Commercial Real Estate & Business News – September 15, 2020

3,500 Acres in North Phoenix Could be Transformed into Major Employment Corridor
The city of Phoenix and the Arizona State Land Department are aiming to reposition 3,500 acres of desert in north Phoenix for a major future employment corridor that would include a tech campus and mixed-use components. “So much of the state land up north is the future of the city,” Alan Stephenson…»
CMBS Investors Likely to Get Dinged by Non-Recourse Loans
One of the big selling points of CMBS loans-their non-recourse structure-may come back to haunt investors in the COVID-19 recession.A growing number of borrowers are throwing in the towels and walking away from distressed CMBS loans in cases where equity has been completely washed away. That distress…»
TCC Completes Park Aldea with 87K-SF Lease to Green Worldwide Shipping
Trammell Crow Company (TCC) and its partner, CBRE U.S. Development Partners 5, a fund sponsored by CBRE Global Investors, announce the completion of Park Aldea, a 356,000-square-foot four-building industrial development in Phoenix, Arizona. Green Worldwide, an international shipping…»
GameStop Plans More Store Closings, Taking Advantage of Short-Term Retail Leases
Video game retailer GameStop is selling some buildings and plans more store closings, becoming the latest chain to use real estate to raise cash as it deals with lost revenue from the pandemic. GameStop sold its U.S. headquarters and two adjacent properties in Grapevine, Texas, as well as headquarters in…»
$5M Fund to Help Arizona Landlords Runs Out of Money in Just Over 30 Days
A $5 million Arizona fund to help landlords hurt by COVID-19 and eviction bans is out of money. In just over 30 days, the Rental Property Owner Preservation Fund has committed to pay 458 Arizona landlords money to cover tenants’ missed rent payments, according to the Arizona Housing Department…»