Commercial Real Estate & Business News – April 8, 2016

For the seventh-straight quarter, annual effective-rent growth eclipsed 4% in 2016’s first quarter, according to Dallas-based Axiometrics. That streak of growth has happened only one other time (the fourth quarter of 2010 through the second quarter of 2012) in the company’s 21-year history… Read more »
There are numerous initiatives focused on creating more affordable apartment units. Most of these initiatives are targeting the Millennials—those renters that are between the ages of 18 and 34 and single. These initiatives include “micro” units, which are sized generally below 400 sq. ft., and “adult dormitories,” a communal housing configuration akin to college dormitory experience. We are highly underserved by affordable housing units in the U.S., particularly in the larger coastal cities of New York, Boston, Washington DC, Los Angeles and San Francisco, so all initiatives to add more affordable housing supply should be applauded… Read more »
The sporting goods industry could be facing another major retail bankruptcy filing. Vestis Retail Group, parent company of Eastern Mountain Sports, Sport Chalet and Bob’s Stores is preparing to file for Chapter 11 protection, according to Bloomberg… Read more »
The former Coyotes owner had planned a community with as many as 1,350 homes, a hotel and a shopping center. Glendale’s Westgate developer Ellman Cos. missed a $182 million payment to buy a chunk of vacant state-owned land in Fountain Hills and has bowed out of the deal to develop the site, both the developer and the State Land Department acknowledged ThursdayRead more »
California-based BKM Capital Partners purchased a portfolio of four Phoenix Metro industrial properties this week totaling 442,173 square feet of space and $34.45 million in value. All sales were funded by a $26.75 million cross-collateralized loan with Pacific Coast Capital Partners. The four assets include: 4100 E Broadway Rd, Metro Industrial Center, Rose Garden Business Park in Phoenix as well as Arizona Corporate Park in Chandler…Read more »