Even a rise in interest rates cannot slow Arizona’s red-hot housing market. “The modest uptick in mortgage rates over the last several months reflects declining recession fears and a more sanguine outlook for the global economy,” says Sam Khater, chief economist for Freddie Mac. “Due to the improved economic outlook, purchase
Real estate companies are embracing technology across a range of areas. But these efforts are mainly in the customer-facing arena, such as providing better services to multifamily or office tenants.But, save for the occasional exception, few companies are able to use tech to make investment decisions for various reasons, such as lack
The Phoenix industrial market finished another strong year, with vacancy rates hovering around the record low and asking rental rates escalating to a record high, according to a report from Kidder Mathews. The development pipeline at year-end hit an astronomical all-time high of current projects under construction, with the majority due to
Once upon a time, Metrocenter was the king of the Valley’s shopping malls. As the largest mall in the Southwest in the 1970s, the Phoenix shopping center was packed with patrons browsing and buying among scores of stores. Now, the nearly 47-year-old mall just off Interstate 17 and south of Peoria Avenue in Phoenix is becoming a decaying
The company that produces White Claw Hard Seltzer and Mike’s Hard Lemonade tapped Glendale, Arizona, for its new $250 million brewery and distribution center and expects to fast-track the opening of the facility to less than seven months to keep up with the national thirst for the popular alcoholic beverages. The 916,000-square-foot
After the U.S. apartment stock grew more than 2 million units during the past decade, the volume of annual completions will climb further as the 2020s begin, according to real estate technology and analytics firm RealPage, Inc. Scheduled deliveries this year jump to 370,942 units, up 50 percent from the 2019 total of 246,779 units. “Developers have
U.S. store closures in 2019 set an all-time record with roughly 9,300 closings, reported global marketing research firm Coresight Group. That shattered the previous record of approximately 8,100 stores in 2017. Closings last year outpaced store openings more than two to one, Coresight found, with 4,454 new stores in 2019, compared to 4,311 in
Greenlight Communities is the first developer to focus solely on attainable housing rental product. The developer is addressing the nationwide housing crisis, and already has two projects underway in Scottsdale, Arizona. Greenlight has been working on attainable housing for a decade, and has now created a strategy for ground-up
Toll Brothers has purchased an 8.2-acre multifamily development site in Phoenix from local full service investment firm Bayless Investment & Trading Co. for $17.9 million, or about $2.2 million per acre. The four-parcel site at the northwest corner of Central Avenue and Indiana School Road is located along the Valley Metro
After pulling its much-hyped IPO late last year and raising emergency funding from SoftBank, WeWork’s leasing activity in the fourth quarter slowed to a crawl. The company signed only four new leases covering 184,022 square feet of space in the last three months of 2019, marking a 93% drop from an average of 2.54 million square feet
In what could be described as a multimillion-dollar flip, Marriott has sold Arizona’s largest hotel, the 1,003-room Sheraton Phoenix Downtown, to the Blackstone Group a little more than 18 months after purchasing it from the city of Phoenix. The sale price is $268 million, according to a document Marriott has filed with the Securities and Exchange
All signs point to CMBS delinquencies staying at their current low level in the year ahead. The 30+ day delinquency metric had reached a new post-crisis low in December, at 1.45 percent, according to Fitch Ratings—below the last cycle low reached in February 2009. The rate was also 7 basis points below that recorded in November of 2019 and
The luxury iPic movie theater in Scottsdale will show its final film at the end of January. The Boca Raton, Florida-based company’s theater, located at the Scottsdale Quarter shopping center, sent out an email to local members Tuesday informing them there are only a couple of weeks left to attend the theater. Its last day in operation will
Berkadia surveys its mortgage banking and investment sales experts every year to see what issues are at the top of their minds. It also does an internal survey of prospective clients, which it doesn’t publish. This year’s results for the latter were surprising as the twain definitely did not meet. “We asked them the same question as we did
Consistency may be boring, but when it comes to the commercial real estate outlook and the Greater Phoenix commercial real estate industry, no change is good for business. “At this point in the market and cycle, Phoenix, literally, has everything,” said Roland Murphy, director of research at ABI Multifamily. “We’re still highly affordable, have
A new ranking of the top grocery stores in the U.S. shows how competitive the supermarket business has become and how chains that constantly innovate are able to win over consumers. National data science firm Dunnhumby released its rankings of the top supermarkets on Jan. 8, with San Antonio, Texas-based H-E-B as the
Hines, the international real estate firm, announced today it has broken ground on Adeline, a 25-story, 379-unit luxury for-rent residential high-rise community at the Collier Center in downtown Phoenix. The new development is near Talking Stick Resort Arena and the new downtown Fry’s grocery store, and the site is one of the last
Lennar Corp. plans on investing about $600 million in Surprise, where the Miami-based company is looking to build about 2,000 entry-level to luxury homes. Of those homes at its Asante community, about 1,500 will be in Lennar’s new active adult community called Heritage at Asante. With four model homes nearly completed,
An undulating swath of pristine desert in northeast Mesa will be named The Reserve at Red Rock and become just the sort of resort-caliber residential community the city envisioned when it auctioned off the land last year. In return for the $21.1 million land sale, Blandford Homes, one of Mesa’s premier builders, plans to build
Avison Young today released its global 2020 Forecast, including 10 trends to know for 2020, and national and local property market outlooks for markets around the world. The annual report series provides perspective on how global events, trends and indicators impact commercial real estate in a variety of sectors, including capital
A joint venture of Wexford Developments and Argosy Real Estate Partners bought the Centerpoint on Mill, a mixed-use center in downtown Tempe, Arizona, for $60 million. An AMC move theater anchors Centerpoint on Mill, which has five buildings totaling 139,000 square feet at 740 S. Mill Ave. just a few steps away from Arizona
In “Vacation,” National Lampoon’s 1980s classic, Chevy Chase jokes, “I’m so hungry. I could eat a sandwich from a gas station. “But the convenience stores and gas stations that dot America’s retail landscape have worked to improve their dinners-to-go and coffee. Today, chains like Sheetz, Wawa and Kwik Trip offer meal kits, salads,
The fourth quarter brought record low cap rates for single-tenant national net lease properties in the retail, office and industrial spaces, according to the 4Q2019 Net Lease Market Report by The Boulder Group. During the quarter, national asking cap rates fell 14, 6 and 5 basis points to 6.07%, 6.94% and 6.9% for retail, office and
Eric Flyckt, senior vice president, Wyatt Campbell, vice president, and Casey Allred, associate producer, of NorthMarq’s San Diego office, arranged a $185,000,000 loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler, Arizona. The development comprises a three-story, Class A, office building totaling
It’s been just over a year since Glendale City Council gave the nod to activate the Loop 303 Corridor. Since then, much has changed. Red Bull’s announcement to build their first manufacturing facility in North America at Reems and Peoria Roads with an investment of over $280 million dollars for the 750,000 square-foot building served as