Commercial Real Estate & Business News – August 29, 2014

Have a Happy and Safe Labor Day Weekend!

Second Wind: Apartment REITs Beat Expectations in 2Q

With the exception of California-focused Essex Property Trust and rust belt-based Associated Estates, everyone has a stake in the nation’s capital. And, on the surface, that should be bad news for the sector. With weaker-than-expected job growth and a glut of new supply, the nation’s capital is one of the weaker apartment markets in the county... Read more »

Land Sales Slow as Phoenix Housing Market Declines

Phoenix area land sales are down 40 percent from last year as housing starts and demand for single-family homes ebbs. The volume of land sales in the Phoenix area was down 40 percent during the first half of 2014 compared to the same time frame in 2013 and is 30 percent down from the latter half of last year... Read more »

Tesla Gigafactory Price Tag May Be Too High for Competing States

Budget watchdogs are urging five states to not give away the store to lure Tesla Motors Inc.'s Gigafactory. The budget experts have written a joint open letter to the five states in the running, recommending they not offer too much in tax breaks or economic incentives to snag the large battery production facility, according to a story in the Contra Costa Times... Read more »

Chandler Multifamily Keeps Rolling, Notches $33.4m Sale

The market for quality multifamily assets in the City of Chandler continues to see strong pricing and high volume, registering $224.95m in sales, year to date. That trend continued earlier this week with the $33.4m sale of Ocotillo Springs by Weidner Apartments to Crown Realty Development. Another trend exemplified by this sale is the prevalence of funding from Government Sponsored Entities (GSE) in the acquisition of multifamily assets—in this case $22.8m in debt originated by Northmarq Capital and assigned to Freddie Mac... Read more »

Sun City Shopping Center Sold for $8m

Stephen Muller of Muller Company has completed the disposition of a neighborhood shopping center within the age-restricted and thinly traded Sun City master-planned community for $8m or $75.09 per square foot. The buyer was Barnet Dulaney of Perkins Eye Center doing business as Sun City Development Corporation, LLC. Dulaney paid $200k in cash and secured an additional $12m in new debt with C-III Capital Partners. Monday’s sale price is still below pre-recession levels, but less than half of the price for which Muller acquired the property in 2007... Read more »

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