Commercial Real Estate & Business News – January 5, 2016

Rising rents for single-family rental homes are stressing the budgets for many households. “There may not be as much room to raise rents going forward. We are starting to see affordability become an issue,” says Daren Blomquist, vice president with data firm RealtyTrac, which tracks foreclosures. Demand for single-family rental homes is high, with very few empty homes… Read more »
For the first time in modern history, the U.S. Census Bureau projects that until the mid-2030s, the number of people age 65 and over will far exceed the number entering the 15-64 working-age population. By 2029, when all of the baby boomers will be 65 years and older, more than 20 percent of the total U.S. population will be over the age of 65, according to the U.S. Census Bureau… Read more »
Fry’s Food Stores announced Monday that it plans a $12 million remodel at its Camelback Colonnade store, one of the grocer’s busiest locations. Renovations will begin this month at the store, at 20th Street and Highland Avenue in Phoenix, to expand it from 64,390 square feet to 85,709 square feet. The remodeling is expected to be completed by fall… Read more »
Occupancy was up .3 percentage points nationally in the fourth quarter of 2015 and now sits at 95.8%, according to MPF Research, the rental market intelligence division of RealPage, It’s a statistic multifamily owners and operators can smile at, but it’s not the only one. Rents for new residents of apartment companies jumped 4.8% in 2015, marking the sixth consecutive year of rent increases at or above the norm of 2.7%, with the total price increase reaching 22.5%… Read more »
The class-A, 56,413-square-foot Thunderbird Wellness Centre has recently sold for an undisclosed amount. The institutional-quality medical and wellness complex was 88% occupied at the time of the sale. MedProperties of Northbrook, IL purchased the center, located at 6750-6790 W. Thunderbird Rd., from Canadian based-Second City Real Estate. Thunderbird Wellness Centre consists of four single-story buildings and two fully improved vacant parcels within a 9.01 acre site… Read more »