For almost everyone involved in commercial real estate, 2015 was a very good year. The impressive recovery in commercial property values is apparent in the year-end release of the CoStar Commercial Repeat-Sale Indices (CCRSI), which delineate the broad price gains across property types and regions amidst record investment transaction volume in 2015. Both the value-weighted and the equal-weighted segments… Read more »
A 523,673-square-foot institutional-grade office park located at the intersection of Highways 101 and 202 has just received refinancing to the tune of $93 million. The property, developed and owned by the Douglas Allred Company, is comprised of six, two-story, class-A office buildings located in a master-planned business park with office, hospitality and restaurant uses. The office park is 100% leased to six tenants including… Read more »
Two Phoenix apartment complexes near Washington and 12th Streets will have a public grand opening on Feb. 25. Phoenix Mayor Greg Stanton will commemorate the grand opening of Capital Place, a $57 million 292-unit apartment complex. The open house event will showcase the new project and highlight downtown living. In partnership with neighboring businesses, the evening will include hors d’oeuvres and signature martinis from new local lounge Dirty Martini… Read more »
An Anthem property, that Valley Child Care leases, sold to Ira Stegner for $3,090,000 by Anthem Heritage, LLC. The building is located near Daisy Mountain Drive and Anthem Way, and is a 10,014 square-foot freestanding building. Valley Child Care & Learning Center is the sole-tenant of the property, and is in an absolute lease until 2022 with three percent annual rent increases for the first ten years, and two percent increases for the remaining term… Read more »
Metro Phoenix’s housing market recovery has been long and slow. But it’s on track. And this year is poised to be the best year for home sales and prices in the Valley in nearly a decade. Last year, home prices, sales and new construction rebounded from 2014’s disappointing results. Foreclosures continue to shrink. Arizona housing analyst Tom Ruff calls 2015 an “average year” for housing and that’s with some double-digit gains… Read more »