August 23, 2019

The yield curve inversion can help borrowers in the commercial real estate industry, some industry sources say. The yield on the benchmark 10-year Treasury note dipped below the 2-year rate for a brief period on August 14 for the first time since 2007, causing fears of a looming recession. As of this morning, the yield on the

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During the first half of 2019, investors paid $3.82 billion for 221 apartment communities across the Valley, according to research compiled by Vizzda LLC for the Phoenix Business Journal. That’s up from 198 properties sold for $2.98 billion during the same period in 2018, according to Vizzda, a Tempe-based real estate database. The 198

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MG Properties Group has acquired to apartment properties north of Los Angeles, Enclave at Warner Center and Meridian Place in Northridge. The two properties traded hands for more than $139 million.

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Life insurance companies are proving that they aren’t afraid of a little healthy competition. Life company lenders remain firmly at the table when it comes to commercial real estate financing despite tighter spreads and a push by some borrowers for more flexible pre-payment options. Life companies generally do a good job of

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At Monday’s Goodyear City Council meeting, the council unanimously approved the development agreement for Goodyear Civic Square at Estrella Falls. This will be a first-of-its-kind project in partnership with the Globe Corporation. Since 1984, the city has aimed to create a dynamic project like this. Since then, several citizen committees

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August 22, 2019

The Federal Reserve released the minutes Wednesday from its July Federal Open Markets Committee meeting, showing that more rate cuts are likely through the end of 2020. At the end of its most recent July meeting, the Federal Reserve cut its benchmark rate by a quarter percentage point in a bid to keep the longest economic

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Target Corp. hits the bull’s eye in its second quarter, with results that beat the Street on nearly every metric as the retailer’s investments in its stores, online channel and private brands continue to reap benefits. The discounter’s shares surged 20% on Wednesday, closing at a record high of $103. The company’s market value was put

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More than five retail chains are opening stores for every retailer that is closing stores in 2019, according to new research from IHL Group. This is up from 3.7 in 2018. The company also reports that the number of chains adding stores in 2019 has increased 56%, while the number of closing stores has decreased by 66% in

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DMB Associates is planning to develop 22 acres of desert in north Scottsdale into the next phase of the One Scottsdale mixed-use development. If it comes to fruition, the project would include include hotel, office, retail and other uses on Scottsdale Road and Legacy Drive. In a submission to the city of Scottsdale’s Development

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AREAD Management Inc., a residential developer, and Varde Partners, a private investment company, have purchased a 290-acre development site in San Tan Valley, Arizona, for $8,700,000. The seller was Skyline & Quail, LLC. Kidder Mathews land broker, Brian Rosella, represented the seller in the transaction. The development site is

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August 21, 2019

Service-driven retail is taking off in Phoenix. While the big box market is struggling, service- and entertainment-driven retail concepts are experiencing roaring success. The Block at Pima Center, a new retail development in Scottsdale, is a perfect example of the leasing activity. The first phase of the project was fully leased before

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Phoenix has a reputation for being more affordable than other big cities in the country, but it comes in around the middle of the pack among the top 75 cities in the U.S., according to a recent cost of living analysis. Move.org recently analyzed data from the 75 largest cities in the U.S. to see which had the most affordable cost of living

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CBRE announced the sale of Waypoint, a 426,951-square-foot Class A suburban office property in Mesa, Ariz. for $107.6 million. The buyer was an affiliate of New York-based Innovatus Capital Partners, LLC. Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the sellers and building developers, Scottsdale,

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Industrial construction in the Phoenix metropolitan area accelerated in the second quarter, as developers broke ground on more than 3.3 million square feet of space, nearly double the market’s historical average for quarterly construction starts. Developers are keeping up with robust demand for space, fueled by e-commerce and

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Award-winning real estate development firm, Optima, announced today it has surpassed the 300th sale milestone at Optima Kierland Center in Scottsdale and leads the market for sales velocity by nearly 14 times the Phoenix-metro average when compared to other new condominium developments across the Valley. According to a July 2019 market study by

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August 20, 2019

Nike paid nearly $70 million for a facility on metro Phoenix’s west side near the Phoenix Goodyear Airport, where other high-profile businesses are setting up shop, records show. Goodyear in July gave the athletic apparel giant the OK to bring its third U.S. manufacturing facility to the West Valley. It’s expected to create more than

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Metro Phoenix’s west side will land 300 new distribution jobs by the end of next year as Chino, California-based Quetico sets up shop in Goodyear. The retail distribution and logistics company on Friday purchased nearly 40 acres of land off 143rd Avenue and Yuma Road, near the Phoenix Goodyear Airport. “Quality companies like

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Phoenix slipped in the July employment rankings, placing fifth among all major U.S. metropolitan areas for job growth. Metro area employment expanded 2.9% over the past 12 months ending in July, with the addition of 60,500 jobs. Momentum slowed from the 3.1% growth, that netted the metro area second place for

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Two investors are stepping into the hot market for Phoenix apartments to mine a downtown affordable housing niche that has been largely bypassed during the luxury apartment gold rush. Alternative investment firm Defer Gain and Los Angeles-based Pacific Oak Capital Advisors, a firm formed by cofounders of real estate

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Step aside, Silicon Valley; there’s a new tech hub in the desert. Commercial real estate firm CBRE recently released its 2019 Scoring Tech Talent report, which highlights Tucson at the top of “The Next 25 Markets” where tech companies are seeking operational opportunities. Over the past five years, the Southern Arizona city has

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August 19, 2019

An office campus in Mesa’s Riverview District has sold for $107.6 million, making it the priciest overall office sale in metro Phoenix so far this year. Waypoint’s four buildings, with almost 500,000 square feet of space, are home to tenants Cognizant, Mitel, Ashton Woods, Beazer Homes and Nextcare. The development, which is

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Data centers are big business in the Valley’s commercial real estate sector according to a new study from Newmark Knight Frank. Recent additions by Google and Microsoft Corp. have added to the region’s inventory of space. Microsoft has not one, but three data centers in the works in the West Valley, with the initial phases of

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The rise in commercial real estate investment in Phoenix has created a growing need for affordable housing in the Downtown Phoenix area. A joint venture between Pacific Oak Capital Advisors and Defer Gain is building three multifamily projects in the Downtown Phoenix’s Presidential District. All three projects are in

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RENTCafé just released its July Rent Report where it analyzed the evolution of monthly Arizona rents, along with the rents in 260 United States cities. Average rents in Arizona have seen month-over-month decreases across the board as the rental season is slowing down. The only exception is Tucson, which follows a similar pace to the

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Look around Phoenix and you see cranes and construction sites, new buildings everywhere. If you think this city looks like a place that’s developing fast, you’d be right. Our population is among the fastest-growing in the country. Over the last few years, around 200 people have been moving to the Phoenix area every day. Chanel Sinclair is

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