Commercial Real Estate & Business News July 2, 2019

No Economic Shift Expected Through 2020 The economy should remain steady through 2020, according to several market experts. A recent report from Beacon Economics forecasted little chance of a downturn through 2020. Gary Bechtel of Money360 agrees with industry consensus: the economy is steady with no anticipation of a recession through 2020. “Based on the current and…»
Is U.S.-Style Multifamily America’s Next Big Export?
When Greystar first bought into a 6,900-bed student housing portfolio in the U.K. in 2013, its investment dollars were bucking what was quickly becoming a blistering trend for U.S. multifamily operators. At the time, global finance dollars in search of multifamily deals were beginning to pour into the United States, not leaving it. By 2015, those…»
The Praedium Group Grows Phoenix Foothold
New York-based investor The Praedium Group has acquired the Town Commons apartment community in Gilbert, Arizona. The terms of the deal, including the sales price and the name of the seller, were not disclosed. The 306-unit apartment building is made up of 24 buildings with two 2-story townhouse buildings, ten…»
Former Metrocenter JCPenney May Become Self-Storage Facility
A portion of Metrocenter Mall in Phoenix that was once a JCPenney has been sold to a Denver investor. Southwestern Property Corp. bought the 156,000 square-foot space for $3.17 million, according to a news release from the real estate company. It plans to redevelop the space into a high-end self-storage and…»
Phoenix To Explore Future Of Convention Center South Hall
When Phoenix leaders adopted a master plan for the convention center in 2002, it included three expansion phases. The first two were completed more than a decade ago while the final phase has been in limbo. But that could soon change. For years, the South Hall – also called the South Building – served as home base for the…»