Commercial Real Estate & Business News September 26, 2019

Arizona Adds Record Number of Jobs in 2019 The national economy has been expanding for a record number of years now, hitting the 10-year mark just a couple months ago. And with that, the Arizona economy has had trickle-down economic growth of its own. As of late August, the public can realize the full, quantified extent of the expansion. The Arizona Commerce Authority announced that Arizona concluded…»
Phoenix’s Summerly at Zanjero Sells for $78M
Summerly at Zanjero has traded hands for $78.5 million. Developer Fore Property built the 340-unit complex, located in Glendale, Arizona, in 2018. It was 95% leased at the time of the sale.Located at 7375 North Zanjero Boulevard, the property is LEED Silver-certified and features 32 two- and three-story buildings spread across an 18.58-acre site. It also has…»
Phoenix is the Sixth-Fastest Growing Flexible Office Space Market in U.S.
Phoenix is the sixth-fastest-growing flexible office space market in the U.S., according to a new report from CBRE. Phoenix’s flexible-space inventory grew to 1.16 million sq. ft. by the end of Q2 2019, an increase of 426,000 sq. ft., or 58.2 percent from a year earlier. Flexible space now accounts for 1.3 percent of Phoenix’s total office inventory, up from 0.8 percent a…»
Industrial Investors Drive Cap Rates Lower in Secondary and Tertiary Markets
Investors don’t like the high pricing and low cap rates on industrial assets, especially since cap rates continue to compress in some markets. But they still want to invest in this asset class, because continued rent growth and low interest rates should boosts net operating incomes (NOI), overcoming low yields during the first year or two of a 10-year investment horizon, says…»
Phoenix-Mesa Gateway Airport Leases Final Parcels for $21M Development
Phoenix-Mesa Gateway Airport has leased the last four available parcels around the southeast Mesa airport for private development. Gateway Executive Airpark LLC is leasing the parcels totaling 12.25 acres and will build three separate hangers in two phases for a total development cost of $21 million. The managing members of Gateway Executive Airpark LLC are…»