Commercial Real Estate & Business News – October 13, 2015

In another sign that the commercial real estate market recovery is forging onward and surpassing the single-family housing recovery, the total value of commercial real estate loans is on the verge of surpassing its pre-recession all-time peak of $1.731 trillion. CRE loan value most recently measured $1.723 trillion, within 0.5% of the prior peak, which occurred at the end of 2008... Read more »
The Alter Group announces three new headquarters leases at Riverwalk Arizona (www.riverwalkarizona.com), a 187-acre mixed-use business park in Scottsdale, AZ. Progress Residential will lease 34,558 SF of space, IDT911 signed for 18,763, and Payroll Experts will occupy 7,824 SF. Michael J. Alter, President of the Chicago-based national corporate real estate development firm announced the transactions... Read more »
The city of Glendale is buying 99 acres of farmland from the Pendergast family next to University of Phoenix Stadium for $22.3 million The Glendale City Council will consider plans to buy parcels at Bethany Home Road and 91st Avenue and Maryland and 91st avenues. The council will vote on the land purchase at its Tuesday meeting. The Pendergasts have had large West Valley land holdings since the the 19th century... Read more »
The 404-room Scottsdale Plaza Resort located at the northwest corner of Scottsdale and Indian Bend Roads was noticed for trustee sale Thursday. The note was originally valued at $65 million when it was recorded in 2006 with Canadian Imperial Bank of Commerce. It was securitized that same year, and in 2015 beneficial interest was assigned to special servicer LNR Partners. The Scottsdale Plaza Resort stands on 37 acres and consists of sixty-two buildings totaling nearly 360,000 square feet.,, Read more »
Security Properties and Intercontinental Real Estate Corporation purchased Pillar at Scottsdale, a 539-unit, Class A multifamily property located in Scottsdale, AZ, for $95,750,000. The asset was purchased through Security Properties Multifamily Fund II in its second joint venture with Intercontinental and their US REIF Fund. It is Fund II’s second purchase in the Phoenix market and the 11th asset overall. This is the 89th asset in the Intercontinental Fund... Read more »

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