Commercial Real Estate & Business News – April 24, 2024

Scottsdale Developer to Bring 1,000 Build-To-Rent Units to Metro Phoenix

Scottsdale-based Modus Cos. is going big in the build-to-rent space, to the tune of $425 million. The apartment developer is preparing to break ground on 1,030 build-to-rent units across the metro. High mortgage interest rates and a housing shortage are driving more people to…»

Triple-Net Listings Are Up, According to Northmarq

The April letter about triple-net lease from Northmarq’s Chris Lomuto shows, as he put it, a “mixed bag of results.” Top observation is that the average closing cap rate for the month ending March 31, 2024, was about 6.60%, or roughly 95 basis points up from the depths of July 2022. It’s also down nearly 20 basis…»

Phoenix has Nearly 41.6 Million SF of Industrial Under Construction

While the rest of the nation’s industrial market takes a breather, Phoenix has nearly 41.6 million square feet of active industrial construction projects, accounting for 10.9% of the national total, as revealed by LGE Design Build’s newly released Q2 Construction Delivery Outlook report. “In assessing the construction sector’s…»

Kroger-Albertsons Deal Could Bring this Supermarket Giant to Arizona

If Kroger’s proposed $24.6 billion acquisition of Albertsons goes through, the transaction will create a big new player in Arizona’s supermarket business. C&S Wholesale Grocers, with no current supermarket operations in the state, overnight could emerge as a rival almost as large here as Kroger, which owns…»

Mesa Calls $14M Incentive for Auto Mall a Good Deal

Looking to increase tax revenue from car sales, Mesa is getting ready to sign off on a $14 million tax incentive for Berge Auto Group. City Council last week approved a notice of intent to enter into a retail development tax incentive with Berge to construct a 127-acre mixed-use development…»