Commercial Real Estate & Business News – January 20, 2021

San Diego Investor Kicks Off 2021 in Valley With Largest Apartment Buy of the Year
San Diego-based MG Properties Group plunked down $145.25 million for a 576-unit apartment community in Phoenix — the biggest multifamily acquisition of the year so far. Paul Kaseburg, chief investment officer for MG Properties Group, said he’s not done yet. “We are actively looking for more…»
Phoenix Bioscience Hub Has $3B in Projects and 7K New Jobs in the Works
The bioscience sector in Phoenix is heating up and the world is taking notice, as exclusive licensing agreements are forged, lab space is being built and medical schools are expanding. Construction is underway or about to begin in Phoenix on bioscience health facilities with a capital value of more than $3 billion…»
Multifamily Rents Drop as Pandemic Impact Persists
2020 will go down as the year COVID-19 changed everything. As the pandemic became rampant, many initially feared that multifamily rents would rapidly decline. But many metros have emerged from 2020 unscathed, and some have even enjoyed significant rent growth. Others…»
Pandemic Impact Felt in 4th Quarter Phoenix Office Market Statistics
Impact of the COVID-19 pandemic has clearly arrived in Phoenix office market statistics for fourth quarter 2020. The city had its first quarter of negative net absorption in more than eight years. Yet, the outlook is optimistic for a swift recovery in 2021 and 2022 as companies can safely bring employees…»
Biden’s Under-the-Radar Impact on Net Lease
While 1031 exchanges are a potential problem with the Biden administration and a Democratic Senate and House of Representatives, some potential policies could make net lease investors happy over the next couple of years. Randy Blankstein, president of The Boulder Group, is optimistic about the Opportunity…»