Commercial Real Estate & Business News – October 5, 2020

Apartment Rents Are on the Rise in Sun Belt Markets
Despite an improving economy and stronger than normal demand during an unusually long leasing season, the coronavirus pandemic weighed further on apartment rents in the third quarter. At the national level, quarter-over-quarter rent growth was essentially flat, with rents falling only 0.1%…»
Traffic Is Returning Faster to Outlet Centers Than Malls; What Does that Mean for the Sector’s Future?
When states around the country essentially locked down to help curb the spread of COVID-19, outlet centers, like regional malls, were forced to temporarily shutter, which took its toll on the sector. “Outlets are one of the property types most impacted by COVID, with very low rent collection…»
Financing Closes for Clarendale Arcadia Luxury Senior Living Community
Financing has closed for a 248-unit senior living project situated on a six-acre site just southeast of 32nd Street and Camelback Road. The project, Clarendale Arcadia, is a joint venture among Harrison Street, LCS and Ryan Companies. The partnership entered into a long-term ground lease…»
Phoenix’s Apartment Market Posts Strong Comeback in Third Quarter as Demand, Rents Accelerate
Apartment vacancies in Phoenix have tightened, and rents are on the rise. Asking rents have well surpassed the pre-pandemic peak, though not all submarkets have recovered equally. Suburban and affordable neighborhoods have outperformed expensive and urban areas of Phoenix…»
LPC’s Industrial Strategy Unaffected By the Pandemic
Industrial developer LPC Desert West has not changed its acquisition and expansion strategy this year. At the start of the year, LPC Desert West set out regional expansion plans-which includes acquiring properties in Phoenix, Las Vegas and Salt Lake City-and it hasn’t made any adjustments…»