CRE Interest Rates Fall: Agencies, Life Companies Set Pace for Lower Borrowing Costs
Interest rates on CRE loans are lower on average today than they were last year, when the 10-year Treasury yield fell to the 3.6% range, according to a new report from Marcus & Millichap. A few factors are pushing CRE interest rates down. The first is the Federal Reserve’s second 25-basis-point rate cut this year, which brought the overnight rate down to the 3.75% to 4% range. That move nudged the 10-year Treasury up about 10 basis points to roughly 4.1%. By…»
Phoenix wants housing development at light rail park-and-ride near Christown
A 12.4-acre parking lot near Christown Mall could be developed into housing and commercial uses, as Phoenix explores development on city-owned land along light rail routes. The city owns the site, which is used as a park-and-ride, near 19th and Montebello avenues. The land is southwest of Christown Mall. The city applied to rezone the land to allow both commercial and residential uses and would release a request for proposals to solicit projects from private developers once…»
Tucson Airport submarket lands $80 million I-10 International Logistics Campus
Full-service commercial real estate firm Lincoln Property Company (Lincoln) has announced the completion of I-10 International Phase I, its first-ever ground-up industrial development in Tucson, Arizona, and the newest addition to Southern Arizona’s emerging Sonoran Desert industrial corridor. Valued at $80 million, I-10 International Phase I sits on 79 acres at the southeast corner of Alvernon Way and Los Reales Road, two miles from a full-diamond interchange at…»
Phoenix midtown high-rise sells for $15M, nearly half its 2019 price
A high-rise office building in midtown Phoenix sold at a steep discount. The property, located at 2600 N. Central Avenue, sold for $15 million on Nov. 5, trading hands from Vancouver-based Townline Ventures to Phoenix-based Cotterkey Investments. In 2019, the building sold for nearly twice as much — at $29,450,000. The 20-story building amounts to over 317,000 square feet, was built in 1994, and sits on 2.74 acres at the corner of Central Avenue and Thomas Road…»
CRE Transactions Stuck at Pre-Covid Pace
Commercial real estate dealmaking remained sluggish through the third quarter, with total activity “stalled at pre-Covid levels,” according to Moody’s data reported by CNBC. Although the overall dollar volume rose 5% year-over-year, analysts described the market tone as restrained and selective. Transaction data for September underscored that shift. Across roughly 1,700 deals, the average transaction size reached $12.7 million—slightly higher than a year earlier and…»