Columbus, Ohio-based Coastal Ridge Real Estate LLC completed a recapitalization of Nine20, a student housing property near Arizona State University in Tempe. A joint venture between Coastal Ridge and Austin, Texas-based Virtus Real Estate Capital bought out Coastal Ridge’s prior investors for $130 million to continue to own and operate the property. TSB Capital Advisors acted as the exclusive financial adviser to Coastal Ridge on the transaction and helped to secure a $78 million loan from SMBC Bank.
McShane Construction Company was selected by repeat clients Milhaus and Banyan Residential to provide design-assist construction services for Alanna, a new apartment community in Phoenix, Arizona. Located at 48th and Washington Streets, the development will offer 320 units across four residential
In the 2022 World Series, Houston tourism officials saw economic impact of $12M to $14M per game. The Diamondbacks are headed back to the World Series for the first time since 2001. That means the team and Phoenix businesses have a chance to make some major league bucks this October. Making
Legacy Park in Mesa could live to see another day, after its lawyers announced in federal bankruptcy court Tuesday it had a deal to secure buyers. Legacy Park will sell for $25.5 million with the buyer Burke Operating Partners to provide $19.5 million and $6 million to come from the landlord Pacific
PHOENIX — Tempe recently agreed to redevelop one of its most iconic structures. As part of the 60-year lease agreement, restaurants, shops, a public park and an improved trailhead to Hayden Butte (A Mountain) will be built at the Hayden Flour Mill located at Mill Avenue and Rio Salado
But a key problem could still hinder growth, according to the latest report from Institutional Property Advisors. Having weathered recent headwinds, the medical office building sector is seeing a return to more stable property fundamentals, according to a new Medical Office National Report from
If you have several hundred thousand dollars in cash sitting around and available to buy a house, it turns out, you’re not alone. New data from real estate data firm ATTOM Data Solutions shows nearly 37% of single family home and condo sales nationwide last quarter were all-cash purchases. Here in Arizona
In first nine months of 2023, overall sales across the five main property types plunged 53% from the same time last year. That’s the steepest U.S. property investment pullback in the first three quarters of a year since 2009 when total deal velocity dropped 55% from the prior year. With about $320 billion
PHOENIX — The Global Ambassador, Valley restaurant mogul Sam Fox’s long-awaited foray into the high-end hotel business, finally has an opening date. After nearly 10 years of planning and more than two years of construction at 44th Street and Camelback Road in Phoenix, the internationally inspired
A historic building in the heart of downtown Phoenix will be converted into new retail space as part of a larger mixed-use development. Denver real estate services firm Aardex Corp. plans to renovate the single-story structure — known as the Pratt-Gilbert Building — and turn it into nearly
Trammell Crow Company (TCC), the largest commercial real estate developer in the U.S., broke ground on the first phase of the Cotton Lane Commerce Park in Goodyear, Arizona. Phase one will include the delivery of two Class A industrial facilities for a total of 542,873 square feet, in addition
What was supposed to be “D-Day” and the potential announcement of a miracle deal to keep Legacy Park open and running turned on Monday into something more mundane: A delay, with interested parties optimistic that a deal will finally be struck. U.S. Bankruptcy Judge Daniel Collins again granted
There is no shortage of examples of how artificial intelligence (AI) has become integrated into our everyday lives from organizing our days to finding the best routes to work or school; selecting items to buy; and getting reminders of upcoming appointments. Similarly, AI increasingly poses challenges in terms
Nearly 40 office properties in the Valley were identified as the top candidates for conversion to apartments by researchers at Columbia University and New York University. Office conversions have been raised as a potential solution for the void left in office space across the country following the
The Coach House, surrounded by the artsiest and most beautiful exteriors and interiors the city has to offer, has no allusions – or delusions of grandeur. “Scottsdale’s Oldest Dive Bar,” the humble tavern on Indian School Road near Marshall Way calls itself. In a video, Jim Brower describes how
Today, Phoenix Mayor Kate Gallego, joined by Arizona State University (ASU) President Michael Crow, announced that the university’s new headquarters for ASU Health, which includes a new medical school, will be built in downtown Phoenix. “At a time when the Phoenix bioscience industry
On the heels of the first retail opening at the Novus Innovation Corridor at Arizona State University, a 300-acre site on the east side of the Tempe campus, more restaurants are gearing for opening and hundreds of apartment units are under construction. The corridor near Tempe Town Lake is a mix of
As more and more brand-new apartment units throw open their doors for renters, vacancy rates are rising. And that is depressing rent growth in those markets, a CoStar report for October shows. Demand nationally reached its highest peak since 2021 at 116,000 units. But 140,000 new units came
The 2023 Manufacturer of the Year luncheon, put on Oct. 10 by the Arizona Manufacturers Council and Arizona Chamber of Commerce & Industry, had a distinct East Valley flavor to it. Awards for Excellence in Innovation and Small, Medium and Large Manufacturer of the Year each went to a company in the
Up for Growth, a cross-sector member network committed to solving the nation’s housing shortage and affordability crisis through data-driven research and evidence-based policy, has found that housing underproduction in Arizona reached a housing shortage of 120,306 homes in 2021, earning a ninth-place ranking among
Banks are closing dozens of branches in less desirable areas to cut costs as financial pressure increases from higher interest rates and distressed commercial mortgages on office buildings. Bank of America, Wells Fargo, JPMorgan Chase, U.S. Bancorp and a handful of smaller banks have all recently closed
Over more than two decades, medical offices were frequently bought by third-party investors as a hedge against recessions. Over the past 10 years, though, that trend has largely abated for multitenanted medical office sales transactions, only gaining traction within the single tenant occupancy, or STO, property
Cranes have become a familiar sight across America’s big cities, changing the face of neighborhoods. In our latest study, we looked at thousands of zip codes and ranked the top ones that underwent major transformations – building more apartments than entire cities in just 5 years. There are several zip codes in
As inflationary pressures continue to mount and high interest rates persist, deal flow in the net lease space has slowed considerably, leaving inventory in flux as would-be sellers stay on the sidelines. “The transaction volume in the past year and a half has fallen off the cliff,” said Catherine Tenney
A plan that includes preserving and adaptively reusing Tempe’s Hayden Flour Mill, the namesake of Mill Avenue, will likely begin visible construction in 2025. The developers, Phoenix-based Venue Projects and Scottsdale-based Sunbelt Holdings, along with the city, which owns the property, will spend