Commercial Real Estate & Business News – October 17, 2016

Both physical and nonstore retail sales are up for the year, with e-commerce continuing its decade-long pattern of growth. U.S. retail and food services sales for September surged upward for the month by 0.6 percent compared with August, the Census Bureau reported on Friday. Compared with September 2015, sales were up 2.7 percent, and sales for the third quarter of 2016 (July through September) were up 2.4 percent compared with third-quarter 2015...»

 
Office occupancy and absorption rates both remained high in the third quarter, as job growth continued to improve and companies took more risks on new leases, according to experts...»
 
LaPour Partners Inc. has teamed up with Holualoa Arizona Inc. to develop a $75 million office-hotel project at the southeast corner of 28th Street and Camelback Road in the Biltmore area of central Phoenix...»
REIS's newly released data on apartment vacancy, absorption, consumption, supply and demand, and rent trends show some softening in the rent market in the third quarter of 2016. High construction levels and weak economic conditions in the beginning of the year have predicated this deceleration, according to REIS economist Barbara Denham...»

A joint venture formed by NexPoint Residential Trust Inc. and BH Equities LLC paid $44.6 million ($107,470 per unit) to buy The Colonnade, a 415-unit apartment project at 1930 E. Camelback Road in Phoenix. The sellers were eight tenant-in-common (TIC) investors headed by MCS Capital Partners LLC...»

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