Commercial Real Estate & Business News – August 21, 2020

Pandemic Disruption Cuts Commercial Real Estate Borrowing in Half
In a measure of how much COVID-19 has affected commercial real estate, mortgage loan origination fell 48% in the second quarter from a year earlier, according to a new report from the Mortgage Bankers Association. The primary damage came in the initial few weeks after the outbreak…»
Phoenix Transportation Tech Company Moving HQ to Block 23 Office Project
A Phoenix-based transportation technology provider, CVO Holding Company LLC, is moving its headquarters to the Block 23 mixed-use development from a nearby downtown Phoenix tower. CVO, which stands for Connected Vehicle Optimization, employs about 200 people in Phoenix…»
How COVID-19 Is Changing Operations for Class-A Office Owners
The full brunt of the pandemic’s toll on the office sector was evident at the end of the second quarter of 2020. The quarter ended with negative absorption of 21.5 million sq. ft., which is similar to the 21.2 million sq. ft. of negative absorption in the second quarter of 2009, according…»
Store Capital Draws Investment from Berkshire Hathaway, Looks to Rebound from COVID-19 Crash
Store Capital Corp. never has had a money-losing year since first selling stock to the public in 2014. It has consistently boosted profits, revenue and cash flow over that time, steadily raised its dividend and nearly tripled the investment properties it owns. Yet over a three-week stretch…»
611-Acre Land Deal Will Create Camelback 303 – a 9-10M SF Logistics Park
Camelback 303 – a $1.5 billion global logistics park being developed in joint venture by Merit Partners, First Industrial Realty Trust Inc. and Diamond Realty Investments in Glendale, Arizona – will soon begin to take shape in metro Phoenix’s fastest-growing industrial submarket…»