Commercial Real Estate & Business News – March 13, 2017

For big-box industrial properties in core markets nationwide, fundamentals are exceedingly strong, according to a new report by Colliers International. Last year saw all-time highs in net absorption, leasing, product under construction and product delivered. This year, robust development will probably keep vacancies from rising much, which will slow growth in effective rents (but not put downward pressure on them)...»

BKM Capital Partners in Irvine has acquired 11 industrial buildings in Phoenix to bring its Valley real estate holdings to more than 2 million sq. ft. BKM Capital Partners paid $17. 2 million ($75.57 per foot) to buy 227,603 sq. ft. of industrial space in the first and third phases of the Northwest Business Center industrial park. That 13-building complex is located north and east of the northeast corner of Interstate 17 (Black Canyon Freeway) and Dunlap Avenue...»

Olen Properties Corp. in Newport Beach has added to its multi-family holdings in the Valley with the purchase of The Highlands, a 272-unit apartment project at 15255 N. Frank Lloyd Wright Boulevard in Scottsdale. Maricopa County records show Scottsdale Highlands Apartments Corp. (Olen Properties entity) paid $48.5 million ($178,309 per unit) to acquire the multi-family property in a cash transaction...»

The project comprises three phases with phase one encompassing 49 units and 65,000 square feet of total living space. Located at Second and Moreland streets, the property is within walking distance of the Roosevelt Row arts district and a wide range of urban amenities. In addition, the development overlooks Margaret T. Hance Park, a 32-acre green space and cultural destination. The unit mix ranges from 500-square-foot micro-units to 1,700-square-foot three-bedroom units with white gloss cabinets, quartz countertops, and designer fixtures and finishes...»

Bob Weston, CFO of Phoenix-based owner-operator Alliance Residential, reports at the Urban Land Institute's annual conference that the average renter's age has gone up "at least five to seven years," to the surprise of many developers...»

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