Commercial Real Estate & Business News – July 25, 2014

US Jobless Claims Tumble To Lowest Level In Nearly A Decade

The number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 8-1/2 years last week, suggesting the labor market recovery was gaining traction. Initial claims for state unemployment benefits declined 19,000 to a seasonally adjusted 284,000 for the week ended July 19… Read more »

Apartment Development Wave May Have Crested

The current wave of new apartments may have crested, but there are so many units already in the pipeline that high tide of multifamily construction will continue for some time. There are as many as 27,900 apartment units in the regional planning pipeline… Read more »

Canadian Builder Picks Scottsdale For 1st U.S. Project

A Canadian company has chosen a small parcel in downtown Scottsdale to launch its big entry into the United States homebuilding market. Landmark Group has been operating in Canada since 1977 and has built roughly 15,000 homes across that country. The company has now set its sights on the United States and wanted to make a splash with its first project… Read more »

Security Properties Venture Pays $30 Million To Buy 388-unit Apartment Complex In Mesa

Sonora Canyon Venture LLC, a company formed by Security Properties Inc. in Seattle, Wash. (John Orehek, CEO), paid $30 million ($77,320 per unit) to buy the 388-unit Sonora Canyon apartments located at 265 N. Gilbert Road in Mesa. The seller was LSREF2 Oreo (Direct) LLC, a company formed by Lone Star Funds in Dallas, Tex. (John Grayken, chairman)… Read more »

The Future of Malls in America

Mark Twain once commented that reports of his death are premature and the same can be said of shopping malls in the US. The mall, which is an American post World War Two phenomenon, has been moribund in this millennium with construction falling from 25 million gross square feet in 2001 to less than four million gross square feet annually for the last few years… Read more »

Commercial Real Estate & Business News – July 24, 2014

New Lenders Enter Property Market and Think Small

A new group of lenders has begun to target properties valued at $10 million and less, and that is good news for mom and pop landlords and small-business owners. Lenders, including ones controlled by asset managers Waterfall Asset Management, Guggenheim Partners LLC and Sabal Financial Group LLC, have launched new programs this year focusing on loans to smaller properties. Many banks and other lenders have… Read more »

Economy Watch: Existing Home Sales Up in June; Inflation Still Subdued

The National Association of Realtors reported on Tuesday that total existing-home sales rose in June by 2.6 percent month over month to an annualized rate of 5.04 million units, compared with 4.91 units million in May. Sales are at their highest pace since October 2013 (when the rate was 5.13 million units), but remain 2.3 percent below the 5.16 million-unit pace in June 2013… Read more »

Phoenix Improving On Forbes ‘best Places For Business’ List

Phoenix is moving up in the world of Forbes rankings. The Phoenix metro area raked 56th on the magazine’s annual “Best Places for Business and Careers” list. The list looks at the 200 largest metropolitan areas in the U.S. and factors in job growth, costs, income growth, educational attainment, projected economic growth, migration patters, and cultural and recreational opportunities… Read more »

Phoenix Still Near Top In Home Foreclosures Despite Falling Delinquency Rates

Phoenix ranked fifth nationwide for foreclosures among major U.S. markets between May 2013 and May 2014, according to new data from the CoreLogic real estate research firm. The Valley had more than 9,700 foreclosure during the 12-month period, trailing only Atlanta, Tampa-St. Petersburg, Florida, Orlando and Chicago. Despite a falling foreclosure and delinquent mortgage rate, Phoenix still… Read more »

Lennar Assembling Site Near ASU In Tempe To Develop 395 Apartments

Lennar Mutifamily Communities plans to build 395 apartments south of Arizona State University at Dorsey Lane and Apache Boulevard in Tempe. The company is assembling the 6.7-acre site in two purchases that are contingent on zoning approval. The planned apartments, being called The Hayden at Dorsey Station, are targeted for… Read more »

Commercial Real Estate & Business News – July 23, 2014

Why Millennial Investors Love Real Estate

Millennial investors seem to understand that a well-balanced portfolio shouldn’t just consist of traditional blue-chip equities and bonds, but a variety of asset classes. This generation was, and continues to be, greatly impacted by the Great Recession in several ways… Read more »

