Commercial Real Estate & Business News – March 10, 2015

New Class A Office Building Eyed For Loop 101 Near Scottsdale

Opus Development Co. is looking at building a new Class A office building near Via de Ventura Drive and the Loop 101 freeway. Opus is looking at locating a 100,000- to 108,000-square-foot development and business park site on the Salt River Pima Maricopa Indian Community that borders Scottsdale. Local real estate brokers say Minneapolis-based Opus has been talking to them about the project and possible sites. The project could be a speculative development, according to one real estate executive... Read more »

February Foreclosures Lowest In Phoenix Area Since 2006

Metro Phoenix foreclosures have fallen back to pre-housing bust levels. During February, 303 Valley houses were taken back by lenders, according to The Information Market, a division of the Arizona Regional Multiple Listing Service. That's the lowest monthly level since December 2006, when 211 houses in the region were foreclosed on... Read more »

Simon Offers To Buy Macerich For $22.4b

The Macerich Co. – the owner, operator and developer of many of the metro Phoenix malls and shopping centers – is being actively sought after to be bought out be the nation's largest mall owner Simon Property Group. Indianapolis-based Simon (NYSE: SPG) publicly announced its desire to buyout Santa Monica-based Macerich (NYSE: MAC) Monday, offering Macerich stockholders $91 per share. Simon also published a letter that Chairman and CEO David Simon sent to Macerich Chairman and CEO Art Coppola... Read more »

More Demand, Less Supply for Student Housing in 2015

The student housing business faced declining college enrollment in 2014. At the same time, developers finished more purpose-built student housing properties than ever before. But these new student housing communities leased up very quickly anyway. “We saw strong occupancies in 2014, even though there were more than 60,000 beds delivered,” This year looks even better for the student housing business. Pre-leasing is going very well for the newest, highly-amenitized student housing developments... Read more »

Rent Grows in Cities of All Sizes

The biggest gains in rents are no longer limited to the biggest cities in the country— and that’s a big change from just a few years ago. “Three years ago, rent growth was primarily happening in the six or seven largest metro areas,” Today, the difference between the cities with the strongest and weakest rent growth no longer has mostly to do with job growth and how many new apartments are coming to town... Read more »

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