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Commercial Real Estate & Business News July 18, 2019

Papago Plaza Moves Forward with its 11-acre Redevelopment Plan Papago Plaza is moving forward with its 11-acre redevelopment plan for an urban mixed-use lifestyle community featuring specialty restaurants and retail, a grocer, luxury apartment homes and an all-suites hotel designed in an orchard-like setting at the southwest corner of Scottsdale and McDowell Roads.…»
Fundraising for Distressed CRE is Skyrocketing
BOSTON and NEW YORK-Private lending and distressed debt platform SKW Funding and Bain Capital Credit recently formed a joint venture to target distressed commercial real estate paper, namely sub- and non-performing notes. The joint venture will target $500 million of acquisitions over the next two-and-a-half years.…»
Cap Rates on Apartment Acquisitions Take a Slight Dip in the First Half of 2019
For years, apartment experts predicted that yields on investments in apartment rental properties would rise. Years passed, but cap rates in the sector remain historically low, and are getting lower.”Cap rates have not risen in the last five years,” says Chris Espenshade, managing director with real estate services firm JLL.…»
Phoenix Industrial Rent Growth Reached New Cyclical High in Second Quarter of 2019
Strong demand for Phoenix industrial properties helped propel annual rent growth, at 6.7%, to a new cyclical high in the second quarter of 2019. Logistics and flex buildings had the strongest rent increases at 7.5% and 7.6%, respectively, while specialized industrial was at 4.2%.…»
Comedian to Open Coffee Bar and Speakeasy Venue in North Phoenix
Comedian and entrepreneur Rick Bronson is set to open a combination coffee bar and vintage-style speakeasy in north Phoenix. The Stir Coffee Bar and Gin and Reel will be Bronson’s second concept in the High Street development north of Loop 101. He also owns Rick Bronson’s House of Comedy at the dining and shopping center.…»