Commercial Real Estate & Business News – July 18, 2016

Almost everything seems to be going right for REITs these days, which is a little worrisome. Real-estate investment trusts have benefited from the recovery of commercial properties. REIT shares generally trade in the stock market, so they have rebounded nicely as stock prices have hit record highs. As companies that pay generous dividends, REITs have attracted legions of investors in a yield-hungry world...»
The City of Scottsdale Development Review Board will consider an application for a project that will develop another new "age in place" senior living facility near the NEC of Scottsdale and Pinnacle Peak Roads. If approved, Investment Property Associates, Inc. (IPA) will create a community suited to accommodate independent lifestyle "active adult" seniors, who may live on-site long term as they age and their needs change....»

Due to the improving economic environment, tenants are finding an increasingly supply-constrained office market in the Greater Phoenix area as there are fewer ideal options from which to select. This has some tenants gravitating towards class-B product. During the second quarter, class-A office space accounted for only 37%...»

New York-based Meridian Capital Group arranged $14.5 million in permanent financing for the refinance of a multifamily property located in Phoenix. The ten-year loan, provided by a national CMBS lender, features a fixed rate of 5.20 percent and two years of interest-only payments....»

Starbucks Corp. has invested in the boutique Italian bakery and café concept Princi, based in Milan and known for its artisan breads, the company saidWednesday. Terms of the deal were not disclosed, but Starbucks joins with investment firms Angel Lab and Pekepan Investments for the deal, which includes a stake in a London location of the bakery....»

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