Milum Textile building sold after years of debate over historic preservation
An abandoned warehouse still bearing signage for Milum Textile Services on 7th Avenue in downtown Phoenix finally found a buyer. Chicago-based investor JRG Capital Partners bought the property, which sits on 1.76 acres and includes multiple buildings, for $8.5 million on Sept. 17 from longtime owner Craig Milum. Milum tried to sell the building for years but was caught in a fight with the city…»
Phoenix facility combining dry, chilled, frozen storage trades for $55 million
An industrial property specialist has acquired a Phoenix facility that combines three different types of storage spaces: dry goods, refrigerated space and freezer space. Reich Brothers paid $55 million for the property at 625 South 27th Ave. in Phoenix, according to public records and the company. The seller was Cowley Cos. The 850,000-square-foot facility is located on 40 acres in West…»
Costco, Marriott sign on as first users in massive development near TSMC campus
The 2,300-acre master-planned community surrounding Taiwan Semiconductor Manufacturing Co.’s north Phoenix campus – proposed as becoming a “city within a city” – has landed some notable first users. Costco has entered an agreement to develop a new store, while Marriott signed on to develop two hotels – a Courtyard by Marriott and a Residence Inn. Both will be located at Interstate…»
Here’s how tough renting in Phoenix is this peak moving season
Phoenix managed to keep a good pace of apartment construction these past recent months, but it didn’t manage to ease demand for renting in Phoenix. In fact, while the occupancy rate dropped slightly, more tenants decided to stay put, locking in some of the desirable apartments. Here are the details from the Rental Competitiveness Report in peak moving season: This peak season…»
Store Capital raises $625 million to fund growth
Store Capital, an Arizona-based net-lease real estate investment trust that primarily invests in single-tenant, net-leased properties, completed its largest securitized notes offering to date, issuing $625 million in long-term fixed-rate mortgage notes backed by single-tenant net-lease properties. Strong investor demand pushed the bond offering 39% above its initial $450 million target, according to…»