A developer wants to tear down an old car dealership to build a walkable residential community in downtown Scottsdale, arguably one of the Valley’s most pedestrian-friendly locales. The partially abandoned former Luxor Auto Group dealership building, along with an auto repair and body shop, will be razed to make way for the multifamily project.
Westridge Professional Plaza, consisting of two retail/medical office buildings on the Desert Sky Regional Mall campus, trades for $4,600,000 or $130/SF. The transaction was negotiated by Ari Spiro and Sean Stutzman of ORION Investment Real Estate.
Dodge Data & Analytics reported on March construction starts in the metropolitan statistical area of Phoenix-Mesa-Scottsdale, consisting of Maricopa and Pinal counties. According to Dodge Data & Analytics, the latest month’s construction activity followed this pattern: According to the Dodge’s data, construction spending in 2016 on nonresidential properties totaled $158,064,000, a four percent increase from 2015’s $152,534,000.
Home prices in many metro Phoenix neighborhoods could finally fully recover from the crash this year, or at least get very close. Last year was much better for rising home values in the Valley than 2014, according to Street Scout Home Values, an annual analysis of metro Phoenix’s housing market done with The Information Market. Home prices in a lot of Valley neighborhoods, particularly the most affordable areas and those closer in, are climbing faster so far this year.
With nearly 4.4 million people, Greater Phoenix is the 13th largest metropolitan area in the US and the region’s population is expected to nearly double in the next two decades, according to city of Phoenix statistics. Located at the center of several municipalities, including Scottsdale. AZ and Glendale, AZ, Phoenix comprises 60% of the metro area population. With the population’s average age falling below 35, Phoenix is a young city with new development as well as more centralized urban redevelopment.
Phoenix-area home prices are still down about 10 percent from the peak of the housing boom in 2006. But home sales are up 11 percent during the first three months of this year compared with the same period a year ago, according to Street Scout Home Values, an annual analysis of metro Phoenix’s housing market done with The Information Market.
Investment Property Associates LLC (IPA) and Retirement Community Specialists (RCS) announced construction is now underway on its senior living community, Generations at Ahwatukee. The project, located at the southeast corner of Chandler Boulevard and 50th Street is targeted for completion by mid-summer 2017.
Demand for shopping center space is so high that, despite the first quarter’s having the highest number of store closures of any quarter since 2010, vacancy levels remained steady at 7.9 percent over the previous month, according to Cushman & Wakefield. This marks the 16th consecutive quarter in which vacancy has held steady or even declined. In the first quarter of last year the rate was 8.3 percent.
The moderation in apartment rent growth that some industry observers are expecting for this year hasn’t happened so far in 2016, says Yardi Matrix. April rents nationally rose $13, or 1.1% month over month, to $1,194, the fourth consecutive all-time high, according to the firm’s Matrix Monthly report based on a survey of 115 markets.
Home sales may be rising, but homeownership in the United States is heading down once again. After gains in the second half of 2015, the homeownership rate fell to just 63.6 percent, seasonally adjusted, in the first quarter of this year, according to the U.S. Census Bureau.
The City of Tempe Development Review Commission has advanced plans for a mixed-use development, which will encompass 295 residential units in two towers, as well as restaurant, retail, office, classroom and church uses. The submittal approved on April 12 was the fifth submitted to the city for this development since October of last year.
Liberty Property Trust today announced that it will break ground on its first building this spring at Liberty Logistics Center II, a new 73-acre industrial park located at the corner of 71st Avenue and Buckeye Road in Phoenix. The 222,910 square foot distribution facility is the first of the 1.5 million square feet of multi-tenant industrial space planned at the new park.
Tenant interest in suburban office space is finally ramping up, with many suburban office markets starting to see gains in net absorption, occupancy and rental rates after watching their urban counterparts enjoy steady gains over the past several years.
Four years of planning, developing and building support for an artist community in downtown Mesa is nearing fruition. The planned ArtSpace Mesa, on vacant land on Hibbert Street between First and Second avenues, is intended to bring local artists together to live and create in a talented community.
A Las Vegas developer wants to build a $64.5 million new apartment complex in Tempe near Arizona State University. Nevada-based Fore Property Co. has plans for a 423-unit multifamily development on 13.2 acres parcel next to the McClintock/Apache Boulevard Metro light rail station.
Despite federal banking regulators voicing concerns over commercial real estate loan concentrations and market distress over global macro-economic uncertainty and collapsed energy prices, the nation’s banks seem to have continued to step up their CRE lending in the first quarter.
The average cap rate for retail properties nationwide moved up by 11 basis points between the fourth quarter of 2015 and the first quarter 2016, to 6.59 percent, according to a recent report from commercial real estate services firm CBRE. Still, the figure represented a 13 basis points decrease year-over-year.
Housing remains the bright spot in a darkening economic outlook according to Freddie Mac’s economists. Though they have revised their forecast for economic growth downward in the latest edition of the company’s Outlook they are still forecasting housing will retain its momentum in 2016.
Earlier this year, we shared news that Sam Fox would be opening a brand-new concept in the Valley, off 44th Street and Indian School Road. And though the details of that concept are still unclear, we now know a bit more about the upcoming shopping center the restaurant will sit in, as well as who its neighbors will be.
Millennials, often burdened with student loan debt and at the early stages of their careers, often choose to rent over buying. But now that Bank of America has launched a program with Freddie Mac to issue new mortgages for low- and middle-income earners, could the homeownership program help reverse the Millennial rental trend—and eat into multifamily profits?
The Southeast Regional Association of REALTORS (SEVRAR), the largest realty association in Arizona, has purchased a 3.1 acre site for its office headquarters at Chandler Airport Center. The site was purchased for a build-to-suit office and conference facility, and the project has an expected completion date of early 2018.
With a proud history of revitalizing retail centers, De Rito Partners Development, Inc. is excited to announce the ongoing redevelopment and re-tenant efforts at Arcadia Fiesta, located at the southwest corner of 32nd Street and Indian School Road in Phoenix.
For the last few years, the multifamily asset class has been the top performer of all property types, delivering a per-unit revenue (market rent x occupancy) growth rate of 4.8 percent in 2015. Some markets clearly outperformed others. These included Portland, Ore., San Francisco, Oakland, Calif. and Sacramento, Calif., all of which saw per-unit revenue growth rates above 7.5 percent last year.
Returns on commercial real estate continued moderating in the first quarter, the National Council of Real Estate Investment Fiduciaries said Monday afternoon. However, Chicago-based NCREIF noted that while returns were weaker in Q1, CRE fundamentals remained solid, while investment sales volume on properties within the NCREIF universe was up by double digits year over year.
Intel Corp. has reported 560 worker layoffs at the semiconductor company’s Chandler operations. The job cuts will happen at two Intel campuses in Chandler, according to written notifications from the company.