Commercial Real Estate & Business News August 28, 2019

Construction Starts Up 2% in July At a seasonally adjusted annual rate of $849.6 billion, new construction starts in July advanced 2% from the previous month, according to Dodge Data & Analytics. This marked the third consecutive monthly increase for total construction starts, following gains of 10% in May and 9% in June. By major sector, nonbuilding construction…»
Drop in Treasuries Puts Renewed Focus on Rate Floors
A year ago, most people thought interest rates were moving up. The reality has been just the opposite. Treasuries have plummeted and pulled lending rates down with them. Borrowers that have been enjoying an extended run on favorable rates are seeing rates that once again are near historic lows. The 10-year Treasury has dropped…»
Downtown Phoenix U.S. Bank Highrise Sells for Almost $93 Million
A 31-story downtown Phoenix high rise has sold for almost $93 million, and the new owners plan to spend another almost $15 million to renovate it. Miami-based Black Salmon purchased the 375,862-square-foot U.S. Bank Center. The tower at 101 N. First Ave. is 83% full with tenants including the bank, WeWork and Jacobs Engineering,…»
Watermark, 3G Capital Team Up to Develop Six Apartment Complexes
Following a major permanent refinancing of newly constructed apartments, Watermark Residential has teamed up with a partner to fund a new round of projects. Indianapolis-based Watermark entered into a joint venture agreement with 3G Capital Advisors, a boutique real estate advisory firm based in Irvine, California, to form…»
Phoenix Tops Nation in Single-Family Home Rental Price Growth, Fueled by Tight Inventory
Phoenix had the nation’s highest year-over-year price increase in single-family home rentals, according to a study by CoreLogic Inc. Across the country, home rentals prices increased by 2.9% from June 2018 to June 2019, compared with 3% for the year-earlier period, signaling the first deceleration in annual national rent prices since…»