM's second quarter market report. During the quarter, net absorption for the overall Phoenix industrial market was 1.2 million square feet, which compares to positive 3.1 million square feet in the first quarter of 2017...»
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Commercial Real Estate & Business News – August 4, 2017

August 4, 2017 by Leave a Comment
Commercial real estate has been used effectively in ultra-high-net-worth (HNW) and family office portfolios as a means to enhance yield in a return-starved market. This enhanced yield has not been lost on the greater institutional marketplace, however, where sovereign wealth funds, domestic pension funds and life insurance companies have flooded the market with capital, prompting concern over the potential for a pricing bubble...»
NEW YORK CITY-Second-quarter investment sales volume was predictably off on a year-over-year basis in the Q2 US Capital Trends report from Real Capital Analytics. However, RCA cautions industry members not to make too much of the 5% Y-O-Y drop. It's been 10 years since the Blackstone Group took Equity Office Properties private, a $39-billion buyout which RCA calls "the high-water mark of deal activity in 2007...»
Phoenix's High Street development, a high-end retail, office and apartment development near Desert Ridge, has a new owner. An Alabama firm has invested at least $93.4 million into the 628,000-square-foot project that was foreclosed on during the housing crash. High Street, home to Sprout Farmers Market corporate offices and the eateries Kona Grill, La Bocca, Mellow Mushroom, Blue Martini and Ocean Prime, was called CityNorth until a few years ago...»
As of July 2017, this submarket has the most units in the pipeline with roughly 3,000 units underway. New construction has been heavily concentrated at the top end of the market - more than 80 percent of the in-development units are 4 & 5 Star rated. Relative to other construction-heavy submarkets such as Tempe and Chandler/Gilbert, projects tend to be slightly smaller in size. For example, the 4-Star, 225-unit Alta Midtown is representative of the development pipeline here, and initial rent offerings are about 40 percent above the submarket average...»
T-Mobile US Inc. is opening 24 retail stores this year in Arizona and hiring 170 employees to fill those stores. The new stores and hiring are due to the Bellevue, Washington-based wireless network operator's expanded network coverage and millions of new customers, said Sam Sindha, T-Mobile's senior vice president for the southwest region, which includes Arizona. "Every quarter for the last 17 quarters we've added millions of customers...»
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Commercial Real Estate & Business News – August 3, 2017

August 3, 2017 by Leave a Comment
Amazon's recent acquisition of Whole Foods has prompted a new outlook on the classic brick and mortar structure. Online stores are now more actively seeking to gain presence in brick and mortar stores just as brick and mortar stores are seeking to have a bigger presence online. Amazon's $13.7 billion purchase of Whole Foods shows an e-commerce giant that is willing to dive into the brick-and-mortar world of retail, an area the e-commerce giant famously disrupted...»
Arizona's largest health-care provider is partnering with Safeway grocery stores to open retail-based clinics at three different store locations - Chandler, Tempe and Tucson. The initiative is designed to make health care more accessible and affordable, said Corey Schubert, a Banner Health spokesman. Two of the clinics, at 926 E. Broadway Road in Tempe and 4970 S. Alma School Road in Chandler opened Tuesday...»
German grocer Aldi Inc. is looking at entering the Arizona market and is looking at potential store sites in the Phoenix market. That is according to multiple commercial real estate sources who asked not to be identified. The Arizona retail search comes right after Aldi announces plans for a $60 million distribution center in Goodyear. That warehouse will create at least 132 jobs and total 500,000 square feet or more...»
DSW Mesa Grand/Spectrum acquired Mesa Grand and Mesa Spectrum shopping centers located on Stapley and Baseline Roads at US Highway 60 in Mesa, Arizona for $42.9 Million from Vestar Arizona LLC. Tucson-based DSW Commercial Real Estate with investment partner Iridius Capital, purchased the well-positioned "Daily Use and Entertainment" center, which encompasses approximately 233,130 square feet junior anchor, retail strip, and single tenant net lease in a multi-building configuration...»
LOS ANGELES-With CMBS conduits more than doubling their market share compared to a year ago, CBRE's Lending Momentum Index for the second quarter is up 27% year over year, the firm said Wednesday. All major lending groups saw their volume improve as the pace of commercial loan closings picked up during Q2, notwithstanding the Federal Reserve's June increase in short-term interest rates. CMBS in particular surged ahead during Q2...»
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