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Sitex will renovate the property's interior and exterior – as it has dozens of other properties in the area – improving functionality and aesthetics to appeal to corporate occupiers.
“This program allows the property owner to achieve the same returns via the workforce housing mezz loan as they would through a standard rent increase.”
The downtown Fort Worth market is strong and now that the Petroleum Building is part of Sundance Square's portfolio, the demand for this property will also be high, given that no new construction began in Q2.
The Phoenix market was among the hardest hit during the recession, but the retail market has finally returned to pre-recession activity—and it is a good sign of the future.
If you add back the Toys R Us layoffs, the employment report was pretty much on target, and the prior months adjustments up made it even better than we thought.