Regal Properties’ Senior VP, Maha Odeh, represented the buyer, Laguna Village Plaza LLC, in the $14,900,000 purchase of a 102,000+ retail shopping center at 5945 W. Ray Road in Chandler, Arizona, for an 8.6% cap rate, with a loan of $9,600,000. The center is anchored by Walgreens, Natural Grocers, and CCV Church. Escrow closed on on August 15, 2018.
Mortgage applications hit a near 4-year low in July, dropping for the third month in a row. The causes include: (1) homes are overly expensive now due to tight inventory and rising interest rates, (2) wage growth has remained stagnant while the costs of living (including rent) have continued to climb, such that saving money to buy a home has become increasingly difficult. Something has to give…