Commercial Real Estate & Business News – October 6, 2014

As reported in GlobeSt.com, cap rates for single tenant net lease properties have fallen steadily for several years, regularly hitting new historic lows each quarter as more investors put in bids. In the third quarter of this year, however, the national cap rates for retail properties held steady at 6.5%, according to new research by the Boulder Group, perhaps indicating that... Read more »
Knowing your demographics, strategically stacking space and bringing the ‘human connection’ between stores and the community are key to retail success in a mixed-use setting, said speakers on ICSC Western Division’s Next Generation panel... Read more »
The $450 million USA Place development in Tempe is poised to start construction early next year, according to its developer. A representative of developer Susan Eastridge said financing is moving forward and construction on the 10.5-acre project is scheduled to start in early 2015. Timetables and financing plans have changed for the project, which will move USA Basketball... Read more »
Lennar Multifamily has purchased 5.46 acres of vacant land (zoned Downtown Core) at the northwest corner of Central and McDowell avenues. The land parcel was sold for $12.75 million ($53.55 per square foot). There was no debt with the sale. An active entitlement case with the City of Phoenix calls for a 368 unit 4-story multifamily project... Read more »
The new construction pipeline may have finally started to take its toll. For the first time since the fourth quarter of 2009, the national vacancy rate actually jumped—moving up 10 basis points to 4.2 percent, according to New York-based commercial real estate research firm Reis. “We anticipated that vacancy would begin rising in 2014 due to the significant amount of new construction projected to be completed relative to demand,” ... Read more »

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