Tenants Benefit from Retail Foreclosures

Tenants Benefit from Retail Foreclosures

Phoenix, Ariz., commercial real estate brokerage Marcus and Millichap Inc. estimates that one-half of the 1,753 Phoenix-area shopping centers it tracks, which range from 5,000 to 300,000 square feet, could be in trouble because their owners owe more than the properties are worth. The company reports that 80 Phoenix-area retail centers are already in foreclosure proceedings and 40 have been taken back by lenders.

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