Commercial Real Estate & Business News – July 7, 2017

As the transitional market grow, we believe that a strategy focused on debt will enable investors to take advantage of the inherent mispricing of risk. While the U.S. commercial real estate market in aggregate has recovered from the depths of the 2008-09 recession, reaching new all-time highs, the recovery has been uneven across sectors and regions. Consider the following statistics regarding the current state of the market…»
Investors are still keen to buy Phoenix office properties, and lenders are still more than willing to help for deals in strong locations like the Camelback Corridor. Recently in that submarket, Camelback Commons traded for $66.4M. The sale involved two buildings totaling 322K SF at 4722 and 4742 North 24th St…»
Phoenix – Millburn & Co. in Salt Lake City, Utah (Jed Millburn, CEO) has expanded its multi-family portfolio in the Valley by paying $40.25 million ($158,465 per unit) to buy the 254-unit Avenue 25 apartments at 18250 N. 25th Avenue in Phoenix. The seller was Villa Rita Fee Owner LLC, a joint venture formed by TruAmerica Multifamily in Sherman Oaks, Calif. (Robert Hart, pres.) and The Guardian Life Insurance Co. of America in New York City, N.Y.…»
The Phoenix metro area is expected to need more than 150,000 new apartments by 2030 to keep up with local demand, according to a new study commissioned by the National Multifamily Housing Council and the National Apartment Association, with research by Hoyt Advisory Services…»
Scottsdale Airport will host a ceremonial groundbreaking to officially mark the launch of the terminal area redevelopment project. It takes place at 8:00 a.m.Wednesday, July 12, at the terminal building, 15000 N. Airport Drive. This project will upgrade and enhance this area with some of the largest hangars at the airport and maximize use of the parcel’s building footprint and offer a new “place” in Scottsdale…»