Four major investment firms have taken steps this month to set up nontraded real estate investment trusts so they can swoop in when property values finally adjust to a new economic reality of significantly reduced prices. The filings with the Securities and Exchange Commission
Industrial vacancies could increase in the Valley as a large portion of buildings that saw construction delays earlier this year could deliver by early 2024 amid strong demand from tenants. In the second quarter of this year, major brokerage firms estimated that the Phoenix metro had
Three years after starting the marketing process for a massive mixed-use project in midtown Phoenix and a lengthy reevaluation during the Covid-19 pandemic, Pivotal Group is set to bring “The Central Park” back in front of city officials. Pivotal Group Inc., a high-profile Phoenix real
May 2023 saw U.S. year-over-year multifamily rent growth turn negative for the first time since the Global Financial Crisis of 2007-2008. The decline was -0.6%. However, the data analytics firm Markerr’s outlook for the next five years was much more positive. It predicted that the top 100
There is now almost 49 million square feet of new industrial construction underway in metro Phoenix, created in part by 31 speculative groundbreakings that during the second quarter added an additional 6.6 million square feet of planned space to the Phoenix pipeline, according to the
The bankruptcy of home goods retailers Bed Bath & Beyond and Buybuy Baby will leave more than 10 big box spaces vacant in the Valley. Retailers, landlords, and commercial brokers could see an opportunity to write the next chapter of those empty buildings. Generally, a Bed Bath & Beyond
A shuttered amusement park in north Scottsdale could make way for a $1 billion redevelopment with apartments, condominiums, office space, a hotel and retail development on the 28-acre CrackerJax site. George Kurtz, CEO of cybersecurity company CrowdStrike, bought the former CrackerJax amusement
The term “mind the gap” had its start in England as a reminder that subway patrons should step over the space between the train door and platform. Today in commercial real estate, the gap is a bid-ask transaction one, where buyers and sellers are separated by a space between their respective
Owner and developer SunCap Property Group is adding to its portfolio at Gilbert Spectrum with construction of a Class A, 119,222-square-foot “Building 3.” SunCap has selected Graycor Construction Company as the design-build contractor for the building, which will continue the evolution of the
Several Sun Belt markets rank as the top spots for built-to-rent product with Phoenix, Dallas-Fort Worth and Denver taking the top three positions. Developers are homing in on robust population growth and tapping into a consumer segment that bridges the rental market and
Lenders and special servicers are looking beyond refinancing options when it comes to working with borrowers on commercial real estate loans that are set to mature in the coming months and years, even as those loans increasingly are backing properties facing distress.
X Phoenix, a 506-unit residential coliving and membership club located in the heart of Downtown Phoenix, is opening a 27,000 sq ft., dedicated coworking space on Mon. July 17, 2023. The space offers dedicated desks and private offices as well as an expansive area for a multitude of
The US economy has continued to show remarkable strength over the past year despite a barrage of warnings from CEOs and economists that a recession is on the horizon. Even the most recent batch of jobless claims data shows just how resilient the jobs market, and therefore economy, continues to be, with
New documents have been submitted for high-end restaurants, retail and residential on a prominent corner of Scottsdale. Earlier this month, Stockdale Capital Partners filed plans for “Scottsdale City Center,” which is phase two of a mixed-use development in Old Town Scottsdale. This latest phase, proposed on
Optima Kierland is finished – finally. Optima announced the grand opening of 7190 Optima Kierland, the fifth and final Optima tower at Kierland in North Scottsdale. The 10-story tower has 216 units including studio, one-, two-, three-bedroom and penthouse apartments
PHOENIX — Roads are congested. Wait lines are – yet again – a drag. The snowbirds have returned. That’s right. Tourism in Arizona is bustling, and it’s busier than ever. Tourists across the state spent $28.1 billion in 2022, equating to $77 million spent each day, according to Lisa Urias, director
June posted month-over-month increases in home sales (up 5.4% from May) and inventory (up 7.2%) while year-over-year activity continued to trail the strong results of early 2022. June 2023 home sales were 18.7% below last June’s, contributing to a first-half 24% decline in closings compared to the first half
The Arizona Center, Phoenix’s original downtown entertainment destination located at 3rd Street and Van Buren, was recently sold for $27 million, according to Vizzda. In 2019, the retail and office center completed a $25 million makeover, which included new creative office space, outdoor work stations, shopping
Low inventory may not be good for potential homeowners shopping for a home but it’s keeping builders feeling a bit more confident that there are buyers eager for new single-family homes. This was the conclusion from the National Association of Home Builders (NAHB)/Wells Fargo Housing
New documents have been submitted for high-end restaurants, retail and residential on a prominent corner of Scottsdale. Earlier this month, Stockdale Capital Partners filed plans for “Scottsdale City Center,” which is phase two of a mixed-use development in Old Town Scottsdale. This latest phase, proposed
With the ease of online shopping and the pandemic forcing folks indoors, the future of retail was hazy only a few years ago. Today, the outlook for the sector is brighter than expected. Avison Young’s quarter one (Q1) 2023 Phoenix retail market report notes that retail inventory (of spaces more
The former Mesa General Hospital building – where generations of Mesa residents were born or received cardiac care and other services – was demolished without fanfare in February and is slated to see new life as a 180-unit apartment complex. The northern portion of the property currently
Over the next 12 months, the U.S. commercial real estate sector will grapple with the reality that three-quarters of a trillion dollars in loans are scheduled to come due this year and next. Within the context of $4.5 trillion in U.S. commercial real estate debt, this juncture could be a turning point that shapes
The economic soft landing that so many were looking for is still at play, according to many economists and the expectations of markets. Great if it happens, but it’s unclear whether the Federal Reserve, in its oft mentioned role of “the chaperone who has ordered the punch bowl removed just when the
Unical Aviation Inc., a leading aircraft parts and components provider, has relocated its corporate global headquarters out of the greater Los Angeles area to the Phoenix metro with plans to hire 80 new employees. Unical, which serves the global commercial aerospace market, started moving