Multifamily Occupancy Stays Above 95 Percent in June

In May, the apartment occupancy rate rose above 95 percent for the first time since Dallas-based Axiometrics began tracking the apartment market six years ago. In June that number stayed above 95 percent, while the concession rate fell to 0.78 percent (a five-year low), and annualized rent growth grew to 3.6 percent (the highest total since December 2012)… Read more »

Impact Church Residential Units Head for Scottsdale Action

mpact Church is pursuing the last steps in the approval process to start building its residential half. The unusual combination of church and multi-family located at the site of the former GM dealership in the Scottsdale Airpark cleared city council approval this spring… Read more »

Culinary Dropout Restaurant Coming To Tempe’s Farmer Avenue

Mill Avenue has been Tempe’s golden egg for years. Whether it’s a hangout for Arizona State University students, an evening of fine dining for young urban professionals, or a night out on the town to go clubbing, Mill Avenue is almost always the first place people go when they come to Tempe… Read more »

Report Indicates Retail Spending Up In Arizona

The jobs may not be returning very fast, but a new report Monday shows the Arizonans who are employed are loosening up on their wallets. New figures from the state Department of Revenue showed taxable retail sales in May hit nearly $4.58 billion. That’s a 7.6-percent increase from the same time a year earlier… Read more »

Commercial Real Estate & Business News – July 22, 2014

Tourism in Arizona is now back to where it was before the recession — and SB 1070 — hit, but it’s nowhere near where it should be, according to the state’s top tourism official. Figures from a study done for the Arizona Office of Tourism show that 39.1 million people visited the state and spent at least one night here in 2013. That includes 24.2 million from other states and 5.3 million international travelers… Read more »
Much of the economic data continues to show positive movement. One measure, the Leading Indicators index, tells an interesting story. The index consolidates ten individual measures of economic activity. Some of the components are adding positively to the index while others are pulling it down. Combining both positive and negative… Read more »
Another California investor has bought another Phoenix commercial property. California-based LBK Trust III has acquired the Westwood Business Park near Northern Avenue and Interstate 17 for $7.4 million. The seller was Nebraska-based MJA Holdings LLC… Read more »
The Tempe Chamber of Commerce worries proposed building height restrictions near airports could take a big bite out of development plans — and economic activity — at Tempe Town Lake and Arizona State University. The Federal Aviation Administration is considering restrictions on building heights near airports across the U.S., including Phoenix Sky Harbor International Airport… Read more »
A total of 26,889 US residential properties were repossessed by lenders via foreclosure in June, a figure that is down 5% from the previous month and 24% from a year ago, according to a report from RealtyTrac. The current REO rate is at its lowest level since June 2007, which marks a seven-year low… Read more »

Commercial Real Estate & Business News – July 21, 2014

Heitman America Real Estate Trust (HART) in Chicago, Ill. paid $74.75 million ($276,852 per unit) to acquire the 270-unit Broadstone Camelback apartments located in the Biltmore area of Phoenix. The purchase price is believed to be the highest dollar amount per unit ever paid for a conventional apartment project in the Valley. The luxury multi-family community, located at… Read more »
Disruptive innovations in the business world help create new markets or alter existing markets. Such innovations sometimes lead to old-guard companies being supplanted by new competitors. The real estate industry is no stranger to this—especially in the retail industry… Read more »
Columbus-based Nationwide Realty Investors announced today that it has signed a lease with Arizona based health and wellness leader Isagenix International, LLC to occupy a three-story single-tenant building at its master-planned Rivulon development in Gilbert, AZ. Also completed is a land swap agreement with LA Fitness…Read more »
Total US residential foreclosure activity decreased during the month of June by 2% from the previous month and was down 16% from a year ago to the lowest level since July 2006, according to a report from RealtyTrac. US properties with foreclosure filings in the first half of 2014 decreased 19% from the previous six months and 23% from the first half of 2013… Read more »
In the rolling, undeveloped outskirts of the metro area, tracts are easy to plan, grade and build. When it comes to infill, there are challenges—like lot configuration. Pony Acres presents a head-scratching, creative juice-flowing project to Ayers Saint Gross Architects + Planners. Developer McClintock Station LLC has a 5.1 acre parcel with an existing mobile home park… Read more »
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