Commercial Real Estate & Business News – July 11, 2013

 

Phoenix and Tucson rank very high in a new national forecast for economic growth. The Brookings Institute report said Phoenix took first place and Tucson second for job creation among the top 100 cities during the first quarter of 2013. Phoenix lost 100,000 construction jobs during the recession, according to Arizona State University economist Lee McPheeters, but he said it is making the strongest comeback of all sectors in the local economy... Read more
Cap rates for single tenant properties remained near historic lows for retail, office and industrial sectors in the second quarter of 2013 due to the continued high demand for this asset class... Read more
As more lenders join in, and more borrowers look for greater loan leverage, competition for mezzanine capital pieces in investment deals has increased dramatically since 2011, especially in the nation's gateway markets...Read more
Florida-based Orangetheory Fitness will further expand in the Phoenix market with the opening of three new centers this fall, including its first West Valley location... Read more
A last-ditch effort to gain approval from the Gila River Indian Community (GRIC) for the South Mountain Loop 202 Freeway to go on tribal land instead of down Pecos Road has failed... Read more

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