Commercial Real Estate & Business News – June 6, 2017

The year isn’t turning out quite the way apartment experts expected it to just a few months ago. In January, it seemed like interest rates would begin an upward climb, which would push cap rates higher for investments in apartment properties. Instead, interest rates have sagged from their highs at the end of 2016, and cap rates are falling once again…»

Apartments continue to draw attention from investors and real estate groups. Utah-based Bridge Investment Group LLC bought the Onnix Apartments in Tempe for $77.05 million, according to Orion Investment Real Estate and Business & Real Estate Weekly of Arizona. The Broadway Road complex totals 659 units. That translates into a sale of $116,920 per apartment…»

An evolution is taking place in the retail sector today. Big box retailers are no longer in vogue with today’s active and experience-driven consumer, and the growth of e-commerce continues to spark a need for change throughout the retail landscape. Bankruptcies and store closures may be topping the headlines, but the sentiment in the sector remains cautiously optimistic, according to Real Capital Market’s May 2017 Retail Sentiment Report…»

Fiesta Mall’s days are numbered, at least in its current form. A local development group purchased the property in late May for just $6.72 million with grand designs to redevelop the space into a higher-education campus, and that redevelopment plan also includes a new name: Campus at U.S. 60. The current plan for the mall will not require rezoning of the property because the current zoning allows for redevelopment, said Lori Gray, senior project manager at Mesa Office of Economic Development…»

Two Scottsdale City Council members are calling for the city to significantly change or completely do away with a policy that allows developers to build tall, dense buildings…»