Famous robber Willie Sutton said he never provided the famous answer to the question of why he robbed banks: “That’s where the money is.” Some reporter apparently made it up. Still, a great line. At its heart there is a pithy explanation of
The collapse of three U.S. banks means that one of the toughest real estate lending environments in decades is about to get even tighter, adding a new hurdle to an already challenging time for dealmaking. Since last summer
Big banks have come with a $30 billion unsecured rescue deposit for First Republic Bank in its efforts to stay afloat. The extraordinary deal involves 11 of the largest banks in the country: Bank of America, Citigroup, JPMorgan Chase and Wells Fargo
Atlanta-based EV Hotel Group is seeking a $150,000 grant to help with costs in redeveloping and preserving the former City Center Motel in downtown Phoenix. The company is planning to build one of its first smart hotels around
Arizona has been the site of dozens of build-to-rent communities, but so far, few have sold. The 147-unit Havenly Fountain Hills was recently purchased for $68.3 million, about $464,000 per unit. The Private Portfolio group out of
The U.S. office market could be saddled with 330 million square feet of obsolete space by the end of the decade that would need to be repositioned lest vacancy rates rise to undesirable levels, according to a new analysis by Cushman & Wakefield.
An entity tracing to KHP Capital Partners acquired The Camby, Autograph Collection from an entity tracing to Host Hotels and Resorts for $110,000,000, with $84,450,000 in seller-carried debt. The hotel is located in the iconic Camelback Corridor.
LightBox recently wrote that a number of factors suggest that CRE professionals avoid overconfidence. Stifel investment banking firm Keefe, Bruyette & Woods (KBW) went further, believing the industry is headed for a hard landing. But more specifically
Jericho, New York-based Kimco Realty Corp. has submitted plans for a multifamily complex as one of the first redevelopment efforts for the Christown Spectrum mall, which was the oldest operating indoor mall in Phoenix.
A majority of landlords (57%) say managing the financial impact of the current economy is a top priority in 2023, according to the 2023 VTS Global Landlord Report, and a large majority said the technology will help them to do that. Some 86% of landlords
From the start, Novus Innovation Corridor was designed to be distinctly different. Now, well into Phase III of its development, Novus is realizing its vision of creating a walkable, sustainable neighborhood adjacent to
For a while now, the Federal Reserve’s mantra has been “data dependency” in determining the direction of monetary policy. But what happens when macroeconomic data remains robust, pointing to a continued tightening path, while
Scottsdale-based Keystone Homes sold its first build-to-rent project and now has four more in the pipeline totaling $197 million in development costs. A year after completing construction, the 147-unit luxury rental community
Record growth in apartment rents in some of the biggest U.S. metropolitan areas coincided with more short-term rental listings, renewing concerns about housing affordability as more property owners cater to travelers rather than
Phoenix-area inflation continues its gradual cooling, but the latest measure shows consumer price pressures here remain among the steepest in the nation even as they declined by one percentage point since the last reading. The
Both interest rate hikes and cap rate expansion will peak later this year and should decrease in 2024. As a result, today’s opportunity to buy assets for lower prices may not last very long, according to CBRE’s H2 2022 Cap Rate Survey. The survey was
Cash is still not only king in metro Phoenix — at least when it comes to home sales — but it’s also becoming more popular. All-cash deals represented 42.6% of all home sales in metro Phoenix in 2022, up 3% from 41.3% in 2021 and a huge jump from
MESA, Ariz. — Once a busy center for shopping in Mesa, Fiesta Mall has been sitting empty and left vandalized for years. But new plans submitted to the City of Mesa this week show potential ideas to demolish Fiesta Mall and build
A drop in home mortgage rates, a pause (or even cut) by the Federal Reserve at its March 22 meeting, and the need to obtain new letters of credit are among the matters to ponder as commercial real estate companies and venture-capital groups
Nowhere in the United States has the impact of in-migration been felt more acutely over the past few years than in the U.S. Sun Belt. This area, stretching from Phoenix to Florida and up to Tennessee and the Carolinas, experienced a surge in
Recent news of major office landlords Brookfield Property Partners LP and Columbia Property Trust defaulting on loans for prominent U.S. office properties may’ve sent a shiver through an already anxious commercial real estate industry. But are they
When Barbi Reuter, CEO and principal of Cushman & Wakefield | PICOR Commercial Real Estate Services in Tucson, Arizona, went to write an opening statement for an annual awards ceremony, she decided to open up the artificial
Evergreen Devco, Inc., a leading retail and multifamily development company, announced today the opening of its 258-unit Parc Tolleson multifamily community located at 89th Avenue and McDowell Road in Tolleson. “Parc Tolleson offers
Despite elevated manufacturing and consumer goods production through 2022, the industrial sector is reflecting the start of a softening period, according to Ermengarde Jabir, senior economist at Moody’s Analytics, in a report
The fallout around Friday morning’s closure of Silicon Valley Bank — one of the largest bank failures in history — isn’t limited to the tech sector. The institution, a lender favored by startups that went under abruptly after a