Commercial Real Estate Prices Signal Rare Buying Opportunity
According to The WSJ, after several years of sharp declines and underperformance, US commercial real estate is starting to look like a bargain. Average property values are still down double digits from 2022 peaks, with office buildings and apartments particularly hard hit. But some long-term investors are beginning to take another look at the beaten-down sector. Big Buyers Slowly Return Institutional investors—pension funds, insurers, and sovereign wealth funds…»
Phoenix shopping center Paradise Village Gateway sells for $28.5 million
Another Phoenix shopping mall has changed hands along Tatum Boulevard. Paradise Village Gateway — off Shea and Tatum boulevards — was bought for $28.5 million by GC Tatum and Shea LP on Nov. 21, according to Tempe-based real estate database Vizzda LLC. The open air shopping center was built in 1996 and spans nearly 18 acres and 217,000 square feet. It is home to Ross Dress for Less, PetSmart, The UPS Store and other food, retail and beauty businesses…»
When it comes to leasing, retailers still favor smaller spaces
The retail leasing landscape is continuing a long-term transformation in response to changing consumer behavior. This includes both a shift in the types of retailers leasing space, with recent activity dominated by service and food and beverage-based tenants, as well as how retailers, especially those in the apparel and general merchandise categories, utilize their leased space. The net result has been smaller average retail lease sizes, as demand for smaller, more…»
New study shows how Phoenix could turn empty offices into housing
A new report by The Pew Charitable Trusts and global architecture, planning, and design firm Gensler shows Phoenix could turn empty offices into housing and help the city address two major challenges: a surplus of vacant offices and a shortage of housing. The report outlines how co-living, dorm-style microunits can be designed and financed to provide lower-cost homes for people earning well below the area median income. Median rents in metro Phoenix have risen 33% over…»
What’s that new grocery store coming to south Scottsdale?
Location: 1490 N. Scottsdale Road, on the southwest corner of McDowell Road, across the street from the Skysong mixed-use development. Description: A new Sprouts Farmers Market is coming to south Scottsdale. The Arizona-based grocery chain is building its fifth location in Scottsdale, this one with 23,453 square feet of space and a three-level parking garage with 238 spaces. The project sits on 4 acres of space within the redeveloped Papago…»