Canadian REIT Acquires Two Area Office Buildings
U.S. Bank has closed on two loans, totaling more than $31 million, for Artis, a Winnipeg, Canada-based REIT, to acquire two office buildings in the Phoenix area: ASM America Headquarters Building and North Scottsdale Corporate Center II. “The REIT model continues to expand globally, and Canadian companies are a major player in the space,”… Read more
Vacancies up, Rents Down as Apartment Construction Surges
Wood Partner’s $38 million luxury apartment project slated for downtown Scottsdale will add to the glut of new multifamily projects going up across metro Phoenix, especially in Scottsdale. Apartment development has been surging this year as developers aim to get ahead of demand for rentals, a trend that’s symptomatic of the recent housing crisis… Read more
Property Tax Bills Indicate Signs of Easing
Most Maricopa County homeowners saw slight relief on their property taxes this year. But the overall decline wasn’t as steep as the drop in the value of their houses, continuing a pattern that has held true for six years, according to an Arizona Republic analysis. The lower tax bills generally were the result of moderate cuts in… Read more
Goodyear Centerpointe Reaches 98 Percent Occupancy
Phoenix-based real estate company Evergreen recently announced the addition of several new restaurant and retail tenants to its Goodyear Centerpointe shopping plaza located at the intersection of McDowell Road and Pebble Creek Parkway in the town of Goodyear. Signaling an upswing in the Valley’s commercial real estate market, the 30-acre, 325,000-square-foot complex recently signed lease agreements with… Read more
Is the Housing Market Making a Major Shift?
The real estate market has been one of the strongest pillars of the economy following the greatest financial downturn since the Great Depression. Amid low interest rates and a great deal of intervention from policymakers, home buyers received an added incentive to purchase a home. Meanwhile, sellers enjoyed low inventory levels and rising prices… Read more