Banks are starting to feel the effects of distress in the multifamily sector with the volume of multifamily loans that were at least 30 days past due or in nonaccrual status in the fourth quarter rising to $3.46 billion, up 43.1% from the previous quarter and an 81.2% increase year
The Ritz-Carlton Paradise Valley and The Palmeraie — a multibillion-dollar project years in the works in Paradise Valley — are expected to take shape during the rest of 2024. Five Star Development, the developer of the mixed-use project with a hotel, retail and Ritz-Carlton-branded
Dollar Tree will close 600 Family Dollar stores in the first half of 2024, the company announced on March 13. It would also allow 370 Family Dollar and 30 Dollar Tree stores to close once their lease is finished. There are 88 Family Dollar stores in Arizona, according to the company’s
CapRock Partners, a California-based privately owned investor and developer of industrial properties, has expanded its holdings in Phoenix by acquiring the four-property Chandler Airport Business Park for $42.57 million, or $133.57 per square foot. The Class A park was just
A robust 62% of multifamily investors expect to increase their purchasing activity from last year and 40% expect to sell more, according to CBRE’s 2024 Global Multifamily Investor Intentions Survey in late 2023 of 1,200 investors. And nearly half (47%) of multifamily investors
Developer ViaWest Group redeveloped what was once the office headquarters of computer consulting firm Insight Enterprises into what is now Sight Logistics Park, designed to serve industrial tenants on a nearly 18-acre site in the eastern Phoenix suburb of Tempe, Arizona
A new Home Depot and Dick’s Sporting Goods could be the next major tenants for a planned shopping center west of Phoenix. The Home Depot Inc. (NYSE: HD) started a preliminary application process in March for a new store at Buckeye Commons, according to public documents
What a difference five years can make. Phoenix’s multifamily market is an example of how a variety of factors — a global pandemic, widespread material shortages, inflation and a looming credit crunch, to name a few — can drive big changes in a relatively short window. Perhaps
Ryan Companies US, Inc., a national commercial real estate solutions provider, and ESI Ventures announce the financial closing and beginning of construction for Surprise 34. Comprised of two buildings totaling more than 145,000 square feet, the industrial campus will provide premier
Phoenix is now the eighth-fastest growing metropolitan statistical area in the nation, according to recently released data from the U.S. Census Bureau. The Valley’s population base added 49,200 people from July 1, 2022, to July 1, 2023, the data found. Many of the top markets
South Korea-based LG Energy Solution has secured financing through New York investment firm U.S. Realty Advisors LLC for construction of its first battery manufacturing plant in Arizona. The technology giant, a supplier to major car companies such as General Motors and
The view from the ground on office debt coming due in 2024 is something over $600 billion, according to MSCI. And that’s not counting $270 billion from 2023 that weren’t refinanced or, as the firm noted, apparently neither explicitly refinanced or sold. “Given that property owners are
Delta Dental of Arizona, the largest dental insurance firm operating in the state, is downsizing as it prepares to move its headquarters to Scottsdale. Plans call for the dental insurance firm to move into 13,350 square feet of space at The Pinnacle in Kierland IV at 14850 N. Scottsdale
Sunbelt Investment Holdings, Inc. (SIHI) recently celebrated the groundbreaking for Buckeye Commons, a much-anticipated, Costco-anchored retail center in the bustling West Valley. With freeway frontage that sees nearly 200,000 cars daily, the center will include over 410,000
In the booming Phoenix metro area, Washington policymakers’ rare bipartisan push to bolster national security in their high-tech arms race with China brings major enthusiasm for something more basic: jobs. A fresh influx of $8.5 billion in CHIPS and Science Act funding to help
Driven by a growing economy, an influx of residents from neighboring markets and the increasing requests of the e-commerce industry, Phoenix’s industrial market continues to thrive. Underneath, we’ve assembled CommercialEdge data for a rapid overview of the dynamic
A new Class A building at one of the more sought-after mixed-use developments in the Valley has broken ground — and a familiar face is behind the project. The development company spearheading the project is 3Edgewood LLC, a local firm that’s led by former Phoenix Suns
Remaining properties around the Phoenix Deer Valley Airport continue to be built out with more industrial buildings to meet the ongoing demand for space from semiconductor suppliers and other companies looking to expand in north Phoenix. The Deer Valley submarket has industrial
The retail industry is gearing up for a new year amidst shifting economic landscapes and evolving consumer behaviours. With the Mastercard Economics Institute predicting a return to a more ‘normal’ economic climate in 2024, retailers worldwide are preparing for changes in
Troubled commercial real estate debt could lead to problems for some small lenders, but isn’t likely to be an issue for the broader US banking industry, said William Demchak, chief executive officer of PNC Financial Services Group Inc. Demchak, who leads one of the biggest
As 41% of renters say their “American dream” has nothing to do with homeownership, an increasing number of Americans are placing higher value on renting than owning a home. One in 5 (20%) expect to be lifelong renters, a 33% increase from 2021, according to Entrata’s
Georgia-based Wood Partners has opened the luxury Alta Biltmore multifamily community near Camelback Road and State Route 51 in Phoenix. The 215-unit luxury apartment at 1720 E. Camelback Road is the third project opening in the Valley for Wood Partners, with the Alta
In the Western U.S., more new hotels and rooms are expected to open this year than last year. The region includes Montana through New Mexico, Hawaii and Alaska. If all hotels open on time, there will be nearly 200 new hotels, compared to nearly 145 last year, a 37% increase. By
Two publicly traded homebuilders have closed on 886 lots in the East Valley, with hundreds more closing soon. Wolfkin Farms LLC, tracing to Penny Wolfswinkel Jenkins, sold 154.02 acres to JEN Partners for $23.7 million, north of the northeast corner of Quail Run Lane and
The Federal Reserve announced on March 20 that it was holding its key lending rate, the Federal Funds Rate, at current levels and suggested it will begin cutting rates soon. The decision was expected, and the Fed’s statement on its decision was little changed from its Jan. 30-31