Commercial Real Estate & Business News – July 16, 2015

Supported by record levels of absorption and strong leasing, commercial real estate prices rebounded in May, with continued strong recovery in both higher-end properties and accelerating investor interest in smaller, lower-priced assets, according to the latest CoStar Commercial Repeat Sale Indices (CCRSI)... Read more »
Eastmark — a massive community rising on the former General Motors ground in southeast Mesa — has quickly become one of the nation's most popular new neighborhoods. The master-planned community ranked No. 8 in the U.S. for home sales during the first half of 2015, according to Maryland-based real-estate advisor RCLCO. As residential construction continues a modest rebound in metro Phoenix, the pace is accelerating at Eastmark...Read more »
234 apartment units will replace the 66,000 square foot office complex at 5125 N 16th Street, just north of the 16th Street and Camelback intersection. The Arbor Court Apartments will consist of studio, one-bedroom, and two-bedroom floorplans in two four-story buildings and will include a pool and community center... Read more »
Phoenix architect Irwin Pasternack wants to develop a $300 million industrial business park at Interstate 10 and 83rd Avenue. The Phoenix project could include industrial buildings as large as 1.5 million square feet as well as retail space. It could be one of the largest industrial employment centers in Phoenix, with freeway access to I-10 and Loop 101... Read more »
A buoyant fundraising market has provided managers of closed-end private real estate funds with an interesting dilemma: where to invest $254 billion in uninvested money already raised from investors. Unspent, real-estate-committed capital is up 37% from the $185 billion in December 2014, reaching the highest amount on record, according to Preqin, which provides data and research on alternative assets for institutional investors...Read more »

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