California investors are driving transaction volumes in Arizona during the pandemic. California investors typically account for 30% to 40% of transaction volumes in the market, but recently, that number has increased to 50%. While the pandemic has impacted all markets, California investors
There is still a huge amount of uncertainty about the future of the outbreak and the economic impacts associated with it. The baseline forecast assumes that the current surge in the spread of the coronavirus is contained quickly and that there is no major resurgence in the fall. The forecast
A Los Angeles investor who has bought up numerous multifamily properties in the Valley is in escrow to buy another $400 million worth of apartments. Tides Equities LLC was named the most active buyer in metro Phoenix for the past two years in a row by New York-based
Confirmed COVID-19 cases in Arizona reached 206,541 on Wednesday, Sept. 9, an increase of 496 from the previous day, according to the Arizona Department of Health Services. The state has been effective over the last six weeks in combating the virus. While July saw an average increase
As Arizona bars have reopened after months of being shut down during the COVID-19 pandemic, owners and managers are struggling to comply with state health department regulations that require logistical twists. One Phoenix bar owner has adapted by moving operations outdoors while
For 10 years, the multifamily sector has enjoyed consistent growth. Often heralded as the “smart investment” of the real estate industry, research cited by CBRE in 2018 reveals that when compared with hotel, industrial, office, and retail spaces, multifamily has the highest average annual return while
Although self storage is not entirely immune to the pandemic-induced economic stress, as lockdown-related restrictions began to ease, activity picked up pace in the sector. Major positive and negative life events drive demand for storage. The coronavirus outbreak has enforced change on people
Dollar General and Dollar Tree are pushing forward with aggressive store expansions, including a focus on food and consumables, as coronavirus-related shopping behavior contributed to strong sales gains for both dollar chains in the second quarter. Goodlettsvile, Tenn.-based Dollar General said yesterday
A flood of distressed assets is headed for the market. There has been some debate about the future market for distressed assets as a result of the pandemic. Some experts have argued that better underwriting will help property owners hold on to properties through the pandemic. However, as the public
Back in April when darkness was looking us straight in our eyes, I wrote this: “These are dark times. But even in dark times, we are preternaturally prepared to see the light at the end of the tunnel. We learned in human physiology class that the photoreceptors of the human eye can detect a single photon of light
When a client asked me to underwrite their apartment building in the early days of the pandemic, I told them it would be an exercise in futility, since at that time, there was quite literally, no market. In late March and April, the entire marketplace became virtually nonexistent, so any value I pegged
Although the life sciences industry was headed for growth before the pandemic kicked off, the sector is currently experiencing a boom, fueled by the race to find a vaccine. As COVID-19 is changing all aspects of commercial development, one of the emerging trends represents the conversion of more traditional
A U.S. bankruptcy judge is allowing Regus Corp., part of the world’s largest shared office provider International Workplace Group, to pay rent to affiliates’ landlords in a case that may set a precedent affecting owner rights as coworking companies struggle with reduced demand in the pandemic
HonorHealth, a leading Valley healthcare system serving 1.6 million people in the greater Phoenix area, is opening HonorHealth Sonoran Crossing Medical Center in north Phoenix in mid-September. Featuring three stories, 210,00 square feet and 70 inpatient beds, this state-of-the-art facility is HonorHealth’s
It is no secret that high-end, four-and five-star apartment buildings in urban areas have struggled to maintain rents, and in some cases struggled to retain residents, since the onset of the coronavirus pandemic. Rents at these Class A properties nationwide are down about 1.9% since March 1
Despite what some have called the Great Lockdown, most construction lenders are not throwing in the towel, at least not completely, according to a survey of 123 banks by Built Technologies on behalf of the American Bankers Association. The poll is a snapshot of construction lending as it stood prior
As universities across the country face enrollment declines due to the COVID-19 pandemic, Grand Canyon University will begin the 2020-21 school year with another increase in the number of traditional students connected to its Phoenix campus. The private Christian university expects its largest incoming
Schools in six Arizona counties — including Maricopa County — can begin a mix of classroom and online instruction known as hybrid learning now that they have met recommended state Covid-19 benchmarks. ABC15 reported Thursday that six counties — Maricopa, Pima, Pinal, Navajo, Cochise and Coconino
The coronavirus has harmed the construction industry, prompting project delays and cancellations, layoffs and furloughs, yet it remains difficult for a majority of firms to find craft workers to hire, according to the results of a workforce survey conducted by the Associated General Contractors
Kitchell Development Co. bought an almost nine-acre parcel for a commercial project near Chandler Municipal Airport in Chandler, Arizona, one of Phoenix’s fastest growing suburbs. Kitchell, based in Phoenix, paid $1.85 million, or more than $213,000 per acre, for the land near the northwest corner
A nonprofit organization expects to start construction next month on a $250 million sports and family entertainment complex in Mesa, Arizona, that would be operated by global sports and live entertainment venue developer Oak View Group. Specialty investment bank Ziegler, based in Chicago
Harvard Investments Inc. is relaunching a $150 million master-planned community project in the town of Maricopa, a 30-mile drive from Phoenix Sky Harbor International Airport. The Scottsdale-based developer had teamed up with Meritage Homes Corp. (NYSE: MTH) in 2008 to buy 640 acres at auction
Gila River Hotels & Casinos – Wild Horse Pass has broken ground on a $143-million expansion project in Chandler – a move that a spokesperson said “aligns with the enterprise’s rapid growth in Arizona.” Scheduled to open in fall 2021, an 11-story hotel tower will be added to Wild Horse Pass
A company that develops software and makes engineered products for the commercial and residential construction industry plans to expand its manufacturing operations and workforce in the Phoenix suburb of Tolleson. MiTek, which makes connector plates and other residential construction products
Stockdale Capital Partners LLC, a Los Angeles-based real estate investment firm with a rapidly growing presence in metro Phoenix, has received zoning approval for a boutique apartment complex in downtown Scottsdale. Plans call for building a $25 million, 3-story structure that would include 54 units atop