Office, shopping center, warehouse and hotel construction will increase 11% in 2016, up from the 4% gain estimated for 2015, with office development resuming its historical role as the leader in the commercial building upturn, according to the newly released 2016 Dodge Construction Outlook. Multifamily construction dollar volume, meanwhile, is forecast to increase 7% on a 5% increase in built units to 480,000 — somewhat slower than the gains in 2015… Read more »
As third quarter fundamentals continue to show improvement in the industrial sector, retailers are honing their distribution center strategy to meet current e-commerce demands. Fundamentals for warehouse space have improved steadily over the past five years. The availability rate for industrial properties declined to 9.6 percent nationally in the third quarter. Net demand for industrial space is on pace to exceed 200 million sq. ft. this year, and the vacancy rate dropped to 7.3 percent… Read more »
A multifamily property in an industrial and distribution-rich area, Marble Creek, recently sold for $12.1 million or nearly $50,000 per unit. The buyer was Marble Creek LLC and the seller was Birchard Group LLC. The 244-unit complex is located at 5601 West McDowell Rd. Marble Creek is in a location that is largely populated by industrial and distribution space of more than 89 million square feet of industrial and distribution inventory. The apartment community is situated on 9.72 acres… Read more »
When legendary developer Del Webb built Uptown Plaza in 1955, he created a “downtown shopping experience” in the central city. With restaurants such as the swanky Navarre’s and retailers such Jerand’s of Arizona fashions and Piggly Wiggly grocery store, the center, which had a modern look, was a draw for diners and shoppers alike. Sixty years later, Walter Crutchfield and Vintage Partners are recreating that city-center experience by redeveloping the 120,000-square-foot shopping center, which is on the northeast corner of Camelback Road and Central Avenue… Read more »
Amid an otherwise dismal third quarter, the New York investment firm enjoyed a bit of good news from a unit whose staggering losses during the property bust were viewed as an emblem of the era’s excesses. Morgan Stanley wrapped up fundraising over the summer for its first higher-risk real-estate fund since 2007, a sign that it has finally recovered from the downturn. The new global fund has attracted $1.7 billion in commitments from investors… Read more »