WESTLAKE VILLAGE, CA—New company will operate in 41 markets across 17 states with new home offerings spanning entry level through luxury.

Within the single-tenant net lease space, I often get asked whether I believe there is a bubble in commercial real estate due to cap rates being below 2006 levels. The honest answer is I don't know, and neither do most people. Bubbles are generally discovered only after they pop.

PHOENIX—Phoenix Children's Hospital has committed to a 27,265-square-foot office lease at Biltmore Commerce Center, a Class A Camelback Corridor office building that was purchased just months ago by office investment and management expert Lincoln Property Company and a fund managed by Oaktree Capital Management, L.P.