Commercial Real Estate & Business News – May 2, 2016

Demand for shopping center space is so high that, despite the first quarter’s having the highest number of store closures of any quarter since 2010, vacancy levels remained steady at 7.9 percent over the previous month…Read more »
The moderation in apartment rent growth that some industry observers are expecting for this year hasn’t happened so far in 2016, says Yardi Matrix. April rents nationally rose $13, or 1.1% month over month, to $1,194, the fourth consecutive all-time high, according to the firm’s Matrix Monthly report based on a survey of 115 markets…Read more »
After gains in the second half of 2015, the homeownership rate fell to just 63.6 percent, seasonally adjusted, in the first quarter of this year, according to the U.S. Census Bureau. Homeownership hit a high of 69.4 percent in 2004, during one of the biggest housing booms in history. That was also when mortgage lending was arguably at its loosest level in history. The homeownership rate is now just one-tenth of 1 basis point higher than its all-time low in the second quarter of 2015… Read more »
A group of four owners have formed Maxwell Tempe, LLC and will develop The Maxwell on College at 712 S. College Ave., along with the expansion of All Saints Newman Center. The L-shaped, 1.89-acre parcel – itself a compilation of seven smaller parcels owned by the four owners – is divided into Site A and Site B. The four owners of the group include: College Enterprises, Inc., College Street, LLC, All Saints Roman Catholic Newman Center Tempe, and Sabas Brothers Rentals, LLC… Read more »
Liberty Property Trust today announced that it will break ground on its first building this spring at Liberty Logistics Center II, a new 73-acre industrial park located at the corner of 71st Avenue and Buckeye Road in Phoenix. The 222,910 square foot distribution facility is the first of the 1.5 million square feet of multi-tenant industrial space planned at the new park… Read more »