Commercial Real Estate & Business News – January 12, 2016

Representing the power of the market’s mid-sized industrial user, Lincoln Property Company (LPC) has completed the sale of a five-building Northwest Phoenix industrial portfolio to Colorado-based REIT Industrial Property Trust Inc. in a $37.98 million deal. The deal includes the Lincoln Deer Valley and Lincoln Pinnacle Park assets...Read more »
Taxable sales got a $284 million boost to $25.74 billion in the last three months from the Arizona tax amnesty program, a 4.4 percent increase over 2014. The Tax Recovery program, which allowed retailers and others with delinquent taxes to save penalties and interest if paying off outstanding state debts, brought in $283.7 million in outstanding transaction privilege taxes. Retailers were the biggest culprits, and paid $175.5 million in delinquent sales tax during the amnesty period... Read more »
The first full week of 2016 contained the good, the bad and the ugly. As for the good, the employment data was better than expected; it suggests that the economy will continue to grow. The consensus forecast for real GDP for 2016 didn’t change very much from last month. And construction spending was up. As for the bad, manufacturers’ new orders were down for the month and stand well below a year ago, auto sales were weak and manufacturing contracted in December... Read more »
Health care real estate, particularly medical office properties, promises to continue to post strong occupancy stats in 2016. However, there’s still enough volatility in the sector stemming from the Affordable Care Act aftermath, changes in technology and hospital consolidation to keep growth and transactions to a minimum, according to industry executives... Read more »
A bubble in the apartment market? That’s what some people are saying. Undoubtedly, prices are expensive. Yet, “expensive” and “a bubble” are two different things. A financial bubble is generally defined as trading in an asset market at a price or price range that significantly deviates from that asset market’s intrinsic value. Bubbles are difficult to spot... Read more »

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