Commercial Real Estate & Business News – March 6, 2017

It was one of the most legendary roads in America. Winding from Virginia to downtown Los Angeles, old U.S. 60 carried generations of families across the country and right through the neon-lit hearts of Tempe and Mesa. The remains of that highway are now called Apache Boulevard in Tempe, and Main Street in Mesa. Aging motels, trailer parks, car-sales lots and auto repair shops are reminders of its heyday. …»
This is the age of e-commerce, and the threat to brick-and-mortar retailers can’t be underestimated. Just in recent months, Macy’s, Sears, J.C. Penney and other big chains have announced hundreds of store closures across the nation, as innovative marketing by rivals like cut physical stores out of the loop. Yet it would be a mistake to assume…»

The upward trend in CMBS delinquencies continued in February after taking a breather the month before, Trepp LLC said Friday. The late-pay rate for securitized commercial mortgages ticked upward by 13 basis points to 5.31%. It’s the 10th monthly increase in delinquencies over the past 12 months. Trepp cites loans from 2006 and 2007 reaching their maturity dates without refinancing …»

Industrial vacancy is at an all-time low, declining by 70 basis points from a year ago to an aggregate nationwide vacancy of 5.6 percent in the fourth quarter of 2016, according to the year-end industrial market report from real estate services firm JLL. JLL researcher Aaron Ahlburn says that the former record low vacancy was in 2000 …»
Fund management firm, BKM Capital Partners, acquired Northwest Business Center, an 11-building multi-tenant light industrial business park totaling 227,603 square feet in Phoenix, Arizona for $17.2 million. The business park is located at 2310-2440 W. Mission Ln., 9014-9034 N. 23rd Ave., and 9013-9033 N. 24th Ave. Phoenix, Arizona.…»