| Euphoria Reigns at RECon
This is my 12th trip to ICSC’s flagship event in the past 14 years and the thing that strikes me every time is the boundless optimism of retail real estate pros. Even in 2008—when the Las Vegas Convention Center was reduced to a ghost town by the Great Recession and the credit crisis—I remember executives assuring me that the dark days would pass quickly and, in fact, would yield amazing growth opportunities for the sector. This year is no exception. In fact, spirits seem to be soaring higher than ever. Attendance is in the neighborhood of 35,000, up about 10 percent from last year. The aisles and booths are packed. Everyone I’ve spoken to has a schedule overflowing with appointments. And they are not just “meet and greets.” People are here to buy or sell properties or sign leases. It bodes well for the rest of 2013… Read more » Deep Freeze To Linger For GSA Office Needs As the deadline arrives today for all federal agencies to submit reduced real estate plans, the continued office space freeze, consolidations and teleworking have combined for a historic event: an almost complete halt to national government office growth… Read more » Fitch Ratings Says CMBS Delinquencies Lowest in Five Years Commercial mortgage-backed securities (CMBS) delinquencies in the United States fell in April to their lowest level in five years, according to the latest data from ratings agency Fitch Ratings. Late payments for CMBS declined 19 basis points in April, going down to 7.44 percent from 7.63 percent in March, according to Fitch Ratings. Furthermore, the total amount of new delinquencies reported in April, $747 million, dropped below the $1 billion mark for the first time since February 2009… Read more » Outlook: All U.S. Real Estate Sectors to Post Gains in 2013 – Yes, Even Retail Although 2013 isn’t a blockbuster year for real estate performance, landlords across an array of commercial property types are gaining pricing control and increased rental income from their assets… Read more » Towering Above: Making a Statement in Downtown Scottsdale A landmark in Downtown Scottsdale since 1972, imagine the view from this 11-story, Class A high-rise, formerly known as the Camelview Office Building at 6900 East Camelback Road. With its new designation of Camelback Tower, this exclusive property, connected to Scottsdale Fashion Square, has recently been reinvigorated, attracting new tenants to make a distinctive statement towering above Scottsdale… Read more » |
Commercial Real Estate & Business News – May 21, 2013
Commercial Real Estate & Business News – May 17, 2013
| Retail Rent Growth Finally Takes Root Across U.S. Metros
Following a recent string of relentlessly unexciting market trends in retail real estate over the past several quarters comes this distinctly positive news for retail property owners — quoted asking rents have finally turned upward across all retail property types in the U.S. for the first time since 2008… Read more » Arizona Adding Jobs, but Unemploymnt Rate Holds Steady Arizona’s job market remains flat. The state’s unemployment rate held steady at 7.9 percent in April for the third straight month. There were 5,200 jobs added by Arizona employers last month, according to the Arizona Department of Administration… Read more » LA Buyer Snags 110,000-SF Scottsdale 68 Wilshire Capital Partners of Los Angeles purchased the Scottsdale 68 Design District from Fenway Properties for $11 million. The 109,652-square-foot sale ended Fenway’s more than five-year hold of the asset, which was once known as the 68th Street Design Center… Read more » Recovery In CRE Sales, Pricing Up Year over Year, Despite Sluggish First Quarter Just like clockwork, after ending 2012 on an upswing, commercial real estate pricing softened in the first three months of 2013, according to the latest findings from the CoStar Commercial Repeat Sale Indices (CCRSI). Despite uneven performance in the first quarter, CRE prices have still increased appreciably from year ago levels… Read more » Boomers, Gen Y Drive RE Demand With Baby Boomers and Generation Y-ers the “dominant drivers of real estate demand over the coming decade,” according to Urban Land Institute, their location preferences for working, living and playing are extremely influential in commercial real estate decision-making… Read more » |
Commercial Real Estate & Business News – May 16, 2013
Younan Properties Inc. is known for its investments in office properties, but it’s no stranger to retail product. In April, chairman and CEO Zaya Younan expanded the company’s footprint in that arena as it re-entered the Phoenix market through the all-cash purchase of a 137,552-square-foot foreclosed retail center, Scottsdale Promenade… Read more »
Industrial Income Trust Keeps Rolling…Spends $77+ Million For Industrial Project
A company formed by Industrial Income Trust (IIT) in Denver, Colo. (Dwight Merriman, CEO) paid $77+ million ($95.25 per foot) to buy a 808,419-square-foot commerce park located at the northwest corner of Dobson and Broadway roads in Mesa. The seller was Broadway 101 Ventures LLC, a company formed by RREEF Funds in Chicago, Ill. and Lincoln Property Co. in Phoenix… Read more »
Burger Chain Wants to Become a Habit in Phoenix
