Phoenix Area Needs 150,302 New Apartments by 2030 to Keep Pace with Demand Growth is Due to Aging Population, Immigration, Declining Home Purchases

An aging population, international immigration and fewer home purchases are resulting in an increased need for new apartments. The Phoenix metro area is expected to need 150,302 new apartments by 2030 to keep up with local demand, according to a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association…

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ARIZONA FORWARD ANNOUNCES PLANNED RETIREMENT OF PRESIDENT AND CEO

Arizona Forward President and Chief Executive Officer Diane Brossart announced her retirement this week, after serving at the helm of Valley Forward and then Arizona Forward, for more than 26 years. This announcement kick-starts an orderly leadership transition over the next six months. Brossart’s decision to retire, effective December 2017, will closeout a remarkable volunteer…

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The Inside Analysis on Rate Caps

Far too often, commercial real estate owners looking to hedge interest rate risk are asked to purchase derivatives and other financial products blindly. Rather than receiving transparency, borrowers are simply handed an invoice that they’re forced to pay. Unarmed to properly price hedging products and their service providers, owners overpay for many over-the-counter products.  …

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CBRE Completes $66.4 Million Sale of Two-Building Class A Office Campus in Camelback Corridor

CBRE Group, Inc. has completed the sale of Camelback Commons, a ±322,406-square-foot office campus located at 4722 and 4742 N. 24th St. in Phoenix. The two building, Class A office property commanded a sale price of $66.4 million. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, a joint venture between California‐based…

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$217 Million in Multifamily Sales Closed in 16 Days by Steve Gebing and Cliff David

Institutional Property Advisors (IPA) announced today that Steve Gebing and Cliff David, senior managing directors, closed five multifamily property transactions totaling $217 million and 1,699 units between May 30 and June 15 in the Phoenix metropolitan statistical area (MSA). “Strong underlying macroeconomic fundamentals in the Phoenix MSA and our team’s experience aligning institutional and major…

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Smoke Detector Alternative Delivers Earlier Detection; Superior Aesthetics

For decades, traditional smoke detectors have been used to protect commercial building occupants from the danger of smoke and fire – protection that is mandated by the NFPA (National Fire Protection Association). Now, however, a new approach using more sophisticated, established smoke detection technology is contributing substantial benefits to building owners and managers: lower overall…

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YAM Capital Hires New Senior Underwriter

YAM Capital, a Scottsdale-based private real estate bridge lender specializing in short-term commercial real estate financing, has hired Stults as Senior Underwriter. Stults is responsible for evaluating commercial real estate analytics and assisting with research, financial modeling and business development for various lending opportunities. Stults brings more than 25 years of extensive experience from various…

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McCarthy Building Companies celebrates topping out of Biodesign Institute C Research Building at Arizona State University

Today McCarthy Building Companies celebrates the topping out of the $120 million Biodesign Institute C Research Building at Arizona State University (ASU). The building represents the third in ASU’s Biodesign Institute complex located on the main campus in Tempe, Ariz. The new 189,000 square-foot research facility includes five stories, a mechanical penthouse, plus a basement…

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MARKET UPSIDE ATTRACTS GLOBAL BUYER TO PHOENIX INDUSTRIAL PORTFOLIO

JLL sells Phoenix Logistics Center portfolio for Overton Moore for $18.4 million Strong market performance and continued confidence in Phoenix’s industrial market future has spurred the $18.4 million sale of Phoenix Logistics Center – sold this week by the Phoenix office of JLL on behalf of a joint venture between Overton Moore Properties and PCCP LLC, and acquired…

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Project Future: Speculative Suites of Tomorrow at Renaissance Square

As part of the re-imagining of the iconic Renaissance Square in Phoenix, Cypress Office Properties, LLC., with funds managed by Oaktree Capital Management, L.P., engaged four of Phoenix’s most widely recognized architecture and design firms to collaboratively design office suites of the future for various industries in what is being called, “Project Future.” The four…

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