Commercial Real Estate & Business News – March 28, 2025

The average asking rent for Phoenix apartment buildings declined 0.1% in February, snapping a two-month winning streak that began in December 2024. Though rents modestly retreated last month, the 0.5% increase in the opening month of 2025 keeps growth for the year in positive territory. Midpriced buildings led all segments, notching a 0.3% gain for the month of February. Lower-tier complexes…»

Multifamily absorption is set to be more modest this year after demand for rental units significantly outperformed forecasts during the past 12 months, according to Northmarq’s 2025 national sector outlook. Renters moved into about 480,000 units on net last year, nearly double the total in 2023. The surge in renter demand occurred in most major metropolitan areas and offset…»

Buckeye may get yet another major development in one of the Valley’s hottest corridors. Sunbelt Investment Holdings Inc., the developer behind the 411,000-square foot Buckeye Commons with a portfolio of more than 2,200 acres of vacant land in the Valley, has proposed a new 160-acre mixed-use project in Buckeye that would feature both multifamily and single-family housing…»

A bill that would pave the way for Taser maker Axon to build its campus in north Scottsdale cleared its first hurdle, but the company’s desire to build apartments remains the crux of a controversy in which neither side is willing to budge. Opponents to the bill, which would loosen zoning laws to allow apartments and hotels to be built as ancillary developments to corporate global headquarters…»

The joint venture between Lincoln Property Co. and Goldman Sachs Alternatives have secured a refinancing loan for the second phase of Park303, a 2.4 million-square-foot industrial park in Glendale, Ariz. Affinius Capital provided the note that amounts to $133 million, according to Maricopa County public records. Previous debt included a $164 million construction loan originated by Allianz in 2022…»