Commercial Real Estate & Business News – September 13, 2017

Investors searching for alpha returns in a maturing real estate cycle are looking beyond the mainstream REITs to some of the outliers, such as data centers, cell towers and manufactured housing. “We’re seeing a lot of non-core REIT sector outperformance,” says Haendel St. Juste, senior REIT analyst at Mizuho Securities USA. The core real estate sectors aren’t as interesting for a number of reasons…»
Commercial real estate firms Plaza Cos. and Holualoa Cos. have bought a big part of Park Central Mall in midtown Phoenix. They are also planning some big renovations of Park Central, the first shopping mall in Phoenix. Plaza and Holualoa have teamed before on other developments including the ASU SkySong technology office park in Scottsdale…»
In its latest efforts to redevelop land surrounding the city’s downtown core, the Mesa City Council took a significant step toward creating the East and West Redevelopment Areas that would give the city tools to attract investment to blighted areas. The redevelopment areas will allow the city to take advantage of tax breaks and other incentives aimed at attracting investment.…»
A Topgolf competitor is opening its first Phoenix location – right across the street from Topgolf’s upcoming Glendale location. New York-based Drive Shack Inc. (NYSE: DS) announced this week plans for its first Phoenix golf entertainment venue at Bethany Home Road and 99th Avenue. Drive Shack, like Topgolf, operates entertainment venues that combine golf, dining and other activities…»
NEW YORK CITY-A pair of back-to-back hurricanes in the space of a week may cause a near-term rise in CMBS delinquencies, according to Fitch Ratings and S&P Global Ratings. The exposure of billions of dollars in securitized commercial mortgages to the effects of Hurricanes Harvey and Irma comes as maturity performance is largely in line with expectations and the delinquency rate continues to decline…»