Thomas Title Talk: August’s Phoenix Real Estate Market Update
Title Talk: August’s Phoenix Real Estate Market Update
Welcome to our latest edition of Thomas Title Talk. I’m Dustin Gaskey, President of Thomas Title & Escrow, located here in Scottsdale, Arizona. Today, we’ll delve into four crucial aspects of the real estate market:
Phoenix Theater Company’s Apartment Complex Purchase:
The Phoenix Theater Company recently made an intriguing move by acquiring an apartment complex. This 100% occupied building, situated on 5th Street, is set to become temporary housing for their traveling performers once the current occupants vacate. This marks their second such acquisition for this unique purpose. I want to extend my congratulations to our team, led by Sheila Hunter, for their outstanding work on facilitating this transaction.
High-Value Hospitality Transaction:
It’s a moment of pride for us as we announce the successful closure of the Doubletree Hotel deal, conveniently located near our office. This high-profile transaction closed at an impressive $115.5 million, making it one of the largest hospitality deals in the area. The level of expertise and dedication exhibited by Sheila Hunter and her team played a pivotal role in making this transaction a resounding success.
Year-to-Date Commercial Closings:
Let’s take a closer look at our year-to-date statistics for commercial closings exceeding $100 million. So far in 2023, we’ve completed a total of 11 such closings. Comparing this to the same period last year, we were at 37 closings. The overall transaction volume for the year stands at $1.3 billion, in contrast to the impressive $5.2 billion we had achieved by this point last year. It’s important to note that while transaction volumes remain robust, the deal sizes have seen some reduction, especially during the summer months.
Maturing Commercial Loans:
Our dedicated team is diligently monitoring 344 commercial loans scheduled to mature by the end of this year. The majority of these loans are related to the industrial sector, followed closely by multi-family and office properties. If you require more detailed information regarding these maturing loans, please don’t hesitate to reach out to me or any of our knowledgeable sales team members. We are here to provide you with the assistance and insights you need.
With the school year now back in session, we anticipate an uptick in commercial real estate activity throughout the valley. As we return to our regular business routines, we also remain vigilant in tracking changes within the capital markets and the broader economic landscape. The evolving landscape promises further shifts within the commercial real estate industry, particularly in light of recent developments.
Thank you for joining us for this market update. Should you desire more in-depth insights or wish to suggest specific topics for future discussions, we encourage you to reach out to me or our dedicated team. Your consideration of Thomas Title for your next closing is greatly appreciated.