Commercial Real Estate & Business News – November 9, 2015

Study: Arizona Is A Top Destination For Relocating California Businesses

Arizona has been found to be one of the top destinations in the nation for businesses relocating from California, according to the Phoenix Business Journal. According to a recent study from Spectrum Location Solutions, Arizona was one of the top destinations for relocating California businesses over the last seven years. Texas, Nevada, Colorado and Washington joined Arizona in the top five states. As a result of the businesses relocating from California, more than $68 billion in capital... Read more »

World's Largest Harley-Davidson Dealership Opens In Scottsdale

The world’s largest Harley-Davidson (NYSE: HOG) dealership has opened in Scottsdale, and the massive building features much more than just motorcycles. Billionaire businessman and philanthropist Bob Parsons, who owns the Harley dealership, said they built as much as the space would allow, including 60 feet up and 90 feet down. “I wanted to make it a total attraction,” Parsons told me Tuesday at the dealership. “It gives people a reason to come and hang out.”... Read more »

248-Unit Wyndhaven Apartments in Mesa Sell for $29 Million

Los Angeles-based Benedict Canyon Equities purchased the Wyndhaven Apartments located at the northeast corner of Greenfield Road and the US-60 in Mesa. The Al Angelo Company sold the apartments for $29.2 million or $117,741 per unit. A $20,489,000 loan with Fannie Mae (originated through Berkadia Commercial Mortgage) funded the transaction. This 248-unit apartment complex was built in 1999 on just under 15 acres. It includes floorplans of one, two, and three-bedrooms, as well as two pools... Read more »

Aerostart Leases Large Standalone Industrial

An industrial/manufacturing building located at 2688 East Rose Garden Lane has been leased by Aerostar Aerospace Manufacturing, a manufacturer of high-complexity machine parts used in commercial aircraft. The manufacturing company completed a seven-year lease on the property, which is owned and operated by Generic Investments II LLC. The 55,312-square-foot building is located in the highly sought-after Deer Valley submarket, which is home to several Fortune 500 companies... Read more »

CMBS Delinquency Rate Posts October Improvement: Trepp

The commercial mortgage-backed securities delinquency rate continued its year-long improvement in October, with another big improvement predicted for November, according to Trepp. The rate of U.S. commercial real estate loans embedded in CMBS fell 5 basis points in October to 5.23%, compared to September. That represents a 52-basis-point decline for the year, according to Trepp. About $1.4 billion of CMBS loans became newly delinquent in October. Total delinquencies stood at $27 billion... Read more »

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