The Phoenix Industrial market ended the first quarter 2015 with a vacancy rate of 11.6%. The vacancy rate was unchanged over the previous quarter, with net absorption totaling positive 1,644,484 square feet in the first quarter. That compares to positive 958,472 square feet in the fourth quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 1,512,551 square feet… Read more »
Northsight Village Shopping Center, an 88,031 square foot retail center built in 2001, sold for $11,500,000. The property is located on Northsight Boulevard just north of Raintree Drive adjacent to The Home Depot, Costco, Sam’s Club, Walmart Supercenter, and is surrounded by millions of square feet of retail, office and residential as well as the Scottsdale Airport and Loop 101 Freeway. Ari Spiro and Sean Stutzman of ORION Investment Real Estate negotiated the transaction… Read more »
First Industrial Realty Trust Inc. in Chicago, Ill. (NYSE:FR) is teaming up with Merit Partners Inc. in Scottsdale (Kevin Czerwinski, principal) to develop a 386,100-square-foot distribution facility in Tolleson. The 21.2-acre site is located at the northwest corner of 94th Avenue and Buckeye Road. Maricopa County records show First Industrial L.P. paid $4.141 + million… Read more »
Freddie Mac hit a milestone this week when it issued its 80th multifamily-mortgaged back securities offering (K-Deals). The issue propelled the government-sponsored enterprise past the $100 billion mark in these commercial mortgage-backed securities (CMBS), which it began issuing in June 2009. That’s right, Freddie Mac issued its first such deal in the depths of The Great Recession, when apartment sales were the only game in town…Read more »
Eager to deploy their funds, private equity firms are investing in restaurants and retailers. The way they approach these deals is changing, however. PE firms are increasingly focused on lease obligations as they look to maximize their investments. “When deciding whether to invest, private equity firms are beginning to place a heightened emphasis on the lease cost, lease term and remodel status of the assets they are acquiring, as opposed to more traditional factors such as… Read more »
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