Commercial Real Estate & Business News October 9, 2018

The northeast corner of Loop 101 and 90th Street on the Salt River Pima-Maricopa Indian Community was the perfect location for Daniel Lupien’s planned 245,000-square-foot, mixed-use office complex. “It’s one of the last large development tracts along Loop 101,” said Lupien, principal of Palmer Development Group, the project’s master developer. “It has visibility, access. It’s a very well-positioned location.” …»

The student housing sector had a great start to the school year this fall. Rents kept rising and very few beds were left empty on the first day of classes. However, for many student housing operators, strong demand has become just business as usual. “It’s in line with we were expecting,” says Ryan Dennison, senior vice president of capital markets and investor relations for American Campus Communities (ACC), a student housing REIT.…»

September 2018 marked the first time in eight months that U.S. multifamily rents did not increase. The $1,412 national average for the month represented a $1 drop from August and a 3.1% year-to-date increase; year-over-year rent growth remained unchanged at 3%, according to a survey of 127 markets by Yardi Matrix. …»

Toll Brothers Inc. is investing $132 million to build 499 apartment units in downtown Phoenix. While the Horsham, Pennsylvania-based homebuilder (NYSE: TOL) has been constructing single-family homes in metro Phoenix for years, its relatively new apartment living division is making its debut in the Valley.…»

A five-building portfolio including the Liberty Center at Rio Salado, a four-building development in Tempe, and a single-tenant office building in Scottsdale sold for $255 million. The Liberty Center was developed from 2014 to 2018, and totals 682,406 square feet of office space along Priest Drive and Rio Salado Parkway. The campus is fully leased. Tenants include Centene, DHL, Carvana, WageWorks and DriveTime. …»