Commercial Real Estate Rapid data center expansion could strain city budgets, create credit risk
The explosion in demand for data center capacity and rapid planning to get projects off the ground could pose a risk to local governments’ creditworthiness. As developers and investors tout tax revenues for communities, the facilities could also drive economic concentration and volatility while potentially straining local resources, according to a new report from S&P Global. “In some ways this looks a lot like economic and taxpayer concentration in any economic development scenario…»
Phoenix-area townhouse complex sells for $13.39 million
A joint venture including Canopy Real Estate Partners and TBBG Investments has acquired The Sonoran Townhomes, a 36-unit multifamily complex in Mesa, Arizona, from a private investor for $13.39 million, or $371,944 per unit. Built in 2024, the property at 3426 E. University Drive consists entirely of three-bedroom townhouses and was formerly known as CJ Townhomes. The acquisition was made below replacement cost, a result of the prior ownership’s distressed capital stack…»
Multifamily Loans from Rate Shock Years Show Hidden Stress
Risk in the GSE multifamily market is not building evenly. It is concentrated in a narrow window of origination – loans made during the 2022–2023 rate shock – that are beginning to diverge from the broader market. Headline performance remains strong, according to a Trepp report. Delinquencies are minimal, and overall credit quality continues to reflect stable fundamentals. But beneath the surface, vintage-level data reveals early signs of pressure that have yet to translate into…»
Crimson Canyon shifts plans for Buckeye industrial park after KORE Power exit
Developers have shifted around some plans for an industrial park in Buckeye near the former KORE Power site. Scottsdale-based Crimson Canyon was planning to build out a 112-acre industrial park at the southwest corner of SR 85 and Rooks Road. After finally getting needed entitlements back in 2023, the project, originally dubbed Rooks Technology Park, is back on track with some tweaks. Crimson Canyon just acquired the final parcel for its project, which will now sit on 74 acres and…»
ASU eyes International Science Zone near TSMC in Phoenix
Arizona State University will develop its eighth Arizona “innovation zone,” an area that will be devoted to international science and collaboration, near the Taiwan Semiconductor Manufacturing Co. facility in north Phoenix. ASU President Michael Crow called the $165 billion TSMC plant near Interstate 17 and Loop 303 the “single most important technological opportunity in Arizona since air conditioning.” “We are going to concentrate an innovation district there that’s linked…»