Commercial Real Estate & Business News – May 3, 2016

Dodge Data & Analytics reported on March construction starts in the metropolitan statistical area of Phoenix-Mesa-Scottsdale, consisting of Maricopa and Pinal counties. According to the Dodge’s data, construction spending in 2016 on nonresidential properties totaled $158,064,000, a four percent increase from 2015’s $152,534,000...Read more »
Home prices in many metro Phoenix neighborhoods could finally fully recover from the crash this year, or at least get very close. Home prices in a lot of Valley neighborhoods, particularly the most affordable areas and those closer in, are climbing faster so far this year... Read more »
With nearly 4.4 million people, Greater Phoenix is the 13th largest metropolitan area in the US and the region’s population is expected to nearly double in the next two decades, according to city of Phoenix statistics. Located at the center of several municipalities, including Scottsdale. AZ and Glendale, AZ, Phoenix comprises 60% of the metro area population. With the population’s average age falling below 35, Phoenix is a young city with new development as well as more centralized urban redevelopment... Read more »
Phoenix-area home prices are still down about 10 percent from the peak of the housing boom in 2006. But home sales are up 11 percent during the first three months of this year compared with the same period a year ago, according to Street Scout Home Values, an annual analysis of metro Phoenix’s housing market done with The Information Market... Read more »
Investment Property Associates LLC (IPA) and Retirement Community Specialists (RCS) announced construction is now underway on its senior living community, Generations at Ahwatukee. The project, located at the southeast corner of Chandler Boulevard and 50th Street is targeted for completion by mid-summer 2017. The community will include a total of 137 units, comprised of 97 independent/assisted living residences that include a selection of one-bedroom, one-bedroom with den and two-bedroom floor plans. The remaining 40 units consist of studios and one-bedroom models housed within an innovative, secure setting for memory care residents... Read more »

Commercial Real Estate & Business News – May 2, 2016

Demand for shopping center space is so high that, despite the first quarter’s having the highest number of store closures of any quarter since 2010, vacancy levels remained steady at 7.9 percent over the previous month...Read more »
The moderation in apartment rent growth that some industry observers are expecting for this year hasn’t happened so far in 2016, says Yardi Matrix. April rents nationally rose $13, or 1.1% month over month, to $1,194, the fourth consecutive all-time high, according to the firm’s Matrix Monthly report based on a survey of 115 markets...Read more »
After gains in the second half of 2015, the homeownership rate fell to just 63.6 percent, seasonally adjusted, in the first quarter of this year, according to the U.S. Census Bureau. Homeownership hit a high of 69.4 percent in 2004, during one of the biggest housing booms in history. That was also when mortgage lending was arguably at its loosest level in history. The homeownership rate is now just one-tenth of 1 basis point higher than its all-time low in the second quarter of 2015... Read more »
A group of four owners have formed Maxwell Tempe, LLC and will develop The Maxwell on College at 712 S. College Ave., along with the expansion of All Saints Newman Center. The L-shaped, 1.89-acre parcel – itself a compilation of seven smaller parcels owned by the four owners – is divided into Site A and Site B. The four owners of the group include: College Enterprises, Inc., College Street, LLC, All Saints Roman Catholic Newman Center Tempe, and Sabas Brothers Rentals, LLC... Read more »
Liberty Property Trust today announced that it will break ground on its first building this spring at Liberty Logistics Center II, a new 73-acre industrial park located at the corner of 71st Avenue and Buckeye Road in Phoenix. The 222,910 square foot distribution facility is the first of the 1.5 million square feet of multi-tenant industrial space planned at the new park... Read more »

Commercial Real Estate & Business News – April 29, 2016

Tenant interest in suburban office space is finally ramping up, with many suburban office markets starting to see gains in net absorption, occupancy and rental rates after watching their urban counterparts enjoy steady gains over the past several years. While it may be premature to pronounce a full comeback, suburban markets showed the largest increases in year-over-year demand on both a square-foot and percentage growth basis... Read more »
Four years of planning, developing and building support for an artist community in downtown Mesa is nearing fruition. The planned ArtSpace Mesa, on vacant land on Hibbert Street between First and Second streets, is intended to bring local artists together to live and create in a talented community. ArtSpace Mesa is to include 50 apartments complete with artist studios. One-, two- and three-bedroom apartments are planned and rent will range from $385 to $830 a month... Read more »
A Las Vegas developer wants to build a $64.5 million new apartment complex in Tempe near Arizona State University. Nevada-based Fore Property Co. has plans for a 423-unit multifamily development on 13.2 acres parcel next to the McClintock/Apache Boulevard Metro light rail station... Read more »
Despite federal banking regulators voicing concerns over commercial real estate loan concentrations and market distress over global macro-economic uncertainty and collapsed energy prices, the nation’s banks seem to have continued to step up their CRE lending in the first quarter. Based on interviews and remarks in first quarter earnings conference calls, bank executives reported continued confidence in growing their CRE loan portfolios at more moderate rate... Read more »
The average cap rate for retail properties nationwide moved up by 11 basis points between the fourth quarter of 2015 and the first quarter 2016, to 6.59 percent, according to a recent report from commercial real estate services firm CBRE. Still, the figure represented a 13 basis points decrease year-over-year. Retail properties located in Eastern U.S. experienced the biggest quarter-over-quarter jump in cap rates, by 16 basis points to 6.29 percent...Read more »

Commercial Real Estate & Business News – April 28, 2016

Housing remains the bright spot in a darkening economic outlook according to Freddie Mac's economists. Though they have revised their forecast for economic growth downward in the latest edition of the company's Outlook they are still forecasting housing will retain its momentum in 2016. First quarter data painted "a bleak picture" of economic growth the report says. Information on consumer spending, manufacturing, auto and retail sales...Read more »
Earlier this year, we shared news that Sam Fox would be opening a brand-new concept in the Valley, off 44th Street and Indian School Road. And though the details of that concept are still unclear, we now know a bit more about the upcoming shopping center the restaurant will sit in, as well as who its neighbors will be... Read more »
Millennials, often burdened with student loan debt and at the early stages of their careers, often choose to rent over buying. But now that Bank of America has launched a program with Freddie Mac to issue new mortgages for low- and middle-income earners, could the homeownership program help reverse the Millennial rental trend—and eat into multifamily profits? First, let’s take a quick look at what exactly the mortgage program does... Read more »
he Southeast Regional Association of REALTORS (SEVRAR), the largest realty association in Arizona, has purchased a 3.1 acre site for its office headquarters at Chandler Airport Center. The site was purchased for a build-to-suit office and conference facility, and the project has an expected completion date of early 2018...Read more »
With a proud history of revitalizing retail centers, De Rito Partners Development, Inc. is excited to announce the ongoing redevelopment and re-tenant efforts at Arcadia Fiesta, located at the southwest corner of 32nd Street and Indian School Road in Phoenix. “The new center will bring a fresh and newly upgraded shopping experience to this neighborhood... Read more »
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