Commercial Real Estate & Business News – April 7, 2015

US Pending Home Sales Reach Highest Level Since June 2013

Pending home sales in the United States in February increased to their highest level since June 2013, according to the latest figures from the National Association of Realtors. Sizeable gains in the Midwest and West offset smaller declines in the Northeast and South and overall demand is increasing as the residential real estate market moves into the spring buying seasons... Read more »

National Vacancy Declines in 1Q as New Completions Fall (Multifamily)

After it appeared the national apartment vacancy rate was beginning to rise late last year, the market pulled a bit of a surprise in the first quarter—the vacancy rate declined by 10 basis points from the fourth quarter of 2014, to 4.1%. Reis Senior Economist and Director of Research Ryan Severino attributes the decrease in vacancy “to relatively weak new completions” in the first quarter... Read more »

Native Grill & Wings' Expansion Taking Off

Native Grill & Wings is expanding, thanks in part to rebranding. Until 2014, the Gilbert-based restaurant chain was known as Native New Yorker. Originally a struggling pizza shop after it launched in 1978, the business soon shifted its focus to chicken wings, and sales grew... Read more »

Artistic Infill Project Gives Nods To Burlesque Club Next Door

Part redevelopment adaptive reuse, part art-driven architecture and partly a shout-out to the strip club next door — The Strip is personification of its creator Bill Tonnesen. Much like his 12th Street redevelopment project, Tonnesen is part artist, part developer and contractor and very creative and very quirky... Read more »

Marketplace Sale Sets Record

The Marketplace at Lincoln & Scottsdale, a 22,081 square foot retail center, which has quickly become home to some of the hottest local eateries, sold for $14 million. The property is located on Scottsdale Road and Lincoln Drive, one of the most recognizable intersections in the Phoenix metropolitan area and the gateway to the affluent Paradise Valley community. The property developed by Len Noel of Covington Asset Management has been a labor of love... Read more »

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