In the News—Week of September 12, 2022
Deal of the Week
A Dallas-based investment company sold a retail shopping center in Goodyear, AZ for approximately $41 million to a California-based investment company. This transaction was closed by Bryan Selna, Vice President and Senior Escrow Officer, in our Scottsdale, AZ office.
National
Former NFL player turned RE investor debuts on reality TV show
Former Atlanta Falcons linebacker Brandon Copeland recently debuted on a real estate investment reality show, ESPN reports. Copeland, who became a full-time real estate investor is one of the panelists on Buy My House, a Netflix offering modeled after Shark Tank. “Of the four, Copeland has the most bite — and perhaps the best comedic timing of the bunch with a knack for one-liners between his serious offers for homes bought by prospective sellers,’’ ESPN writes.
Energy & Efficiency
San Francisco airport terminal recognized for green upgrades
The Harvey Milk Terminal 1 at San Francisco International Airport became the first terminal in the world to receive Platinum certification for Leadership in Energy and Environmental Design, Power Magazine reports. Work on rebuilding the terminal began in 2016. The $2.4 billion project was delayed by the pandemic. The terminal features a 1.3-MW rooftop solar array and LED lighting in all public areas. The building is named for one of the first openly gay men elected to public office.
Texas
Industrial leasing activity in Houston sees big jump
Companies from out-of-state are fueling record demand for industrial space in the Houston area, the Houston Chronicle reports. Companies leasing in the market for the first time almost tripled in the past year and a half. Figures from JLL show such leases reached 11.1 square feet in 2021 and 2022, up from 3.4 million in 2018-2019.
Texas
Second to one: Dallas falls behind NYC for apartment development
After a four-year reign as the top market for apartment development, the Dallas-Fort Worth area has fallen behind New York City, localprofile.com reports. Figures from RentCafe show that New York City will see 28,153 apartments completed by the end of the year. That is about 50% more than last year. The metroplex is expected to add 23,571, down about 10% from 2021.
Arizona
Real estate development firm lands on Inc. 5000 fastest growing companies
Creation, a real estate development and alternative investment company based in Phoenix, made it on the Inc. 5000 list of fastest-growing private companies in America, PR Web reports. Founded in 2018, Creation enjoyed a 492% growth in its first three years. The company has been involved in properties in Arizona, Texas, California, Colorado, Tennessee, New York and New Jersey and has developed industrial, mixed-use, office and hotel projects.
Mexico
Office rents in Mexico City still below pre-pandemic levels
Mexico City is showing signs of economic recovery, but the office leasing market is still lagging, Nearshore Americas reports. Figures from Solili show that while leasing activity has grown, rents are still running about 5% below pre-pandemic levels. Mexico City was hit hard by the pandemic — with about a quarter of office space vacant at the end of last year. The weakness of the peso and work-from-home trends have taken a toll on the office market. And companies are reluctant to add more space.
