It was one of the most legendary roads in America. Winding from Virginia to downtown Los Angeles, old U.S. 60 carried generations of families across the country and right through the neon-lit hearts of Tempe and Mesa. The remains of that highway are now called Apache Boulevard in Tempe, and Main Street in Mesa. Aging motels, trailer parks, car-sales lots and auto repair shops are reminders of its heyday.
referred Apartment Communities Inc. has announced the acquisition of a student housing community adjacent to Arizona State University in Tempe. The company purchased the 225-unit, 640-bed campus asset through its wholly-owned subsidiary Preferred Campus Communities LLC. “We believe this property is a premier, well located student housing asset, providing residents with immediate access to the Arizona State campus
Lincoln Property Co. has bought a Class A office property on Camelback Road in Phoenix for $24.56 million. LPC bought 2777 Camelback from DRA Advisors/Fountainhead Equity Partners. The 104,618-square-foot office project is located near 28th Street and Camelback Road in one of Arizona’s top commercial corridors.
The first release of CoStar Commercial Repeat-Sale Indices (CCRSI) data for 2017 showed pricing of lower-priced CRE properties moving back into positive territory during January, helping offset an ongoing deceleration in pricing among larger assets in core U.S. markets. The equal-weighted U.S. Composite Index advanced by 1.4% during January, reversing a 1.4% decline the previous month
Bell Road in Surprise is split down the middle by a slim line of palm trees and dozens of chain restaurants and big-box stores on either side. Homegrown, independent businesses are fewer and farther between. Metro Phoenix has non-chain restaurants reminiscent of those in her hometown, but they’re mostly in areas such as Tempe and Scottsdale
With a commercial real estate executive now in the White House, more than two-thirds of the CRE executives (69%) surveyed by law firm Seyfarth Shaw said they expect President Trump will have an overall positive impact on commercial real estate in 2017. Rising interest rates continue to dominate concerns for U.S. commercial real estate executives in 2017
Last year, $502 billion in commercial mortgages was originated. That was down slightly from the $504 billion originated the year prior and well shy of the $537 billion that the Mortgage Bankers Association (MBA) had predicted.
One of Arizona’s best hotels has been purchased with the intention of turning it into a chain. L’Auberge de Sedona, along with its sister property Orchards Inn Sedona, have been purchased by Maryland-based DiamondRock Hospitality Co. (NYSE: DRH) for $97 million
The North American big-box sector just finished a historic year, as speculative deliveries soared past build-to-suits, and users quickly moved to fill in much of the new space. The researchers believe the splendid run of expansion will continue into 2017
Construction of new apartments may finally be cooling and home building may be moving more this year. That is according to a new regional research report from Colliers International Group (Nasdaq: CIGI). And commercial real estate brokerage stocks are up so this year.
The current growth phase is proving to be the energizer bunny of real estate market cycles, and it appears that there is still plenty more power to keep it going. Since hitting bottom in 2009, the current cycle is now entering year eight of its upward trajectory. And despite signs that growth is slowing
Higher mortgage rates and near record low supply resulted in disappointing home sales to start the year. House hunters signed 2.8 percent fewer contracts to buy existing homes in January compared with December, although December’s read was revised slightly higher, according to the National Association of Realtors. The group’s so-called pending home sales index is now just
In order to gauge current industry trends and sentiments, Capital One Multifamily conducted a survey of multifamily professionals during the National Multifamily Housing Council’s Annual Conference in San Diego, Calif. on January 24th, 2017. Capital One asked its ninety-five respondents whether they planned to be buyers or sellers in the coming year
Borrowers still have lots of choices when securing permanent financing for apartment properties, particularly from Fannie Mae and Freddie Mac. “There is overall good liquidity in the mortgage markets,” says Mitchell Kiffe, senior managing director and co-head of national production with CBRE Capital Markets. “Both government-sponsored entities are off to a strong start to 2017. Right now they are very active.”
At the base of Mummy Mountain in Paradise Valley, an 841,669-square foot plot of land has entered the market at $28 million. “It’s extremely rare that this kind of land in this kind of location becomes available,” said Rusty Davis, a listing agent at Russ Lyon Sotheby’s International Realty. “Having football fields worth of land at the base of a mountain is an amazing opportunity for potential estate builders or developers.”
The fall semester may be months away, but developers of student housing are already cramming for the next academic year. They’ve been busy preleasing apartments while working feverishly on new projects, especially those that must be completed by summer. At the same time, they are lining up additional building sites or acquisition targets to help meet rising demand
The most frequent and detailed negotiations in triple net leases often center around a tenant’s ability to assign or sublet a lease without a landlord’s consent. If both parties are able to agree to reasonable compromises in a negotiation of the assignment and subletting provisions of a lease
Sunshine and affordable homes have long spurred metro Phoenix’s growth. On the downside, Phoenix has also long been known as an area with inexpensive labor and warehouses for call centers and distribution hubs. But at least part of the Valley’s original growth formula is now helping
A Tempe shopping center has sold for more than $3 million. Papago Hills, an 11,646-square-foot center on the northeast corner of Priest Drive and Washington Street, was purchased by MMH Priest and Washington LLC, for $3.03 million, or about $260 per square foot.
At least a dozen Scottsdale development projects have taken advantage of a lesser-known provision in the city’s zoning code that allows taller buildings and greater density in exchange for public art and other improvements since the ordinance was adopted five years ago, records show.
The desert climate doesn’t seem to help set Phoenix apart from the rest of the nation, in that the cores of big US metros are cooling off, unlike cities on the outer edges of the urban rings, where the rental heat maps are starting to glow red hot.
The commercial real estate market should remain steady in 2017 as demand grows in smaller markets, according to the quarterly forecast from the National Association of Realtors. The report predicts national office vacancy rates will fall 110 basis points to 12.1% this year, pushed down by more office demand as jobs grow.
Downtown Chandler residents and visitors will get the movie theater they’ve longed for the past few years, possibly as early as December. Flix Brewhouse, which combines a microbrewery and a theater, will anchor a 77,000-square-foot multi-use project – called Overstreet – along the southwest corner of Arizona Avenue and Chandler Boulevard.