September 14, 2021

(Bloomberg)—Distressed debt tied to retail enterprises is putting on something of a vanishing act.The overall amount of tradeable troubled debt has shrunk from near $1 trillion in March of last year to less than $60 billion as of September 10, data compiled by Bloomberg show. And the portion of that from the retail industry has

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Ryan Willis had big plans for a 94-acre vacant parcel he was developing into a master-planned community in Casa Grande.He had been working with municipal officials and was expecting to be approved by Casa Grande City Council for 317 homes later this year so he could sell the G Diamond Ranch he was developing to a major homebuilder.

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Far fewer tenants are putting space on the market compared to last year, and some are taking their spaces back.As the COVID-19 pandemic in the U.S. reaches its 18-month mark, we are now in a new stage that is changing the equation for both office occupiers and landlords. The highly transmissible Delta variant of the virus is

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September 13, 2021

Apartment retention rates are soaring back to lockdown-era highs, as more renters are determining that staying in place is often the best and most affordable option – given a remarkable lack of alternatives for all types of housing and for all price points.The share of renters choosing to renew expiring leases in

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The COVID-19 pandemic may have thrown a wrench into many industries, but the Arizona real estate industry does not seem to be one of them. Many Arizona real estate companies are experiencing a banner year in 2021, and many are optimistic that it will continue as we travel into 2022. Here are

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Earlier this year, as vaccinations became widely available, hopes abounded for a quick recovery from the economic ruin visited upon us by the coronavirus pandemic and the efforts to contain it. It has now been 18 months since COVID-19 was declared a national emergency in the U.S. And unfortunately, cases are

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The Phoenix area is the third fastest-growing large U.S. metro with a below average cost of living, according to a new report by Roofstock Inc.The cost of living in metro Phoenix is 1.3% below the national average, the report says. Between 2017 and 2020, the population in Phoenix increased by 6.3% — at a time when the

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One shift expected from the pandemic was the movement of millennials away from apartments and toward single-family housing. Recent data and analysis show, however, that this trend may be petering out, according to a new report from Moody’s Analytics. Instead, multifamily fundamentals look bright for

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September 10, 2021

Multifamily asking rents increased nationally by 10.3% in August on a year-over-year basis, marking the first double-digit increase in the history of Yardi Matrix’s data set. Overall occupancy was strong, as well, increasing by 0.9% from a year ago to 95.6%. All metros that Yardi Matrix tracks had positive year-over-year rent growth

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A plan to redevelop a Harkins Theatres location in north Phoenix could spark yet another new trend — repurposing outdated retail real estate to meet changing market demand.Developer Wolff Co. hopes to raze the North Valley 16 movie theater and redevelop the site into apartments. Jason Morris, partner at

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North Peoria’s Vistancia community is about to welcome new neighbors. California-based IHP Capital Partners and Värde Partners, with U.S. offices in Minnesota and New York, recently formed a joint venture to purchase 3,721 acres of land within Vistancia. According to the commercial real estate tracking website Vizzda, two

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The city of Glendale is seeking to annex another 36 acres of land next to the Loop 303 for a proposed industrial, commercial and residential development.The site plans call for a mixed-use project on the southeast corner of Northern Avenue and Cotton Lane and could include three buildings totaling about

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Low-Income Housing Tax Credits (LIHTC), an already popular option for investors in the multifamily sector, are set to play a big role in President Joe Biden’s initiative to increase the supply of affordable housing in the United States.The Biden administration is going all-in on affordable housing by taking steps to make it easier for developers to

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September 9, 2021

Holiday sales are expected to be 7% higher this season compared to last year — the metric is almost double the industry’s historical growth, which tends to run 3% to 4%.That’s according to a new report from KPMG, which surveyed 114 U.S. retail executives across the country from companies of more than $500 in

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After a seasonal lull in new commercial mortgage-backed securities offerings in late August, the post-Labor Day pipeline is delivering deals again. New financings involving recent acquisitions by Blackstone Group and Brookfield Property REIT lead the surge so far.The rush of activity reflects lenders’ willingness to support the

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CapRock Partners, a Newport Beach, California-based industrial real estate development and investment firm that has been increasingly active in the Phoenix market for the past five years plans to begin construction in November on the largest speculative industrial park within the city of Phoenix.The park, named

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A billionaire’s proposal to build a sustainable city in Arizona has at least one local technology leader excited, but real estate experts pointed out a few significant challenges to bringing the massive metropolis to the state.Marc Lore, the co-founder of Diapers.com and former president and CEO of Walmart U.S. eCommerce, announced

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It was once a place where people cleared out after work, where most restaurants closed by 3 p.m., where only the occasional sports game or First Fridays art walk drew a younger crowd. The ASU Downtown Phoenix campus changed that.Now Arizona State University students live and learn on the Downtown Phoenix campus, bringing an

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September 8, 2021

CapRock Partners, a leading industrial investor, developer and asset manager in the Western U.S., today announced the development commencement of CapRock West 202 Logistics, the largest speculative industrial real estate project in the history of the City of Phoenix. CapRock is transforming one of the largest

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Arizona is on the short list for a new $400 billion smart city proposed by a former Walmart executive.Billionaire Marc Lore released plans Sept. 1 for Telosa, a proposed sustainable city that would consist of 150,000 acres, roughly 234 square miles, with 5 million people over 40 years.Lore’s proposed smart city is also

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ORION Investment Real Estate announced the sale of Urban 55, a 209-unit apartment complex located on 55th Avenue and Camelback Road in Glendale, Arizona, currently one of the fastest growing cities within the Phoenix MSA. Lacey Eyman and Jon Coffen of ORION represented the buyer and seller in the off-market transaction.

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Mayor John Giles presided over Monday’s Mesa City Council meeting, wearing a mask “out of an abundance of caution”“At the end of last week, I came in contact with some folks who tested positive. I’ve been fully vaccinated and tested negative in the last couple of days,” Giles noted.None of the City Council members or staff present

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As Arizona rebounds from the pandemic, its population is increasing, new projects are transforming the skyline, and travel and tourism are bouncing back.Like other cities in the Greater Phoenix area, Tempe is leading the way when it comes to growth and development in the state, and the Fueling the Economy: The City of Tempe panel discussion will

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September 7, 2021

CHICAGO—Priorities on how operators create and respond to touchpoints with renters and prospects have been shifting since the pandemic. New technology has unlocked opportunities to connect in different ways and to generate data to help with decision-making.Strategies for such were discussed by

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The developers of an east Mesa shopping center were really excited when Facebook announced earlier this summer it was building a $800 million data center across the street from where they wanted to build.Now, those plans are a reality as Scottsdale-based Diversified Partners has closed on the 17-acre property on the

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