Commercial Real Estate & Business News October 31, 2018

Happy Halloween!

Carter Unger’s father, Fred Unger, spent decades acquiring property along the canal in Scottsdale with a dream of developing a second phase to his SouthBridge project at Stetson Drive north of Sixth Avenue, but he passed away in January before the dream could be realized. Now, the younger Unger is planning to carry on the family legacy.…»
Creative office space is all the rage in the commercial office world, with adaptive re-use offices being a prominent part of that newly popular office class. Such office space, often found in unique parts of cities that have long been abandoned or underutilized, appeals to a younger talent pool because of its novelty. These spaces, which can include old manufacturing facilities…»
CBRE has released its Q3 MarketView reports, which analyze the third quarter performance of metro Phoenix’s office, retail and industrial commercial real estate sectors. Overall, the market exhibited strong activity across all property sectors. “Metro Phoenix remains one of the fastest growing regions in the nation,” said Jessica Morin, Senior Research Analyst…»
Apartment building developers may finally take a breather in their rush to build new units. “Starts will begin to slow down soon, translating into more moderate development activity by late 2020,” says Jeanette I. Rice, Americas head of multifamily research for CBRE Research. There are still hundreds of thousands of new apartments already under construction, scheduled to…»
Tides Equities LLC, a Los Angeles investor, has paid $55.5 million for a 442-unit apartment complex in Tempe – its largest acquisition in the Valley to date. Plans call for investing another $6.5 million to renovate the property, which is about 94 percent occupied, said Ryan Andrade, co-founder and principal of Tides Equities, which has been bullish on the Phoenix…»