Columbia Pacific Capital Management sold two valley senior facilities yesterday for a total of $75 million. The sales include The Oaks at Gilbert and The Groves at Goodyear, both at 134 units each.
Phoenix-based PetSmart, the largest specialty pet retailer in North America, plans to open 80 stores in the US and Canada throughout 2016. That includes 12 stores the retailer has opened in the first quarter of this year, one of which is in Tempe. PetSmart opened 50 stores in 2015.
The Grand Canyon State is in for a real pickup this year, as its housing and construction sectors appear to have finally turned a corner. The state’s sunny climate and low taxes will continue to lure retirees as well as young folks. The low cost of living will draw tech entrepreneurs away from California’s pricey Silicon Valley. Population growth will keep construction humming.
Respondents to Levin Management’s annual survey reported strong year-to-date performance and stressed the increasing importance of technology-driven marketing for retailers. At the end of last week, the economic news was all about Brexit and, more specifically in the United States, how the re-arranged political alignment in Europe is going to affect the economy across the […]
Analysts are mixed about the effect the “Brexit” from the EU will have on the British economy, but the result could make an impact on multifamily investment in the United States, Axiometrics economists say.
The global repercussions of the vote for Brexit are still in the making, but the stock markets have already taken a beating. With the U.K.’s exit, the European Union loses both a significant military and financial power. But in the wake of this historic decision, what will be the potential impact on commercial real estate at home and across the pond?
Casa Grande issued the final building permit for the $1 billion project, which cost PhoenixMart a $250,000 permit fee. PhoenixMart is supposed to fill up with nearly 2,000 showrooms with goods and services from small and mid-size companies all over the world.
There are reports and a knowing source that say the Coyotes’ focus for a new arena is on land on the Salt River Pima Maricopa Indian Community near McLintock and McKellips roads. That site includes the former Scottsdale 6 drive-in theater and is across from the Big Surf waterpark.
Scottsdale Canal Holdings, LLC seeks to create one of two options for the WaterView Mixed-Use Development, which would develop up to 268KSF on vacant land fronting the canal. The project would be the first to expand the concept embraced by the successful Scottsdale Waterfront (located south of Camelback between Scottsdale Road and Marshall Way) to the north.
P.B. Bell CEO, R. Chapin Bell, said the multifamily housing market is striving to keep pace with the needs of two influential groups of consumers: baby boomers and millennials. Both are seeking carefree living environments in prime locations across the Valley.
Arizona is garnering national attention for job gains. While there’s always more work to be done, earlier this year, Arizona finally gained back all of the jobs lost during the Great Recession.
Apartment volume fell for the fourth straight month in May—dropping 27% year over year, to $8.4 billion, according to Real Capital Analytics. All property segments are slowing down. “Transactions involving portfolios and entity-level deals led the decline in May, with volume down 51% year over year on sales of $1.1 billion
Commercial real estate professionals have been wondering how the market would deal with the wave of commercial mortgage debt maturing in the next year and a half, particularly at a time when lending standards are considerably more conservative than they were 10 years ago.
A combination of these factors is resulting in a 19% decline in the average size of a conduit deal that priced in the first five months of 2016 compared with last year, to the lowest levels since 2010, Hill said. While fewer loans are being originated, the velocity of deals brought to market has surprisingly increased, resulting in more conservative underwriting standards for 2016 vintage deals as compared with 2015 and 2014.
While Arizona shed about 20,000 jobs from April to May this year, the state still boasted a healthy year-over-year growth rate, according to data from the Bureau of Labor Statistics. Year over year in May, Arizona added nearly 76,000 jobs, which was good enough for a 2.9 percent growth rate. That marks sixth best in the country.
Luxury rental home developer, BB Living opened its newest for-lease neighborhood in the award-winning Vistancia master plan. The neighborhood features 134 well-appointed townhomes in Acacia Grove in The Village at Vistancia and offers three- and four-bedroom with two-and-a-half baths starting in the $1,300s per month.
Federal banking regulators are closely monitoring real estate loan performance as banks have stepped up their commercial real estate and multifamily lending in the last several years. After another quarter this year of strong growth, many analysts also are beginning to believe risk related to CRE lending has also increased.
Delinquency rates for commercial and multifamily mortgage loans hit new lows in the first quarter of 2016 as liquidity conditions for real estate investors remain extremely favorable. “Strong fundamentals and strong property prices, as well as still low interest rates, continue to support the performance of commercial and multifamily mortgages
Companies formed by Wentworth Property Co. LLC in Phoenix (James Wentworth, Sr., James Wentworth, Jr., principals) and Northwood Investors in New York City, N.Y. (John Kukral, pres.) paid $122 million ($191 per foot) to acquire 638,717 sq. ft. of buildings within the Perimeter Center business park in Scottsdale. The sellers of the portfolio were five […]
The rental market continues to drive housing’s recovery—36% of U.S. households opted to rent in 2015, the largest share since the 1960s. Posting the largest 10-year gain on record, the number of renters increased by 9 million over the past decade, according to the annual State of the Nation’s Housing 2016 report released today
WP Glimcher Inc. said Monday afternoon that its CEO and vice chairman, Michael P. Glimcher, had resigned from the company and its board effective immediately. The shopping center REIT also announced that it planned to rebrand as Washington Prime Group, the name under which it had operated after its spin-off from Simon Property Group in the spring of 2014. The spin-off entity later acquired Glimcher Realty Trust for approximately $2 billion.
The Federal Reserve warned that prices in the commercial real-estate market may have run up too far too fast. Valuations in commercial real estate “appear increasingly vulnerable to negative shocks, as CRE prices have continued to outpace rental income,” the Fed said in its semiannual Monetary Policy Report to Congress. The Fed noted that prices exceed their pre-crisis peaks by some measures
It has been a conundrum in the office market throughout the last few years: the job market has been fairly steady, especially for office-using industries. So why has office occupancy growth been so sluggish? Is it because employers are squeezing new staff into smaller spaces, especially Millennials who are more tolerant of this? Or is there some other cause? An arms-length look at the data shows that employers may be squeezing more staff into smaller quarters, but the “Millennial effect”—for lack of a better term—is minimal
Days before a deadline for bids on hundreds of Sports Authority store leases, a pair of sporting-goods retailers are said to be discussing a joint bid for as many as 200 of the collapsing Englewood-based chain’s stores. The Wall Street Journal reports that Sports Direct International plc (LON: SPD), the largest sporting-goods retailer in the […]