Commercial Real Estate & Business News – July 7, 2020

Multifamily Market Expected to Recover in Two Years
Multifamily properties are expected to experience a sharp decline followed by a fast recovery through 2020, according to a report by CBRE. CBRE’s economic advisers predict the multifamily market will reach its bottom in the fourth quarter of 2020 and begin recovery in the first quarter of 2021…»
18.5-acre Land Site at Marley Park in Surprise Sells for $2.25M
18.5 acres of commercially zoned land located at the NWC of Litchfield and Cactus Roads traded this past week for $2,225,000. Judi Butterworth of ORION Investment Real Estate and Cathy Cheshier of Property Dimensions Real Estate Group, Inc. represented Veramonte Land Holdings LLLP in the sale…»
Here’s Why Developers Are Buzzing About Adding Office Space in the West Valley
Despite the challenges and uncertainties ahead, West Valley economic leaders retain optimism for the future, by looking back in the past. Developers and West Valley city leaders gathered for the Class-A Office Forum sponsored by WESTMARC, Globe Corporation, John F. Long Properties, CBRE and LBA Realty…»
As the July 15 Deadline Nears, 1031 Exchange Investors Confront a Supply Pinch and “Rich” Pricing
As commercial real estate investors scramble to meet a July 15 deadline for wrapping up 1031 exchanges, they’ve been running into trouble finding replacement properties. For one thing, there simply aren’t enough suitable like-kind assets to go around. “The coronavirus pandemic has thrown the economy…»
Phoenix Real Estate Firm Buys Chandler Retail Center
Evergreen DevCo, a Phoenix based development company focused on retail and multifamily projects, bought Chandler Pavilions, a value-add retail site, and plans to secure new junior anchor tenants. According to Maricopa County records…»