What the government shutdown means for commercial real estate
When the government shuts down, real estate watchers tend to focus first on the impact to the residential market. Potentially thousands of home sales will be held up because the federal flood insurance program is no longer able to issue new policies; the Federal Housing Administration, Department of Veteran Affairs and Department of Agriculture might slow or suspend their mortgage processing; and the IRS might not process tax transcripts or income verification documents as quickly. But the impact to commercial real estate, while not…»
$1 billion Optima McDowell Mountain luxury community welcomes first residents
The first residents are moving into the $1 billion Optima McDowell Mountain luxury community being developed in an area surrounded by intense growth. The 22-acre Optima community, at the southeast corner of Loop 101 and Scottsdale Road, will include a mixture of 1,330 luxury rental apartments and for-sale condominiums, as well as 36,000 square feet of retail and restaurant space. The first eight-story apartment tower will complete construction early next year, with monthly rates starting at $2,900 and soaring to more than…»
Cap Rates Level Off Across Net Lease Sectors While Investor Interest Stays Strong
The net lease sector is maintaining its steady foundational performance, according to new research by The Boulder Group. The latest data, reflecting the third quarter, reveals that most core metrics held their ground despite economic changes, with buyers and sellers finding greater alignment as capital markets stabilized throughout the period. Cap rates were virtually unchanged across most property types. The overall national cap rate in the single-tenant net lease segment increased by a single basis point to 6.80 percent, reflecting little movement…»
Applied Materials, ASU open $270M East Valley chip research center
Applied Materials Inc. and Arizona State University on Thursday opened a $270 million research, development and prototyping facility to support the Valley’s growing semiconductor ecosystem. The Materials-to-Fab Center consists of 50,000 square feet of cleanroom space and 20,000 square feet of wet and dry labs in the university’s MacroTechnology Works building at ASU Research Park. The facility is designed to foster innovations from ideation to fab prototype by leveraging Applied Materials’ semiconductor manufacturing…»
Scottsdale on Main sells for a whopping $555,462 per unit
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale and financing of Scottsdale on Main, a 119-unit, luxury midrise multifamily asset in Scottsdale, Arizona. The $66.1 million sales price represents $555,462 per unit. “Scottsdale on Main was constructed as a monument to Downtown Scottsdale’s luxury reputation, emblematic of its exclusivity, affluence, and unmatched lifestyle,” said Steve Gebing, IPA executive managing…»