As Retail Finally Enters Recovery, More Investors Backing Malls, High-End Shopping Centers
A variety of factors, including rising rental rates, stronger tenant sales and a dwindling supply of quality well-located shopping center space, are causing U.S. and offshore investors to move back into the retail real estate sector, the last of the four major commercial property types to enter full recovery. The recent acquisition by GIC, Singapore?s sovereign wealth fund, of a 40% joint-venture interest in four properties owned by regional mall owner The Macerich Co… Read more »
California Footwear Retailer Enters Phoenix Market
Southern California-based footwear retailer WSS has recently opened a Mesa location, and has two more stores opening in Phoenix this month. This is the first time WSS has entered the Phoenix market. The combined stores will cumulatively take up more than 45,000 square feet. he first WSS location is located at 1036 E. Southern Ave. in Mesa, and opened on Oct. 24. The two Phoenix locations are expected to open on Nov. 20 at 3949 E. Thomas Road and 2020 N. 75th Ave… Read more »
Mortgage Bankers Expect CRE/Multifamily Originations to Go Up in 2016, but at Slower Rate
Originations of commercial and multifamily mortgages are projected to increase 6% next year to $485 billion, according to projections from the Mortgage Bankers Association (MBA). “Borrowing and lending in commercial and multifamily real estate markets is strong,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. “Interest rates have stayed lower longer than most anticipated, and continued growth in property incomes and values are all pushing… Read more »
Power Center on I-17 Freeway Poised for Redevelopment
Just south of Metrocenter Mall, situated at the northwest corner of Dunlap Avenue and the I-17 Freeway, sits a major retail center on the verge of redevelopment. The property, which features approximately 210,000 square feet of retail space on just over 15 acres of land, is known as Metro Marketplace and its new owner has big plans. Last week, Phoenix developer Jeff Geyser purchased the property for $5.8 million… Read more »
Phoenix Cancels Controversial Downtown Land Sale
Phoenix City Manager Ed Zuercher on Wednesday canceled the sale of a prime piece of city-owned land downtown after a developer accused Councilman Michael Nowakowski of not disclosing a conflict related to the deal. In a late-afternoon memo to city leaders, Zuercher cited an investigation by a private law firm that determined the bid process was fair and found no evidence… Read more »