Commercial Real Estate & Business News – February 5, 2020

Will Construction Costs Continue to Rise in 2020? Construction costs continued to climb again last year after years of rapid growth, but could that change in 2020? The new construction pipeline is growing as a result of opportunity zone activity, and in 2020, new construction activity will continue to grow. However, Richard Lara of…»
CMBS Loans Face Few Refinance Hurdles
A total of $109.6 billion of CMBS mortgages are up for refinancing over the next two years, with $57.6 billion coming due in 2020 and $52 billion the following year. Single-asset, single-borrower CMBS transactions represent 66 percent of this total, while conduit loans account for 29 percent. These are two of…»
Northrop Grumman Expansion Will Bring Hundreds of New Jobs to Gilbert
Northrop Grumman’s presence in the East Valley is growing.Just months after opening its 633,000 square foot Launch Vehicles Division Headquarters in Chandler, Northrop Grumman broke ground on a 220,000 square foot expansion project for its satellite manufacturing operations in Gilbert, which…»
Home2 Suites/Tru by Hilton Hotel to Take Shape As Part of Park Central Revitalization
Phoenix, Arizona – When complete, the large-scale Park Central revitalization effort will transform a once-defunct shopping area into the city’s premier destination to work and play. Now, the addition of a new, state-of-the-art hotel will help ensure that it’s also a top place to stay for…»
Texas Company Plans to Build Four Valley Active-adult Communities
Sparrow Partners has started construction on a 193-unit active-adult community in downtown Surprise, called Mera City Center. The Austin, Texas-based company also plans to begin work on three more active-adult communities in the Phoenix area and will invest approximately $150 million across all…»