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Commercial Real Estate & Business News – February 12, 2021

As investors chased big box assets with investment-grade, essential tenants, cap rates in the single tenant net lease big-box sector decreased by 25 basis points to 6.75% from Q4 2019 to Q4 2020, according to The Net Lease Big Box Report from The Boulder Group. Properties with grocery related tenancy…»
The Greater Scottsdale Airpark experienced many of the same pandemic effects faced by other Valley commercial real estate submarkets, according to a report from Colliers International. During 2020, retailers, restaurants and hotels struggled with diminished customers. Yet, the submarket grew its jet traffic…»
Investor and developer Held Properties Inc. paid $34 million for a suburban building in Scottsdale Airpark, one of the Phoenix area’s most prominent office districts. Phoenix developer ViaWest Group sold the three-story, 149,424-square-foot Raintree Corporate Center I at 15333 N. Pima Road in North Scottsdale …»
A shift in renter preference toward larger bedroom units since the onset of the pandemic has created a disconnect between new supply and demand, at least in the near term. The change in preference toward larger bedroom units has similarities to previous downturns, but the pandemic has also created…»
Metro Phoenix ballparks are preparing for spring training baseball to start on schedule, despite pleas from the Cactus League and a coalition of Valley mayors to delay the season’s start. After the Cactus League and Valley mayors sent a letter to Major League Baseball…»