Honeywell Planning $500M Phoenix Expansion
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. Phoenix is at the front of the Sun Belt multifamily rent-growth recovery and continues to absorb large-format industrial along the I-10 corridor. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
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On the RET wire
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Honeywell Aerospace is spending $500 million on the 300,000-square-foot manufacturing plant, near its current site in Tempe. The company plans to break ground on the facility early next year, with completion slated fo…
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