Commercial Real Estate & Business News – September 29, 2014

South Mountain Loop 202 Extension Moves Closer to the Starting Line

The light at the end of the Loop 202 South Mountain Freeway administrative process shines over Nov. 25. That is the last day for comments on the Final Environmental Impact Statement for the freeway. It will mark the beginning steps of moving to the design-build-maintain bid solicitation process… Read more »

West Valley Leads Future Residential Growth; Poised for Commercial Development

The West Valley has some of the last available raw land in the region and at the rapid rate land is being acquired, lot inventory will be sparse by 2017, according to land broker Nate Nathan, president of Scottsdale-based Nathan & Associates. Mr. Nathan spoke at a northwest real estate market event recently at the Vistancia master plan in a TW Lewis by David Weekley Homes model located in Blackstone at Vistancia… Read more »

Will Blue Sky Apartment Complex Ever Rise in Downtown Scottsdale?

Gray Development Group’s Blue Sky apartment complex has yet to come out of the ground since it was approved by the City Council in April 2011. The project’s density and height were major points of contention at the time. It would have more than 700 units in three 13-story buildings with underground parking on 4.3 acres… Read more »

Investor Purchases Gilbert Site Targeted For Mixed-Use Business Park

Galahad LLC in Phoenix paid just under $13.746 million ($3.50 per foot) to acquire a prime site along the 202 Loop in Gilbert that could eventually be developed as a business park of up to 1 million sq. ft. The 90.16-acre parcel, which is now being farmed for alfalfa, is located at the southeast corner of the 202 Loop (Santan Freeway) and Lindsay Road. The seller was The Lamoreaux Family LLC and related trusts… Read more »

64-Bed Assisted Living Community Proposed for North Scottsdale

The coo of Gambel’s quail and the knock-knocking of Gila Woodpeckers may soon be joined by the laughter of grandchildren and the whir of personal scooters amid the Prickly Pear and cacti of far North Scottsdale. A Denver-based developer would build a 64-bed senior living facility on five acres of pristine desert set amongst the golf courses and mountain vistas near Scottsdale and Lone Mountain roads, pending approval of a preliminary site plan filed with the City of Scottsdale Development Review Board Sept. 8. Spectrum Retirement Communities LLC, which already operates facilities in Phoenix, Chandler and Peoria, has engaged St. Louis-based Vessel Architecture & Design, Inc. for the project, which would create what the application describes as “a unique senior assisted residential facility nestled in the upper Sonoran Desert”… Read more »

Commercial Real Estate & Business News – September 26, 2014

Companies formed by Sabal Financial Group L.P. paid $51.075 million (blended average of $87.57 per foot) to buy a combined 583,252 sq. ft. of Phoenix office space. The sellers in four separate cash transactions were commercial mortgage backed securities (CMBS). The special servicer assigned to dispose the properties was CWCapital Asset Management LLC in Bethesda, Md. The Valley assets were sold as part of a larger portfolio sale that included additional office properties in other markets… Read more »
For those who have written off Mesa’s Fiesta District after years of decline, the idea that the once-thriving commercial center could again become a major regional destination may seem absurd. So is it realistic or foolish to buy into a vision of the Fiesta District as a cultural hotspot, one where residents, workers and shoppers can mingle in an urban environment?… Read more »
Building an interstate highway takes time and money. The $2.5 billion for Interstate 11 builds the road from central Arizona to Las Vegas, but the overall project creates a lot more in terms of ecnomic value for Arizona…Read more »
A snapshot of building permit activity in both Paradise Valley and Scottsdale in the month of August over the last three years show housing construction steadily increasing. One community continues to see an increase in single-family home construction while the other is seeing a proliferation of multifamily housing from border to border.Read more »
Approximately 19.5 percent of the Valley’s homeowners owed more than their house is worth as of June 30, down from 21 percent at the end of this year’s first quarter. At the worst of the housing crash, more than 40 percent of metro Phoenix homeowners were underwater… Read more »

Commercial Real Estate & Business News – September 25, 2014

Deloitte: Total Holiday Sales to Rise 4% to 4.5%; Non-Store Sales Up 14%

Total holiday sales are expected to rise 4% to 4.5% over last season, totaling between $981 and $986 billion, according to Deloitte’s annual retail holiday sales forecast. The growth represents a moderate improvement over last year’s 2.8% gain. Additionally, Deloitte forecasts a 13.5% to 14% increase in non-store sales in the online and mail order channels during the 2014 holiday season… Read more »

What to Know About Retail Financing/Refi?

