It’s the latest example of users shifting away from build-to-suit and toward the Valley’s existing, though dwindling, inventory of modern, available space. The latest is a 552,330-square-foot industrial lease located at 7037 W. Van Buren St. that will fully occupy the building. The lease, completed by Lincoln Property Company, is anticipated to bring approximately 200 new jobs to the Southwest Valley… Read more »
Eight proposals have been submitted for redevelopment of the historic Barrister Place Building in downtown Phoenix. The 100-year-old building was previously the Jefferson Hotel and was featured in Alfred Hitchcock’s movie “Psycho” in 1960. The city of Phoenix has owned the Barrister building since 1990. It wants to sell the property at Jefferson Street and Central Avenue for $2.28 million and see the historic property redeveloped…Read more »
A just-released index from credit ratings agency Fitch shows that CMBS loan delinquencies fell by six basis points from August to September, to 4.46 percent for all property types. Year-over-year, the CMBS delinquency rate for all properties is down 31 basis points, according to Fitch calculations. When considered by property type, CMBS delinquency rates fell for office, industrial, multifamily and hotel assets in September… Read more »
Apartment property prices may finally stop rising—and even begin to fall—when interest rates start going up. “The assumption is that capitalization rates would jump higher with interest rates,” says Luis Mejia, chief multifamily economist with research firm CoStar Group. But the rise in cap rates is likely to come very, very slowly. Cap rates on apartment properties have been going from low to lower for years as apartment prices climbed steadily higher…Read more »
Real-estate investors are showing an increasing interest in charter school development as the demand grows for classroom seats and some state and local governments become more willing to help finance charter-school projects. Almost all charter schools are operated by nonprofit organizations. But these groups often rent and buy their buildings from private real-estate developers, and that is creating a new niche asset for some investors…Read more »