Commercial Real Estate & Business News – March 27, 2017

Investors around the world aren't panicking when it comes to commercial real estate, and especially not North American real estate-they still want a piece of the action. That's one of the prime takeaways from the CBRE Global Investor Intentions Survey, which was released this week based on input from about 2,000 investors (and coming on the heels of the company's Americas Investor Intentions Survey, released last week)...»

 
Apartment deal volume continued to decline on a year-over-year (YOY) basis with a 22% drop in February, on sales of $7.4 billion, according to Real Capital Analytics (RCA). This change, while still large, was not as severe as the 56% YOY decline in market volume noted in the firm's US Capital Trends Apartment Report in January...»
 

Downtown Phoenix has been a particular hot spot for infill projects from retail to hotels to apartments. But where are the next markets? Here are the five areas that could pan out to the be the next place that vacant plots of land and unused buildings find new purpose...»

A venture formed by Communities Southwest Inc. in Scottsdale (Dennis Knight, principal) has assembled more than 310 acres in Queen Creek to develop a planned community with 850 homes and a commercial component. Communities Southwest and Tricon Capital Group in Toronto, Ontario, Canada (TCN:TSX) acquired the land in four transactions totaling $23.808 million ($76,782 per acre). The site is bounded on the north by Queen Creek Road, on the south by Appleby Road (alignment), on the east by Meridian Road and on the west by Signal Butte Road...»

The value of the housing market hit a 10-year high in 2016 as equity reached new levels, according to the Urban Institute's latest report. Home prices for existing single-family homes came screeching to a halt in January, the Federal Housing Finance Agency's report showed. And a new release from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development shows the median home prices for new home sales dropped in February...»

Commercial Real Estate & Business News – March 24, 2017

 
President Trump would like to stimulate the economy through deficit spending and deregulation. The market has responded by selling off bonds and buying bank stocks. How will this impact the real estate market?...»

Maricopa County became the county with the highest annual population growth in the nation in a report released from the U.S. Census Bureau on Thursday. The Census Bureau reported Maricopa County received 222 people a day in 2016. From July 2015 to July 2016, the county added more than 81,000 people...»

Capital Real Estate has been one of the hottest multi-family investors in the Valley and the privately-held firm shows no sign of cooling off anytime soon. In the past three weeks, the company has acquired three multi-family properties, bringing its holdings to 2,618 apartments in 12 Valley projects. In two separate purchases this week, Capital Real Estate entities paid a combined $41.35 million to acquire 349 apartments in projects in Phoenix and Tempe. The company paid $25 million to buy the 180-unit Mandarina apartments at 5402 E. Washington Street in Phoenix...»

 
TGen will purchase the namesake research tower Phoenix built for the organization more than a decade ago, after a deal between the city and another buyer fell through last year. The Phoenix City Council on Wednesdayunanimously approved selling the downtown building to the Translational Genomics Research Institute, or TGen, with no discussion. The city constructed the $52 million, six-story building in 2004 to anchor the downtown Phoenix Biomedical Campus, according to Phoenix Community and Economic Development Director Christine Mackay...»
 
Proposed legislation that would provide $225 million in public funds for a new arena for the Arizona Coyotes looks to be just about dead, according to a report from The Arizona Republic...»

Commercial Real Estate & Business News – March 23, 2017

The vast majority of business leaders - 86 percent - agreed they were "somewhat confident" their companies' revenues would increase in 2017. Leaders in business tended to look optimistically at the year ahead, with more than half reporting the presidential election will have a positive effect on their companies. The same number, 54 percent, also planned to grow their staff this year...»

Shea Homes Limited Partnership in Scottsdale (Don Murphy, pres.) has found a premium location to kick off its new "Shea Signature" high-end housing brand with a 66-lot gated community located north of the site for The Ritz-Carlton, Paradise Valley. The 23-acre parcel is located at the southeast corner of Indian Bend Road and Mockingbird Lane. The builder paid $45 million ($681,818 per lot) to acquire the property from the developer of the 105-acre Ritz-Carlton master-planned resort and residential community...»

Alaska USA Federal Credit Union has paid $17 million for a 2-story, 185,000-square-foot office building in Glendale, near its existing data center, branch and vacant land purchased over the past few several years...»

The wall of CMBS maturities continues to come down, brick by brick, with 2017 fixed-rate multi-borrower maturities standing at $36 billion at the end of February, Fitch Ratings said Friday. That's off from $41 billion in Fitch-rated CMBS as of Jan. 31and $47 billion at year-end 2016. Not surprisingly, the overwhelming majority of loans ...»

The Phoenix Biltmore area is home to another co-working facility, and it may just be Arizona's largest co-working space. Workuity, a 18,500-square-foot Class A office space, opened in March at 24th Street and Camelback Road and will be able to hold nearly 250 people...»

Commercial Real Estate & Business News – March 22, 2017

A luxury apartment community along Washington Street, near the Red Mountain Loop 202 Freeway, sold for $25 million to Denver-based Capital Real Estate, according to the brokers on the deal. The property is along the light rail and has a mix of one- and two-bedroom floor plans, featuring detached and direct-access garages, private patios and balconies, full-size washer/dryers, walk-in closets, and nine-foot ceilings.Christopher Roach and Matthew Roach of ORION Investment Real Estate were the exclusive brokers in this transaction...»

Phoenix and Arizona both were among the top cities and states for job growth last year, according to a new economic analysis from Arizona State University. Released today, the analysis shows that Phoenix saw job growth of 3.1 percent in 2016, while Arizona saw job growth of 2.6 percent...»

 

Tempe-based Lennar Communities Development Inc. sold the land, which is located within the Blue Horizon Estates community at the southwest corner of Jackrabbit Trail and Van Buren Street in Buckeye. The purchased lots include 10 parcels and 206 acres of the 564-acre Blue Horizons Estates. The parcels, ranging from 23 lots to 133 lots, will be sold to multiple home builders...»

Davis Enterprises - Investments & Development, a family-owned business with many investments and redevelopment projects throughout the Valley, has announced a three-building project of 78,000+ square feet of new office and industrial space near the I-17 at 2005, 2015 and 2025 W. Deer Valley Rd. that is set to break ground on March 28...»

More then 34 percent of millennials in the U.S. are living at home with their parents, according to a new report from real estate firm Abodo.com. Abodo looked at U.S. Census Bureau data and found 31.9 percent of millennials (age 18 to 34) in the Phoenix metro area are living with their parents...»

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