Commercial Real Estate & Business News – February 2, 2024

Westin Tempe Hotel Faces Foreclosure Sale

The Westin Tempe faces a potential foreclosure sale after failing to make its loan payments. The lender for the 290-room hotel near Seventh Street and Mill Avenue in downtown Tempe filed a notice of trustee sale earlier this week, according Maricopa County records. Such…»

What Multifamily Rent Growth Patterns Will Look Like This Year

In 2023, national average asking rents increased by 1.6% in the multifamily rental market, according to a report from Yardi Matrix. The rent growth story is expected to be different this year, with Yardi Matrix forecasting two main shifts in this market. First, record available…»

Phoenix Industrial Building Sells for Nearly Double Its 2020 Purchase Price

Arizona-based Pat Simone Charitable Foundation has sold a 101,932-square-foot building in the Southbank Industrial Park in Phoenix for slightly more than $20 million, after paying over $10 million for it in 2020, according to CoStar data. The Meritex Co., a privately held…»

By Multiple Measures, 2023 Was the Worst for Net Lease in a Decade

Much in CRE during 2023, when compared to the previous year, could be explained away at least partly because 2022, while not earning the top marks, was second or maybe third over the last decade. However, the data in a new report from Newmark makes it clear that the…»

New Apartment Community Opens in North Phoenix

Construction is completed at The Livano Deer Valley, a 242-unit apartment community in North Phoenix. McShane Construction Company built the community on behalf of the owner, Jomax Residences, LLC. The community is located at 26800 N. 27th Ave. The three-story, multi…»