Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Austin, Texas-based CapRidge has been eyeing the Phoenix market and its strengthening fundamentals for years, and has finally made the plunge. The firm acquired Scottsdale Forum, a three-story 213,000-sqaure-foot institutional-quality office project in Metro Phoenix, as its first acquisition in the market. Phoenix, in general, has fallen on investor radar in recent years as the market has fully recovered after suffering tremendously in the last recession.

“CapRidge was drawn to the exceptional real estate fundamentals that Phoenix offers,” Chris Toci, executive managing director at Cushman & Wakefield, tells GlobeSt.com. “The market is positioned as a leading job growth generator, creating 61,300 jobs in the previous 12 months; it has exceptional population growth as evidenced by over 115,000 residents locating to the area; it has outstanding barriers to entry as evidenced by far less supply deliveries in this cycle compared to the previous two Phoenix real estate cycles; and it is seeing migration from California and other “gateway” states that are drawn to the pro-business environment and the extreme affordability.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

More from this author


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.