The Valley was one of only two markets in the nation where monthly rents have declined for single-family homes, according to a new report. The Phoenix and Las Vegas metros both showed a decline in monthly rents of single-family homes, each reporting a March drop of -0.2% on the
Rehrig Pacific has broken ground on an injection molding manufacturing plant in metro Phoenix. The facility, located in Buckeye, Ariz., is expected to open in late April 2024. A 260,000-square-foot building will be constructed in the project’s first phase. The site has
Commercial and multifamily mortgage loan originations were 56% lower in the first quarter compared with the same period in 2022, according to the Mortgage Bankers Association (MBA). Originations also decreased 42% from the fourth quarter. For multifamily properties alone, originations
May 17 (Reuters) – Many U.S. regional lenders may have to consider selling off commercial real estate (CRE) loans at a steep discount after breaching key regulatory thresholds for exposure to the troubled sector, according to new data and market sources. Regional banks, the largest
Q1 2023 has had its share of economic-related news, from bank failures to continued increases in the Effective Federal Fund Rates (EFFR). During the May 10, 2023 edition of the Walker Webcast, Walker & Dunlop Chairman and CEO Willy Walker hosted a panel of experts who discussed the roller-coaster economic
Q1 2023 has had its share of economic-related news, from bank failures to continued increases in the Effective Federal Fund Rates (EFFR). During the May 10, 2023 edition of the Walker Webcast, Walker & Dunlop Chairman and CEO Willy Walker hosted a panel of experts who discussed the roller-coaster economic situation – and the impact on real estate. A piece of good news? Issues aren’t as dire as what’s being reported in the media. Aaron Appel, Walker & Dunlop’s Senior Managing Director, said that yes, banks have been under the gun. But when it comes to closures, “there’s really no contagion effect,” he said. In fact, the
“There has been an uptick in both on-campus healthcare facility projects as well as off-campus ambulatory clinics and facilities,” says Jaime Northam, vice president of healthcare development for Ryan Companies US. “Most of the health systems in this market have recently announced plans for new
New hyperscale data centers are coming to metro Phoenix as Prime Data Centers is getting ready to develop its first facilities in the market. The company plans to invest $2 billion in the construction of a 210-megawatt, five-building campus that will span 1.3 million square feet
Larry Kush, senior vice president at ORION Investment Real Estate in Scottsdale, was named for a fifth consecutive year as a Top Homebuilder Influencer in 2023 by Fixr.com. Fixr.com compiles an annual list of the most influential professionals in the construction industry: The 100 Top Homebuilder Influencers
After falling 0.8% in March, housing starts were back up again in April, according to a report released Wednesday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD). Home starts checked in at an estimated annual pace of 1.401 million in April, up 2.2% month
PHOENIX, AZ (May 16, 2023) – Nick Miner, CCIM of ORION Investment Real Estate, reports selling a six-property, five-state portfolio of retail properties. The properties were all located next to major universities throughout the United States. Each of the six properties consisted of
Developers broke ground on two logistics buildings in the Phoenix suburb of Surprise as tenant demand for industrial properties keeps driving speculative development across the region. Mohr Capital and its financial partner Rosewood Property Co., both based in Dallas, expect to the
HonorHealth has broken ground on a $60 million project on its campus in north Scottsdale. The expansion project at HonorHealth Scottsdale Shea Medical Center, at 9003 E. Shea Blvd., is for a new Cardiovascular Center of Excellence. Gilbane Building Co. is the general contractor and Cunningham
Retail sales rebounded in April after falling in March not all sectors enjoyed gains. Retail sales in April rose 0.6% from March, according to the National Retail Federation, whose calculation excludes automobile dealers, gasoline stations and restaurants to
The owner of Mesa’s financially troubled Legacy Park, formerly known as Bell Bank Park, last week filed a petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court of Arizona. Chapter 11 provides temporary protections from creditors while an entity attempts
In Arizona, renters get the best bang for their buck in Tucson. Not only does it offer more than 900 square feet, but it’s the only city where you can get a three-bedroom apartment for that amount. The average rent in Tucson is $1,239 for an average size apartment of
A presidential visit, a massive construction effort, new suppliers moving in and billions of dollars in spending. The new Taiwan Semiconductor Manufacturing Co. complex is one of the most prominent economic projects ever for Arizona. The investment has grown
“Once the Sprouts is up and out of the ground and getting to be visible then our opinion is we might have as good or better options [for new leases],” Mashburn said. “There’s a laundry list of folks we’re out there [talking] with. The tenant interest is overwhelming almost.” Mashburn said that some of
PHOENIX — Target and Sprouts Farmers Market are coming to Queen Creek to anchor the Vineyard Towne Center retail development area. The 260,000-square-foot open-air retail center built by Vestar is one of five ground-up developments by the company in
The numbers: Mortgage rates fell for the second week in a row amid expectations of inflation slowing over the rest of the year. The 30-year fixed-rate mortgage averaged 6.35% as of May 11, according to data released by Freddie Mac on Thursday. It’s down 4 basis points from the previous
I recently visited the offices of the Arizona State Land Department on West Adams in Phoenix, just two blocks east of the Arizona Capitol. This neighborhood has become the settlement area of a major portion of Arizona’s homeless population. Lining most of the cross-streets in the area are countless tents housing individuals
Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $585 million loan to Five Star Development for the completion of The Ritz-Carlton Paradise Valley, The Palmeraie and The Palmeraie, a mixed-use, ultra-luxury retail, dining and
The group segment of the hospitality industry, defined as blocks of 10 or more rooms booked per night, had a strong first quarter, continuing the segment’s recovery that gained momentum in the spring of 2022. According to STR, CoStar’s hospitality analytics company, revenue per available room — or RevPAR,
The owner of Mesa’s financially troubled Legacy Park, formerly known as Bell Bank Park, last week filed a petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court of Arizona. Chapter 11 provides temporary protections from creditors while an entity attempts to reorganize in the hopes of returning
The single-family-rental and build-to-rent industries are booming so much that Westdale Asset Management is currently in lease-up at 11 communities. Likewise, Blanton Turner, last year bought 2,000 homes per month and continues to bring them online. Cross-over investments between