Commercial Real Estate & Business News – July 10, 2015

Demand for newly-constructed net lease assets is fierce, and these assets are commanding a pricing premium in the net lease space due to their scarcity. However, as retailers execute their expansion plans, experts anticipate more new retail net lease properties to become available… Read more »
More than half of transaction survey respondents reported lower retail cap rates. Members of the CCIM Institute, Commercial Real Estate’s Global Standard for Professional Achievement, indicated growing interest in retail investment properties, according to the organization’s 2Q15 Quarterly Market Trends report. Approximately 55 percent of CCIM members who participated in a May 2015 market intelligence survey reported lower capitalization rates on retail transactions than during the same period last year. The average national retail cap rate as reported by CCIM member respondents was 7.8 percent, substantially lower than the average national cap rate for all CCIM transactions of 8.5 percent. Retail transactions increased for 55 percent of CCIMs surveyed, with a 94 percent closing rate… Read more »
Last week, MPF Research came out with a midyear report that, like Axiometrics’ view, painted a picture of a market at highs not seen since the tech boom of 15 years ago. MPF reported that rents for new leases rose 5.2% year-over-year, which is a 15-year high. Rents for renewal leases weren’t too far behind at 4.3% year over year…Read more »
A 262-unit apartment complex is planned just a third mile south of the Scottsdale and Pinnacle Peak intersection in Scottsdale. The Silverstone/Rawhide Apartments are to be developed by Mark Taylor Residential, and are expected to total 478,000 square feet within ten multi-story buildings with an average unit size of 1,437 square feet. It will also include a parking garage, pool, and four acres of open space. Once built, this complex will be the only multifamily within a one and a half-mile radius… Read more »
Landlords continue to buy, sell and flip Phoenix-area apartment complexes. A series of recent sales in Gilbert, Phoenix and Glendale totaled just under $17.6 million. Heritage Square Apartment Homes in Gilbert recently sold for $12 million, or $100,000 per unit. The complex is located near Gilbert and Guadalupe roads. The buyer is Curtis Capital Group LLC of Bellevue, Washington. The seller was Clear Sky Capital Heritage Square LP…Read more »