Commercial Real Estate & Business News – July 23, 2020

Arizona Student Housing Properties Face Leasing Pressures as Pandemic Prevails into Fall Semester
Despite a new national report that the Covid-19 pandemic could put some student housing properties in dire straits, the two largest universities in Arizona are still seeing a strong interest from students in living on or close to campus. The report from S&P Global Ratings identified 33…»
Banks Facing Potential Hefty Volume of Troubled CRE Loans
Snowballing distress in commercial real estate loans are threatening to become an avalanche that could overwhelm banks. Getting a glimpse behind the curtain on how bank loans are performing isn’t easy. “It’s amazing that we have gone from the great financial crisis to now and still have no better…»
Five Below Brings Hundreds of Jobs, Distribution Center to Buckeye
National retailer Five Below is establishing a Western U.S. distribution center in Buckeye, Arizona. Five Below plans to begin construction in 2020 at the southwest corner of Miller and Durango Roads, and open the 850,000 square foot distribution center in the second half of 2021. The company will invest…»
Valley Office Sublease Space Increased in Q2, Expected to Continue to Grow
After a major increase in the amount of office space available for sublease in the Phoenix area, real estate experts from JLL expect that amount to only grow due to the coronavirus pandemic. Companies that leased space anticipating growth, or those that have moved large portions of employees to working…»
Amazon Buys Large Chunk of Land in Loop 303 Corridor for Nearly $20M
Amazon spent nearly $20 million for 91.5 acres of land in metro Phoenix’s west edge along a rapidly growing stretch of Loop 303, real estate records show. The land, at the northwest corner of Indian School Road and Cotton Lane just west of the 303, is near a glut of distribution centers, including…»