Commercial Real Estate & Business News – May 12, 2017

Opus Group is in the midst of construction of a two-tower, high-rise development in downtown Tempe. The 3.22-acre property is nestled on a former city parking lot in between Mill Avenue and Arizona State University’s main campus…»

CA Senior Living, the senior housing investment and development division of CA Ventures, broke ground on two senior housing communities in Arizona: Quail Park in Oro Valley and Quail Park at Morrison Ranch in Gilbert. Living Care Lifestyles will operate both communities, which will each offer a mix of assisted living and memory care residences. The communities are scheduled for completion in summer 2018…»

Industrial vacancies across the US markets tracked by AY averaged 5.3% as of March 31, down from 5.9% a year earlier. In more than a third of the 41 markets on the firm’s radar, vacancies at the end of the first quarter were below historical averages, in particular San Mateo, CA (1.7%), Orange County, CA (2%) and Miami (2.8%). And all but two markets saw year-over-year triple-net asking rent increases, with the US on the whole averaging $6.97 per square foot, up 44 cents from the year-ago period…»

The private equity real estate market, which saw exceptionally strong fundraising and dealmaking activity in 2016, seemed to pause and take some profits in early 2017. Equity funds were net sellers of CRE property in the first quarter of this year, completing 171 dispositions totaling $7.9 billion – about in line with the same quarter a year ago…»

As Millennials increase their share in the housing market, homebuilders are switching gears from the luxury market, which they focused on the past several years, to starter homes. Nearly all major builders are making this shift as Millennials, the newest generation of homebuyers who were born from the early 1980s to mid 1990s, increase their presence in the market, according to the article…»