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Commercial Real Estate & Business News – March 20, 2015

Off-Price Retail Sector Growing Fast

Off-price chains that sell high-profile brands and designer goods for 20 to 60 percent below department and specialty store prices, are outperforming much of the retail sector; they are growing faster than competitors and are gaining market share. The sector?s popularity surged during the recession and has stayed popular now that the economy has rebounded. Emboldened by a nimble real estate and merchandising strategy and by growing clout with vendors, these off-price chains are on an expansion binge stateside and in international markets too. By the end of 2013, Burlington, Nordstrom Rack, Ross Stores and TJX were generating about 8 percent, nearly $28 billion, of the clothing and footwear sales in the U.S., according to Scott Tuhy, a vice president and senior credit officer at Moody?s Investors Service… Read more »

Private Buyers Dominate Retail Net Lease Sector

Private buyers have taken over the retail net lease market, representing the majority of deals closed in 2014. Private investors accounted for 60 percent of the net lease market last year, a significant increase over the 42 percent in 2013, according to the most recent net lease report from The Boulder Group, a real estate services firm specializing in single tenant net lease properties… Read more »

Long Overlooked, Suburban Office Attracting Increased Investor Interest

After taking its lumps well into the ongoing office market recovery, suburban office property is finally garnering increased investor interest. As recently as January 2013, after rounds of corporate downsizing during and after the recession sent suburban office vacancy rates as high as 50% in some markets, analysts were writing the latest obituary of suburban office parks, shopping centers and other far-flung properties as places where no one among the coming wave of millennials would want to work, shop or live… Read more »

Rood-Led TIC from Pacific Northwest Pays $50 + Million For Fedex Facility in Chandler

A tenant-in-common investment group from the Pacific Northwest has entered the Valley real estate market with the $50.179 million ($158.78 per foot) purchase of a distribution facility in Chandler that is occupied by Federal Express. The 316,034-square-foot project, which was completed late last year, is located west of the northwest corner of Queen Creek and Gilbert roads. The facility, which FedEx occupies through a long term lease, has an address of 2650 E. Queen Creek Road… Read more »

Phoenix Real Estate: Sales Volume, Foreclosures Down while Prices, Rents Up

Arizona State University housing expert Michael Orr has some springtime optimism about Phoenix?s real estate market despite January declines in sales volumes for new and existing homes. Orr said some January data and forward-looking trends show housing improvements… Read more »