Downtown Phoenix building trades hands in auction
The historic Heard Building in downtown Phoenix — notable for its Mexican grizzly bear mural — is in the hands of a new owner. The eight-story office high rise went up for auction on Nov. 26 after the lender, SMS Financial VW LLC, filed a notice of trustee sale for the property earlier this year. Read more…
BGO Buys 1 MSF Logistics Center for $118M
BGO has acquired Paloma Vista Logistics Center – Building 1, a Class A warehouse and distribution building in Buckeye, Ariz., on behalf of an institutional investor. US Capital Development and funds managed by Ares Management sold the 1 million-square-foot asset for $118.3 million, according to public records. Read more…
Distress, Opportunistic Fundraising Dries Up With Deals Failing To Materialize
Historically, times of distress are when empires are made. So when Covid-19 spread across the globe, shuttering businesses and causing economic turmoil, real estate firms laid the groundwork to take advantage of others’ suffering. Read more…
Office-to-Residential Conversions Surge as Property Values Drop
According to WSJ, office-to-residential conversions—long considered a solution to both housing shortages and rising office vacancies—are finally gaining traction. As office property values stay depressed or continue to fall, developers are finding office conversions more financially appealing, particularly for outdated or poorly located buildings. Read more…
Three forces that will shape 2025
It seems appropriate that 2025 has been designated the year of quantum science and technology by the United Nations. Because like Schrödinger’s cat, which (in a quantum thought-experiment) was both alive and dead at the same time inside a closed box, 2025 has long hovered in a superposition of two very different states, defined by the outcome of America’s election. Read more…