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Commercial Real Estate & Business News August 9, 2018

One of world’s largest real estate investors just went on an apartment-buying spree in metro Phoenix, purchasing six apartment complexes for almost $311 million. New York-based Blackstone Group closed on the apartments spanning from Surprise to Chandler on Monday, according to public real estate records. This big acquisition comes after Blackstone spent $120 million…»
Empty since 2016, the former Barney’s at Scottsdale Fashion Square mall in Arizona is finally getting a new tenant, and it isn’t exactly selling shoes. In Scottsdale and elsewhere across America, stores left vacant by retailers, including now-bankrupt Toys R Us and Bon-Ton, are being converted into shared office space. Mall owners are increasingly turning to unconventional tenants…»
The 30-plus-day CMBS delinquency rate reached a new post-crisis low in July, at 3.81 percent, according to research firm Trepp LLC. The figure represents a 168-basis-point decline from the same period last year, and a 14-basis-point decline from the CMBS delinquency rate in June 2018. Trepp researchers credit the resolution of distressed legacy loans and a healthy level of new issuance…»
Construction on the fifth phase of the Rio2100 office complex in Tempe is scheduled to begin later this year, with an opening expected in December 2019. The addition will be part of the 60-acre mixed-use development east of Tempe Marketplace along Rio Salado Parkway. The four-story building will be a speculative office development containing 160,000 square feet of space…»
Demand for industrial real estate remains robust in the U.S.-Mexico border region that includes San Diego County, even amid rising global tensions over trade tariffs and the potential re-negotiation of the North American Free Trade Agreement (NAFTA), according to two recent reports.  The manufacturing supply chain in the area is pumping out billions of dollars worth of products and foreign exports…»