Phoenix

The 240-unit property was purchased by Taurus Investment Holdings for $235,000 per unit.

With 13.9 million square feet of industrial absorption, 2020 was a record year for industrial activity in Phoenix.

Like other markets, Phoenix's office sector was hit hard by the pandemic, falling more than 58% with vacancy increasing 110 basis points.

In 2020, there were a record number of industrial transactions, and Phoenix and the Inland Empire were among the top markets.

In addition to job and population growth, Phoenix is located within eight hours of Southern California.

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.