Commercial Real Estate & Business News – January 19, 2016

Much like Han Solo, however, experts see something in the slow, yet steadily rising Phoenix market — “She may not look like much, but she’s got it where it counts, kid.” Phoenix’s 2016 commercial real estate industry is getting ready for another smooth-inclined ride, and with any luck a few positive bursts in certain markets. So, what can we expect from each sector in 2016?... Read more »
Ninety-three acres of commercial land platted for City North Phase 2 were noticed for trustee sale last week. The trustor - an entity controlled by Gray Development - encumbered the property with the $50,713,000 loan in May 2013 with Ganymede Investments as beneficiary. The land is currently subject to ground lease from the Arizona State Land Department, with an expiration date near the end of the century... Read more »
After long deliberation, the Ritz-Carlton, Paradise Valley has been approved to be built by Paradise Valley Town Council. The property, under the management of Scottsdale's Five Star Development, is set to break ground in spring 2016 and to be finished by 2018... Read more »
Cap rates for the single-tenant net lease retail sector remained unchanged in the fourth quarter of 2015 from the previous quarter, standing strong at their historic low rate of 6.25 percent. Cap rates for the office and industrial sector also reached new historic lows, of 7 percent and 7.44 percent, respectively. Over the course of 2015 as a whole, cap rates for retail, office and industrial properties declined by 15, 35 and 26 basis points, respectively, as investor interest increased due to the safe and stable returns this asset class generates... Read more »
Income growth, eased lending standards coming, but so are price increases. The economy will continue growing, mortgage lending standards will ease and household income will rise in 2016, but housing affordability will continue be a challenge thanks to the continued increase in house prices, Fannie Mae said in a new report...Read more »

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