Commercial Real Estate & Business News – June 7, 2024

Creation to Break Ground on $120 Million The Switchyard Mixed-Use Development in Suburban Phoenix

Queen Creek, Ariz. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek. Plans for the 10-acre project include the..»

Carter In Downtown Scottsdale Sells For $161.4 Million

CBRE negotiated the $161.4 million sale of the 365-unit Carter in downtown Scottsdale, representing the largest multifamily sale in Arizona year-to-date. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, the U.S. multifamily....»

Luxury Tower Construction Underway in Downtown Phoenix; Plus 6 Other Valley Deals to Know

Clayco broke ground May 31 on Ray Phoenix, a 26-story luxury apartment tower in downtown Phoenix. The $180 million project will span 523,000 square feet and include 401 residential units and 4,500 square feet of ground level retail. Developers of the project are New York City…»

Founders Properties Pays $30M for Phoenix Asset

Founders Properties has purchased 21st Street Center, a 162,232-square-foot property in Tempe, Ariz. Clarion Partners sold the asset for $30 million, according to public records. The Lincoln National Life Insurance Co. provided a $15 million acquisition loan, the same source…»

Mortgage Rates Flatten Ahead of Jobs Report, Fed Meeting

Even after dropping considerably over the past month, mortgage rates remain well above 7% ahead of the next U.S. jobs report and the next meeting of Federal Reserve policymakers. Mortgage rates were nearly flat on a weekly basis as HousingWire’s Mortgage Rates Center showed…»