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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.