Commercial Real Estate & Business News – March 21, 2016

To compile our list of America’s Fastest-Growing Cities, we ranked America’s 100 most populous metropolitan statistical areas (cities and their surrounding suburbs, as defined by the U.S. Office of Management and Budget) based on six metrics weighted equally. Using data from Moody’s Analytics, we factored in estimated population growth for 2015 and 2016, year-over-year job growth for 2015, and 2015 gross metro product growth (in other words, the metro area’s economic growth rate)... Read more »
Housing starts as a whole were up more than expected in February, according to a report this week from the Census Bureau. Within total residential starts, multifamily was up too, coming in at 341,000 units started on an annualized basis. That’s about 19 percent higher than the same month last year... Read more »
From the first half of 2015 to the second half of the year, sales of land parcels rose by 12 percent for residential construction, 36 percent for commercial uses and 25 percent for industrial uses... Read more »
Representatives of the Arizona Coyotes are talking to state officials about a creating a new financing district to help pay for a new arena for the National Hockey League franchise. That arena could end up being built in Tempe possibly in conjunction with Arizona State University, in Mesa near the Chicago Cubs spring training ballpark or a location in Phoenix, according to officials familiar with arena machinations... Read more »
The 352-unit Fairways Apartments sold yesterday to California-based Virtu Investments for $47 million. The sale was funded by a $32.9 million note with Freddie Mac, originating with Berkadia Commercial Mortgage. The seller, local investor Bascom Group, previously purchased the asset in a bank sale three years ago for $35.2 million...Read more »

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