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Commercial Real Estate & Business News – February 2, 2018

Amazon.com Inc. (Nasdaq: AMZN) is now the largest industrial real estate tenant in the Phoenix regional market as e-commerce led by the Seattle-based giant becomes a bigger and bigger part of the U.S. economy. Mike Petrivelli, CoStar’s regional research analyst, said Amazon now occupies close to 5 million square feet of industrial space in the Phoenix market…»
A luxury Scottsdale apartment complex near the Waterfront has sold for a record $210.4 million. Optima Sonoran Village, on Camelback Road and 68th Street across from Scottsdale Fashion Square, was purchased by Des Moines-based Principal Real Estate on Tuesday, according to public real estate records. Rents run as high as $4,000 a month for the 592 apartments built in 2013…»
Few retail real estate insiders were surprised to hear that Toys ‘R’ Us will close 180 stores in the U.S., especially after the retailer weathered a disappointing holiday shopping season, following a bankruptcy filing in September 2017. As power center landlords grapple with how they will fill the closing Toys ‘R’ Us and Babies ‘R’ Us locations, some experts say the number of targeted stores is an encouraging sign…»
Fannie Mae’s Delegated Underwriting and Servicing (DUS) program had a record year in 2017, providing more than $67 billion in financing and supporting over 750,000 units of multifamily housing. “[2017 marked] our 30th anniversary of DUS, a platform that relies on shared risk and strong lender partnerships to serve the needs of the rental housing market,” said Jeffery Hayward…»
The Winter/Spring 2018 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey reflects the favorable changes to the commercial real estate (CRE) market caused by the recent federal tax overhaul. The tax bill is expected to increase the rate of return on CRE and makes investment more attractive. Survey participants predict that it will cause moderate though uneven growth…»