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Commercial Real Estate & Business News – May 1, 2024

CMBS Issuance Jumps to $24.6B This Year

Last year was not the most resounding for commercial mortgage-backed securities. It’s been different so far this year. How long that will last is uncertain. Investors have snapped up about $24.6 billion of new commercial mortgage-backed securities so far in 2024, 170%...»

Whole Foods to Take Fry’s Spot at Scottsdale Shopping Center

A Scottsdale shopping center is set for a grocery store shakeup. Fry’s Food Stores is set to close an anchor, 50,000-square-foot grocery store at the corner of Indian School and Miller roads on May 31, where it has operated for the past 48 years. Plans are in place for Whole Foods…»

Single-Tenant Net Lease Deals Soared 26% in Q1

In Q1 2024, single-tenant net lease market continued its consistent performance, according to Northmarq, with investment sales activity soaring by 26% from the prior quarter with levels to $11.2 billion. And while this represents a slight 4.5% decline compared to this time last…»

New York Firm Enters Phoenix Market With the Top Office Deal of 2024

Columbus Properties Inc, a New York-based firm, has entered the Phoenix market by purchasing a Biltmore-area office building. Columbus bought 24th at Camelback, which is located at 2375 E. Camelback Road, from New York Life Insurance Co. The commercial real estate…»

Phoenix Leads the Nation in Build-to-Rent Completions

RentCafe’s annual build-to-rent report revealed that the BTR sector has set a record high for the fifth consecutive year and Phoenix leads the nation in build-to-rent completions. Specifically, in 2023, a staggering 27,400 units were added to the market nationally, up 75% compared…»