A signature financial instrument of the pre-financial crisis real estate boom is about to come due. And for some large real estate owners – particularly in the Midwest and Southeast – that could mean trouble. More than $53 billion out of $156 billion worth of securitized commercial mortgages that are set to mature in the next two years may find difficulty refinancing or require more investor capital, according to data compiled by Real Capital Analytics… Read more »
The delinquency rate for commercial mortgage-backed securities (CMBS) continues to head lower, as borrowers refinance debt ahead of a wave of maturities in 2017. The CMBS delinquency rate, which includes loans that are 30 days or more past due, fell to 5.42 percent in July, compared with 5.66 percent six months ago and 6.04 percent a year earlier, according to commercial real estate consulting firm Trepp LLC… Read more »
A speculative 16-acre industrial development is slated to be built in Gilbert next to Earnhardt car dealership. Conor Commercial Real Estate and Globe Corp. are teaming to build a 225,600-square-foot, two-building complex near Arizona Avenue and Baseline Road in the East Valley. The project is called AZ|60. Construction is slated to start in October with delivery set for April 2016… Read more »
Sharon Harper’s Plaza Cos. has sold a West Valley medical office complex to New York-based American Realty Capital Healthcare Trust II Inc. for $5.35 million. The 33,700-square-foot building at the Plaza Del Rio Campus near Loop 101 and Grand Avenue. It has a Peoria address but is also next to Sun City. The medical offices were built in 2002 and are 97 percent leased. Harper and Plaza often specialize in medical office development…Read more »
Halfway through 2015 brings good news on the Phoenix retail front with vacancy and absorption continuing to improve. Current vacancy in Phoenix has reached single-digits for the first time in 15 quarters, it is now 9.9%. This is a 400 basis point improvement from the third quarter of 2011 when the vacancy rate was 14%. Also showing improvement are the six regional trade areas, all but two are in single-digit vacancy, with just the Southeast and Central regions experiencing a lagging… Read more »