Commercial Real Estate & Business News – May 19, 2017

Don’t look now but ‘big box’ retail centers are defying expectations and managing to find replacements to fill their cavernous shopping spaces. Following consecutive rounds of bankruptcies and liquidations by such previous big box stalwarts as Borders, Circuit City and Linens N Things…»
Development plans for a country club for car collectors and enthusiasts have moved forward. The Maricopa City Council has approved plans for the $30 million APEX Motor Club in Pinal County. The APEX club south of Phoenix will include a four-mile race track and car condos for club members to house vehicles.…»

Cap rates in the net lease casual dining restaurant sector increased 25 bps points to 6.0% in the first quarter of 2017 when compared to the first quarter of 2016, according to a new report from the Boulder Group, a net lease firm based in Northbrook, IL. These tenants have become more popular…»

With memories still fresh from the 2007 financial meltdown precipitated by unrestrained real estate borrowing, US bank lending officers are showing a reduced tolerance for risk and reporting tightened CRE lending policies – most notably on multifamily lending. …»

Fiesta Mall in Mesa is slated for a $30 million adaptive reuse and redevelopment after the East Valley property sold for $6.72 million. The mostly empty shopping mall will be rebranded as the “Campus.” The redevelopment is projected to…»