Bob Weston, CFO of Phoenix-based owner–operator Alliance Residential, reports at the Urban Land Institute’s annual conference that the average renter’s age has gone up “at least five to seven years,” to the surprise of many developers.
The project comprises three phases with phase one encompassing 49 units and 65,000 square feet of total living space. Located at Second and Moreland streets, the property is within walking distance of the Roosevelt Row arts district and a wide range of urban amenities. In addition, the development overlooks Margaret T. Hance Park, a 32-acre green space and cultural destination. The unit mix ranges from 500-square-foot micro-units to 1,700-square-foot three-bedroom units with white gloss cabinets, quartz countertops, and designer fixtures and finishes.
Olen Properties Corp. in Newport Beach has added to its multi-family holdings in the Valley with the purchase of The Highlands, a 272-unit apartment project at 15255 N. Frank Lloyd Wright Boulevard in Scottsdale. Maricopa County records show Scottsdale Highlands Apartments Corp. (Olen Properties entity) paid $48.5 million ($178,309 per unit) to acquire the multi-family property in a cash transaction.
BKM Capital Partners in Irvine has acquired 11 industrial buildings in Phoenix to bring its Valley real estate holdings to more than 2 million sq. ft. BKM Capital Partners paid $17. 2 million ($75.57 per foot) to buy 227,603 sq. ft. of industrial space in the first and third phases of the Northwest Business Center industrial park. That 13-building complex is located north and east of the northeast corner of Interstate 17 (Black Canyon Freeway) and Dunlap Avenue.
For big-box industrial properties in core markets nationwide, fundamentals are exceedingly strong, according to a new report by Colliers International. Last year saw all-time highs in net absorption, leasing, product under construction and product delivered. This year, robust development will probably keep vacancies from rising much, which will slow growth in effective rents (but not put downward pressure on them).
Staples Inc. suffered its worst stock decline in almost seven months after the company posted disappointing results and announced plans to shutter 70 stores in North America. Same-store sales in the region declined 7 percent during the fourth quarter
Inside a small, nondescript suite of an office park in Scottsdale sits some of the rarest and most valuable objects in the world: dinosaur fossils, ancient minerals, pre-Columbian weaponry and even a piece of Mars. There’s no sign on the door and the windows are tinted
Most survey respondents said the level of development is about right for the sector, with very little fear that too much space is being built. In this year’s survey, 58 percent said the level of development is the right amount.
Fry’s Food Stores is seeking to hire more than 1,000 people in Arizona as the retailer adds more stores and shopping services. With an upcoming Fry’s opening in north Phoenix, the company will have 123 Arizona locations. It opened six Arizona stores last year.
President Trump sat down with business leaders this week to discuss his proposed $1 trillion infrastructure rebuilding package with commercial property executives and analysts hopeful to learn specifics on the President’s economic stimulus programs.
After a year of strong economic performance, the Federal Open Market Committee (FOMC) voted at its year-end meeting to hike interest rates by 25 basis points. It also released projections revealing it intends to increase rates three more times in 2017
It’s been a bull run for the industrial real estate sector in recent years and industry pros expect that to continue in 2017. While new development levels are creeping up, leasing activity remains robust, occupancy rates at industrial properties are high and rents are continuing to grow.
Lenders are weighing the risk and reward of investing in tertiary markets carefully. CMBS and institutional lenders have a reputation for “cherry picking” the best deals, while local banks and credit unions are stepping in to provide capital and fill the funding gap.
Home prices continue to chart growth, rising on an annual basis to outpace inflation, according to CoreLogic’s recently released Home Price Index (HPI) for January 2017. Prices increased 0.7 percent month-over-month and 6.9 percent year-over-year.
Brick-and-mortar retailers have been shrinking their footprints due to the competition from e-commerce, and experts believe thousands of outlets will get shut down completely in 2017. But retail investors looking for solid returns can still find opportunities among well-located neighborhood centers.
Phoenix Galvanize is now open in the Warehouse District of downtown. Denver-based Galvanize Inc., the learning community for technology, opened its educational and co-working campus Feb. 20 to host the opening day of Phoenix Startup Week. The third largest Galvanize campus in the country has already attracted 220 members from 48 companies
Almost 15 years ago, Mesa landed a starring role on national prime-time TV. But it was the kind of publicity no city wants. Mike Wallace, the legendary – and feared – correspondent for CBS’ “60 Minutes,” had come to town to look into a nasty spat about the future of a prime corner in downtown Mesa.
Developers still hope that Millennials will help fill the slowly growing number of vacant apartments across the United States. They might be right. More than a million Millennials still live at home—less than a few years ago, but still a substantial number, including some who are likely to eventually rent apartments.
Dick’s Sporting Goods, REI, Bimbo Bakeries USA and Sub-Zero are four humongous buildings along Loop 303 in Goodyear, part of a growing effort to attract industrial employers to the West Valley. The distribution centers, all part of the PV303 business park that runs from Thomas Road to Camelback
A majority of commercial real estate investors plan to be net buyers this year, the highest level since 2014, spurred by prospects of increased U.S. economic growth and less regulation, a survey of investor intentions showed on Tuesday.
The news last week was good and seems to indicate that the economy is accelerating early in the new quarter. After a mediocre 4th quarter (1.9%), the first quarter of 2017 is shaping up to be better. Consumer confidence, as measured by the Conference Board, is now the highest since August 2001. Manufacturing is looking better, the non-manufacturing sector is expanding, and auto sales remain strong.
Tempe is on track to host the Valley’s first streetcar through an estimated $186 million transportation development. Streetcars have recently returned to popularity, with new construction springing up in Tucson and other cities across the U.S. Advocates say they add an option to the web of public transportation and bring development to surrounding areas.
A Nogales, Ariz., pipeline is so decrepit that untreated waste could leak sewage during heavy rains. At least 2,000 wells in the state are open and should be covered or shut down because they pose a hazard to the public. And roadways that carry millions of people should be widened
Access to capital is the lifeblood of the commercial real estate industry. It’s what allows a buyer to close an acquisition, enables expansions and renovations of properties and keeps projects afloat when a maturing loan comes due. In the first six months of this year alone, roughly $65.6 billion in CMBS debt will come due
This is the age of e-commerce, and the threat to brick-and-mortar retailers can’t be underestimated. Just in recent months, Macy’s, Sears, J.C. Penney and other big chains have announced hundreds of store closures across the nation, as innovative marketing by rivals like Amazon.com cut physical stores out of the loop. Yet it would be a mistake to assume