Commercial Real Estate & Business News – March 7, 2017

Access to capital is the lifeblood of the commercial real estate industry. It’s what allows a buyer to close an acquisition, enables expansions and renovations of properties and keeps projects afloat when a maturing loan comes due. In the first six months of this year alone, roughly $65.6 billion in CMBS debt will come due…»
A Nogales, Ariz., pipeline is so decrepit that untreated waste could leak sewage during heavy rains. At least 2,000 wells in the state are open and should be covered or shut down because they pose a hazard to the public. And roadways that carry millions of people should be widened…»

When I created the CMBS assumption expediting role in 2005, the primary reason CMBS assumptions didn’t end up closing was because the approval process took too long, plus the buyer and seller had no way of understanding where the file was at any given time. The assumption approval process was described by most buyers and sellers as a “big black hole”…»

Tempe is on track to host the Valley’s first streetcar through an estimated $186 million transportation development. Streetcars have recently returned to popularity, with new construction springing up in Tucson and other cities across the U.S. Advocates say they add an option to the web of public transportation and bring development to surrounding areas.…»
The news last week was good and seems to indicate that the economy is accelerating early in the new quarter. After a mediocre 4th quarter (1.9%), the first quarter of 2017 is shaping up to be better. Consumer confidence, as measured by the Conference Board, is now the highest since August 2001. Manufacturing is looking better, the non-manufacturing sector is expanding, and auto sales remain strong. …»