California hamburger chain The Habit Burger Grill plans to open two additional locations in the Phoenix area this summer. The first will be at 4575 E. Cactus Road, with an anticipated opening in July. Another store in Scottsdale at 16495 N. Scottsdale Road… Read more »
Experts See Pent-Up Investment Demand
Patience was the operative term at the economic forecast panel session at the Counselors of Real Estate’s midyear conference in New York City. All of the panelists predicted a slow, steady recovery.“It’s not all bad news in the investment area,” said panelist David Lynn, executive vice president and chief investment strategist with Cole Real Estate Investments in Phoenix, noting that the commercial real estate market… Read more »
Ryan Companies To Build Technology Center In Tempe For GoDaddy
Ryan Companies US, Inc. is the developer, design builder and property manager, and PHArchitecture is the architect behind a $27M, 2-story, 150,000 SF technology center in Tempe for Web host GoDaddy. The new building is part of expansion that is expected to generate hundreds of quality, new jobs for Arizona-based GoDaddy… Read more »
Commercial Real Estate & Business News – May 15, 2013
Running to Stand Still: The Office Sector Sees Marginal Improvements
The national office vacancy rate declined by 10 basis points during the first quarter to 17 percent, marking exactly the same pace as the decline recorded in the prior quarter. If demand for office space was more robust, vacancies would be declining at a much faster pace since supply additions are virtually nil (more on this below)… Read more »
‘Walmart on Campus’ to open at ASU’s Tempe campus Wednesday
The country’s second “Walmart on Campus” will open Wednesday at Arizona State University’s Tempe campus. The new location functions as a convenience store and offers ASU students and faculty easier access to Wal-Mart’s “everyday low prices,” according to a press release. Unlike typical Walmart locations, the Walmart on Campus will employ just 10 associates. Located in the Vista del Sol plaza off Apache Boulevard… Read more »
Glimcher, Crescent Communities Announce Plans for Luxury Apartments at Scottsdale Quarter
Glimcher Realty Trust and Crescent Communities announced plans to add a 275-unit, luxury apartment community to Scottsdale Quarter in Scottsdale. Located on the NEC of the property along Greenway-Hayden road, the community will include upscale amenities and modern décor. Development will begin in 4Q 2013. “We are pleased to announce our partnership with Crescent Communities, one of the nation’s premier… Read more »
U.S. REIT Gains Outpace Equity Market
U.S. real estate investment trusts continued their upward trajectory in the first four months of the year, according to the National Association of Real Estate Investment Trusts’ May 2013 REIT report. The FTSE NAREIT All REITs Index gained 15.4 percent year to date (22.2 percent year over year) and the FTSE NAREIT All Equity REITs Index gained 14.9 percent YTD (21.2 percent YOY)… Read more »
East Valley Professional Plaza Sells for $5.94m
Dr. Sylvester Johnson, PhD, an investor based out of Laguna Beach and New York City, has acquired the East Valley Professional Plaza from Ensemble Real Estate Solutions for $5.94m or $313.82 per ft2. Dr Johnson paid cash and secured $3.3m in new debt with Wells Fargo. The East Valley Professional Plaza is an 18,928 ft2 two-story medical office built in 2007 on 2.01 acres… Read more »
Commercial Real Estate & Business News – May 14, 2013
Big CMBS Play Will Put KeyBank into Top Tier of Servicers
KeyBank Real Estate Capital, the CRE business unit of KeyCorp, Cleveland, has entered into a series of agreements that reportedly will make it the nation’s third-largest named servicer of commercial/multi-family loans, with a commercial mortgage servicing portfolio of about $205 billion… Read more »
Lodging Industry Glass More Than Half Full
In keeping with the cautiously buoyant mood of the larger commercial real estate industry, the lodging sector is optimistic about the opportunities the near-term market offers. While there are some potential bumps in the road), the outlook for hotels of all stripes and in virtually all locales seems pretty promising… Read more »
Retail Sales Post Strong Gains in April
Retailers reaped some benefit from a strengthening economy, as sales at the nation’s stores posted an increase of 0.6 percent in April, according to the U.S. Department of Commerce. With an improving employment picture, as well as rising housing and stock prices, consumers felt confident in April to splurge a bit more than they have of late… Read more »
Arizona Biltmore Sold to Arm of Singapore Government
The iconic Arizona Biltmore Resort & Spa in Phoenix has been purchased by an arm of the Government of Singapore for an undisclosed amount, officially pulling the troubled property out of a two-year string of bankruptcy proceedings, according to public records… Read more »
Freddie Mac Settles $369M Senior Housing K-Deal
Freddie Mac will be settling $369 million in K Certificates this week, in a transaction it first announced in April. The deal is backed exclusively by senior housing collateral, the first such deal by the GSE. It is Freddie Mac’s seventh K Certificate offering this year… Read more »
Recent Comments From Readers