Commercial Real Estate & Business News October 10, 2018

Apartments rents are on the rise again. “The apartment market’s performance during the third quarter slightly surpassed expectations,” according to Greg Willett, chief economist for RealPage Inc., a provider of property management software and services. Demand for apartment units softened slightly in recent years, as developers built thousands of new apartments.…»
Cortland Partners LLC is a relatively new name to Phoenix – but it already has big plans for the region. The Atlanta-based real estate investor plans to gobble up 3,000 apartment units during the next 18 months across the Valley. The company just paid $62 million for a 384-unit apartment complex in Mesa, with plans to invest another $2 million for upgrades into the property, called…»
Liv Communities is holding ribbon-cutting ceremonies for multifamily communities this month in the now vibrant and once overlooked North Phoenix and West Valley submarkets. The assets represent a capital investment of $101 million. Liv North Valley, 31113 N. North Valley Parkway in Phoenix and Liv Goodyear, 15361 W. Virginia Ave. in Goodyear, are the seventh and eighth Liv communities…»
A small shopping center in the Biltmore area of Phoenix with a 7-Eleven convenience store sold for $4.05 million in September. The four-tenant retail center – named Campbell Shops at 24th on 24th Street just north of Campbell Avenue – was completely leased when it sold. The tenants include 7-Eleven, Ye Old Pipe & Tobacco, Fit Optical and Noble Eatery. Campbell Shops at 24th was purchased…»
Rising shopping-mall vacancies across the U.S. are driving down rents, signaling that many retail centers continue to struggle despite the country’s strong economic growth and buoyant consumer confidence. The average rent for malls in the third quarter fell 0.3% to $43.25 a square foot in the third quarter, down from $43.36 in the second quarter, according to data from real-estate research firm Reis…»