Commercial Real Estate & Business News – September 22, 2015

A new building is set to rise at SkySong, The ASU Scottsdale Innovation Center. It’s a necessity to keep up with market demand— the other three office buildings are now almost full with some of the Valley’s most exciting businesses. Construction on SkySong 4 began last week and is expected to be completed in about a year. Like SkySong 3, which opened in January, SkySong 4 will be a 145,000-square-foot structure. SkySong is located on the southeast corner of Scottsdale Road & McDowell Road in Scottsdale... Read more »
On Thursday William Gray sold the 17,000 square foot two-story office building that houses the Arizona School of Real Estate and Business in Scottsdale. William Borders of Arc Construction and Canada-based MacDonald Development purchased the property for $7.7 million, or $435 per square foot. The sale was funded by a $5 million loan with Earlston Investment Corp... Read more »
The index of leading indicators inched up in August. It rose by 0.1% and now stands 4.4% above a year ago. It was flat in July. This suggests that economic growth will remain slow to moderate into next year... Read more »
Two of the largest U.S. home builders are redoubling their push into the rental-apartment market, despite concerns the red-hot segment is getting overbuilt. Upscale builder Toll Brothers Inc. has said it intends to expand its apartment-development division, a three-year-old venture that so far has focused on the Boston-to-Washington, D.C., corridor, to build projects across the U.S. In all, Toll plans to double its equity investment in the division to up to $300 million... Read more »
Two big owners of single-family rental homes said Monday they have agreed to merge, a bet that rents will keep rising and homes will remain difficult for many Americans to buy. Starwood Waypoint Residential Trust, a publicly traded real-estate investment trust run by Barry Sternlicht, the longtime real-estate investor who is Starwood Capital Group’s chief executive, will combine with closely held Colony American Homes Inc. in a deal that values Colony at about $1.5 billion based on Starwood Waypoint’s closing share price Friday. The Wall Street Journal had reported the deal earlier Monday, citing people familiar with the talks... Read more »

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