Phoenix

Regulatory challenges and low cap rates in California are driving investors to greener pastures.

A fund managed by DRA Advisors has brought the Pinnacle Corporate Park to market on the heels of Starwood Capital Group's sale of Crossroads Business Park.

TerraCap acquired Anchor Centre, a 333,014 square-foot class-A office property in Phoenix.

Outdoor patios and gathering spaces and daily needs retail will thrive following the pandemic.

The firm's transaction activity last year was on par with 2019, but shifted from ground-up development to repositioning projects.

Brokers are receiving calls on a weekly basis from developers looking at opportunities in Phoenix.

Strong fundamentals, including job growth, population growth and affordability, are expediting recovery in the Southwest market.

With offices in Los Angeles and Las Vegas, the firm said that expanding into Phoenix was a natural next step.