Commercial Real Estate & Business News – August 30, 2023
311 Acres of Land in Gilbert Sells for $107.5 Million Indicap, Colmena Group and Langley Properties announced today the successful acquisition of the 311+ acres of land at the northwest corner of Power Road and Warner Road in Gilbert, Arizona for $107,500,000 in an all cash transaction, which is believed to be one of the…» […]
Commercial Real Estate & Business News – August 29, 2023
Home Run for Arizona: Spring Training Pumps Over $710 Million into Economy Spring Training generated more than $418 million in new revenue for Arizona’s economy this year and more than $710 million in total economic activity, according to a new economic impact study from Arizona State University’s Seidman Institute. Researchers interviewed…» Phoenix Among Top Locations […]
Commercial Real Estate & Business News – August 28, 2023
CRE Sales Volumes Show Signs of Life in Q2 Signs are emerging that the market is bottoming, and sales volumes will increase moving forward. There is a lag between offerings and closed transactions, so this recovery is likely another quarter away, according to market update report from Colliers. Multifamily volume…» Development Team Closes on Massive […]
Commercial Real Estate & Business News – August 25, 2023
Apartment Rents are Falling at a Slower Pace in the Suburbs Apartment rents have fallen to minus 0.7%, based on Apartmentlist.com’s most recent estimates for July of this year. This is the first year-over-year price drop the market has experienced since the beginning of COVID-19. But the decline has been uneven ever…» Quarles Exec: Valley […]
Commercial Real Estate & Business News – August 24, 2023
Joint Venture Proposes Apartment Units, Plus Retail and Restaurants in East Mesa More than 60 acres in east Mesa could be home to a new multifamily community and shopping center. Vivo Partners, Hawkins Cos., Greystar Worldwide and Bela Flor Communities are proposing Medina Station at the southeast corner of Signal Butte Road and Southern Avenue in […]
Commercial Real Estate & Business News – August 23, 2023
A Painful Evaluation of the Current State of CRE The CRE industry has been dealt a big blow with eleven interest rate hikes since March 2022 and a federal funds rate that jumped from 0.0% to 5.25%. This rapid interest rate increase has caused expected cap rates to rise to the 6.0%-8.0%+ range from the […]