Papago Plaza is moving forward with its 11-acre redevelopment plan for an urban mixed-use lifestyle community featuring specialty restaurants and retail, a grocer, luxury apartment homes and an all-suites hotel designed in an orchard-like setting at the southwest corner of Scottsdale and McDowell Roads.
BOSTON and NEW YORK—Private lending and distressed debt platform SKW Funding and Bain Capital Credit recently formed a joint venture to target distressed commercial real estate paper, namely sub- and non-performing notes. The joint venture will target $500 million of acquisitions over the next two-and-a-half years.
For years, apartment experts predicted that yields on investments in apartment rental properties would rise. Years passed, but cap rates in the sector remain historically low, and are getting lower.“Cap rates have not risen in the last five years,” says Chris Espenshade, managing director with real estate services firm JLL.
Strong demand for Phoenix industrial properties helped propel annual rent growth, at 6.7%, to a new cyclical high in the second quarter of 2019. Logistics and flex buildings had the strongest rent increases at 7.5% and 7.6%, respectively, while specialized industrial was at 4.2%.
Comedian and entrepreneur Rick Bronson is set to open a combination coffee bar and vintage-style speakeasy in north Phoenix. The Stir Coffee Bar and Gin and Reel will be Bronson’s second concept in the High Street development north of Loop 101. He also owns Rick Bronson’s House of Comedy at the dining and shopping center.
Securitized loan issuance, an indicator of the commercial real estate industry’s health, dipped in the second quarter from a year earlier. Even so, an examination of the data reveals plenty of bright spots.Deals for all property types except single-family rentals were up from the first quarter of this year as the market rebounded from a slow start.
Phoenix is one of the top markets in the country for office demand, thanks to the highest level of employment growth in the country.Net absorption exceeded 3.1 million square feet over the past 12 months ending in June, placing the metro area eighth among all U.S. markets for office demand. Office absorption was led by metro areas with
Multifamily investors are still eager to buy apartment properties, pushing cap rates even lower. For years, apartment experts predicted that yields on investments in apartment rental properties would rise. Years passed, but cap rates in the sector remain historically low, and are getting lower.
JPI announced the sale of Jefferson Chandler to Dallas-based Rosewood Property Company. The city of Chandler, part of the Phoenix East Valley, has experienced tremendous job growth over the last several years. Intel, for example, is a top employer in the city with over 11,000 jobs and is investing $7 billion into a Chandler production
Buyers hoping for metro Phoenix home prices to fall this year as they are in some other U.S. cities have been disappointed.The Valley’s housing market is still hot with prices setting new records and sales soaring. Real estate experts don’t see signs of a crash looming.
The implications of e-commerce’s growing market share in the retail world is playing out in the Phoenix construction pipeline.Even with some of the strongest job and population growth in the nation, retail deliveries in Phoenix have been well below their long-term average this economic cycle. In fact, the metro area had nearly twice as many supply additions from 2007 to 2009, at 25 million square feet, as it has since 2010
Furniture retailers and discounters are emerging as the top takers of former Toys R Us stores, which were put on the block just over a year ago.Of the nearly 800 stores across the nation that were marketed for sale, lease or redevelopment as part of the Toys R Us liquidation, furniture sellers such as Scandinavian Designs, are taking over 57 of those properties, according to the July report
Grocery stores have always played a significant role in the retail sector, but the industry is evolving. A new analysis on supermarkets by real estate firm CBRE suggests significant changes are coming to grocery stores in the next decade. These predictions by CBRE’s retail and research experts — which include fully automated checkout processes
NEW YORK—PGIM Real Estate offers in its Global Outlook report an interesting stat: In real terms global all property prime capital values have increased for 36 consecutive quarters—a longer unbroken run of growth than at any time since at least 1980. The cycle’s ongoing duration, of course, has been a topic of great interest and some worry in the real estate community
The U.S. Census Bureau was out Thursday with the 2018 Characteristics of New Housing Report, which shows. of the 840,000 single-family homes completed in 2018: 783,000 had air-conditioning, 84,000 had two bedrooms or less and 376,000 had four bedrooms or more, 31,000 had one and one-half bathrooms or less
A few years ago, securing construction debt was a challenge in Phoenix, but today, lenders are actively chasing deals. The capital markets appetite illustrates the evolution of the Phoenix market. Scott Meredith of George Smith Partners recently secured a $67.3 million construction loan for the development of a 254-unit 14-story multifamily property in Phoenix
Downtown Phoenix continues to see interest and activity from investors. This week, a Texas investment group scooped up a parcel of land with an eye toward developing a high-rise tower that could potentially be the tallest building in the state
Transwestern today announces it has purchased Camelback Esplanade III, a trophy, Class A office tower in the Camelback Corridor of Phoenix. A joint venture between the commercial real estate company and an institutional partner acquired the 218,387-square-foot, 10-story building. Transwestern Executive Managing Partner Jim Fijan and Director Jack Fijan, represented the buyer and sourced
E-commerce and last mile logistics tenants are fueling additional demand for industrial space expansion in the U.S., spurring midsize space users to dominate the industrial market. Midsize industrial tenants—those who occupy 50,000-sq.-ft. to 300,000-sq.-ft. boxes, are driving industrial demand in key markets, including Indianapolis, Chicago, Atlanta and Dallas, according to a report
The Union at Riverview, a massive office development planned for Mesa’s Riverview District, scored its first tenant just as it was approved this week by the Mesa City Council.Most of the first building will be occupied by WageWorks, which has committed to a lease agreement with developer Lincoln Property Co. The company, which specializes in administering consumer-directed health benefits accounts
Despite continuing U.S. store closures, retail rental rates are trending slightly higher, and some argue that the overall retail sector is in relatively good shape. “When you take all retail product types, the overall asking rents are going up,” says James Cook, Americas director of retail research with real estate services firm JLL. “That belies or
Dollar General is turning to a new strategy to push its budget-conscious shoppers to spend more at stores and attract wealthier customers hunting for bargains by expanding into home furnishings, kitchenware and party supplies. Dollar General (DG) has become a dominant force in retail by offering everyday items at
Michael Pollack, owner of Michael A. Pollack Real Estate Investments, has been in the real estate business for almost half a century.During that time, he has been involved in more than 11 million square feet of real estate projects worth more than $1 billion. He owns and operates dozens of retail center around the
Toll Brothers Inc. is moving dirt in Surprise for an 800-acre community it has named Sterling Grove. Construction of 14 model homes can be seen by drivers on Loop 303 in the West Valley, said Bob Flaherty, Arizona division president for Horsham, Pennsylvania-based Toll Brothers (NYSE: TOL). The company will invest about
HonorHealth, a leading Valley healthcare system serving an area of 1.6 million people, brought together staff and community members today to celebrate the topping out of its sixth Valley hospital located at Interstate 17 and Dove Valley Road in north Phoenix. Dozens of people attended the event commemorating the last major