Retail landlords must be prepared to answer any question a potential lender might ask about their property, their tenants and the market before seeking financing or refinancing. Owners should prepare for the financing or refinancing process, and the key elements that can facilitate a more seamless process… Read more »

Believe the Hype: Crowdfunding Is Redefining Commercial Real Estate Investing

Is crowdfunding a fad or is this online investment model here to stay? “[Crowdfunding] is finally acknowledging what many industries did 10 years ago — that we’re in an online world,” said Elizabeth Braman, CCIM, chief production officer of Realty Mogul, in a recent interview with GlobeSt.com. “When you buy your plane ticket you don’t call your travel agent anymore. When you check your stock portfolio you don’t call a stock broker. You go online, which offers the most efficient and lowest cost of doing business”… Read more »

Managing Risk in Commercial Real Estate: Smarter Tools for Smarter Lending

The roots of risk management as they relate to the physical characteristics of commercial and multifamily real estate date back to the early 1970s. During that time the appraisal, commercial property insurance, construction and engineering industries actively began to seek ways to improve their respective areas of service. The goal was to portray, more accurately, the physical risk aspects of developing, investing in, owning and maintaining commercial real estate assets—a goal with… Read more »

New Single-Family Home Sales See Biggest Jump in 22 Years

Sales of new single-family houses in August 2014 were at a seasonally adjusted annual rate of 504,000, up from July’s printing of 427,000, the fastest rate in six years and the biggest monthly jump since January 1992… Read more »

Commercial Real Estate & Business News – September 24, 2014

Banks Seeing Lower Loss Rates on Commercial Real Estate

U.S. banks are seeing some of the lowest loss rates of the past six years on commercial real estate and construction loans, boosting their case for increased lending activity in the sector… Read more »

Five ‘Whys’ for Commercial Real Estate Investing

Commercial real estate is a unique asset class that warrants consideration by investors given the many benefits. The five of the key benefits of CRE investment are: A large investable universe, Income returns, Lower volatility, Diversification, and Inflation hedging. Large Investable Universe. After bonds (61.9 percent) and stocks (28.7 percent), CRE is the third largest asset class in the United States representing approximately… Read more »

‘Money’ Ranks Gilbert Among Most Livable Cities and Phoenix Among Best Bargains

Time Money released rankings for the most livable small cities and for the best bargain neighborhoods in big cities with Gilbert and Phoenix making the cut, respectively. The town of Gilbert ranked No. 22 in “Best Places to Live 2014″ for cities with a population of 50,000 to 300,000 people, a jump from No.33 in 2012. The median family income is $85,872, the median home price is $242,541, the average property tax is $1,672 and projected job growth is 8 percent… Read more »

Mesa Riverview Area Lands Corporate HQ, 600 Jobs

Tempe-based photo-radar provider American Traffic Solutions will move its corporate headquarters and 600 jobs to a new office building planned at Mesa’s Riverview complex by fall 2015, the company announced Tuesday. Two Valley-based developers, Harvard Investments and Lincoln Property Co., are building the 250,000-square-foot Waypoint office complex in northwest Mesa near Alma School Road and Bass Pro Drive and are expected to break ground in January 2015… Read more »

Are Exurbs Making a Come Back?

For example, in Phoenix’s Maricopa County, median existing-home sales prices have rebounded by 82 percent since a low in 2011, while those in the exurban Pinal County, Ariz., have surged 65.5 percent, according to the Phoenix Association of Realtors… Read more »

Commercial Real Estate & Business News – September 23, 2014

Peoria Vistancia Could Be New Jobs Center

Vistancia, one of Peoria’s most luxurious master-planned communities, could also become an employment mega-site within the next two years. Vistancia Land Holdings, LLC, and city leaders are in preliminary talks with a regional health-care facility, a sports/entertainment complex and a private college or university about moving into the community’s commercial area, said Mark Hammons, vice president and general manager of the development group… Read more »

DD’s Discounts to Open Fifth Phoenix Location

Another discount retail shop is opening in Phoenix. DD’s Discounts, is opening its fifth location in the Phoenix area and ninth in the state, on Thomas Road near State Route 51. The discount store features men, women and children’s clothing and house and bath wares… Read more »

Intel Chandler Master Plan Hints at Future Growth

Although Intel has not announced specific new plans at either of its two campuses in Chandler, its recent amendment to Chandler of its Ocotillo campus master plan hints at future growth. The amendment, the fourth to the Ocotillo campus master plan since it was zoned in 1992, indicates areas where the company would build future manufacturing facilities. It was approved by the City Council in August… Read more »

Postino Opens Newest Location in 1950s Art Studio Next Month

Next Wednesday, Oct. 1, the latest Postino WineCafé location, Postino Annex (615 S. College Avenue) will open in Tempe inside a revamped former art studio just steps away from the ASU campus. Tucked into the historic ASU Art Annex building, this fourth Valley Postino location will help serve as a new gateway to ASU’s main campus as part of the all-new ASU Recruitment Walk on College Avenue. The project is also a special honor that’s very near and dear to the owners, as all four (Kris & Craig DeMarco and Lauren & Wyatt Bailey) are ASU alumni… Read more »

Freddie Mac’s New Tax-Exempt Loan Benefits Seniors Housing

A new Freddie Mac loan program for affordable multifamily redevelopment this month received its first test trial with a seniors housing property. The Direct Purchase of Tax-Exempt Loans initiative is designed as a speedier way to finance affordable family properties, including those for elderly residents. More than half of all renters qualify for low-income housing, and seniors, with the lowest amount of earning power of the group, currently face years-long waiting lists to get into… Read more »

footer script.