Commercial Real Estate & Business News – October 5, 2022
Why Is Apartment Demand Breaking Records in Phoenix? Take a Look at This Sale. A $238 million sale of a pair of apartment complexes in Phoenix’s Gilbert suburb shows why the area is on a record-breaking multifamily sales run over the past year. Ezralow Co., based in Calabasas, California, bought the Azul at Spectrum and […]
Commercial Real Estate & Business News – October 4, 2022
Glendale OKs 2 15-Story Apartment Towers Near Entertainment District Two 15-story apartment towers could become Glendale’s tallest building outside of State Farm Stadium. The apartments are planned near 95th and Missouri avenues, just south of the NFL stadium and VAI Resort, which is going up along Loop 101. The towers are part of a…» Two […]
Commercial Real Estate & Business News – October 3, 2022
Forget About Construction Costs: Supply Availability is a Problem Anyone paying attention to headlines this past year understands that inflation continues exerting a toll on commercial real estate construction efforts. For example, CBRE’s Construction Cost Index forecast a 14.1% year-over-year increase in costs “as labor and material costs continue to rise…» New Joint Venture Chooses […]
Commercial Real Estate & Business News – September 30, 2022
Massive Industrial Projects Move Forward in West Valley City Employment Corridors Several massive industrial projects along key transportation corridors have moved forward in two West Valley cities. New-York based Clarion Partners is building a 2.36 million-square-foot industrial park called Northern Parkway Commerce Center across 135 acres at the southwest corner of…» Wood Partners Breaks Ground […]
Commercial Real Estate & Business News – September 29, 2022
Mortgage Delinquency Rate Nears Historic Low The overall mortgage delinquency rate declined to 2.79% in August from 3.6% in July, according to a report by Black Knight. The delinquency rate is just 4 basis points above the historic low of 2.75% in May 2022. August saw 20,300 foreclosure starts..» Fannie Mae Projects Modest Recession in […]
Commercial Real Estate & Business News – September 28, 2022
KKR Completes Sale of Four-Property Multifamily Portfolio in Greater Phoenix Private equity giant KKR & Co. sold a multifamily property in Tempe near Phoenix to an investor based in Arizona for $68.5 million, or just under $252,000 per unit. The price paid by the private investor based in Paradise Valley to buy Ponderosa Ranch was […]