Strong construction starts were evident in almost every property sector this year, rising again a long dip in demand from 2009 to 2013, and speculative construction was definitely a part of the trend. According to recent data from research firm CoStar Group, the number of new office and industrial projects is approaching the 10-year peak seen in 2007, and the amount of unleased new space coming on-line is close to pre-recession levels…Read more »
GE Asset Management purchased the San Melia Apartments on Monday for $84 million or $172,000 per unit, funded by a $46.2 million loan with Fannie Mae. The apartment complex is condoed, however the entirety of the project conveys in this transaction. Buyers assumed SRP “license” to use the area, as it sits over an extension of the Highline Canal… Read more »
Developers DMB Associates Inc. and Ryan Companies have submitted a master plan proposal to the City of Scottsdale for a multi-phase, mixed-use development at One Scottsdale, north of Legacy Boulevard near Scottsdale Road and Loop 101. The proposal lists four three-story office buildings and two main parking structures, with five additional commercial pads. Phases I and II include 288KSF of office in the northeast portion of the site with 24KSF of commercial pads… Read more »
U.S. private equity real estate funds are continuing their hot streak of fundraising success. Globally, the amount of capital raised for global private equity funds year-to-date through Nov. 23rd totaled $96 billion—which is up a modest 13 percent compared to the amount raised in roughly the same period a year ago. However, North American-focused real estate funds experienced huge fundraising success this year… Read more »
If you’ve got around $300 million that you don’t know what to do with, the city-owned Sheraton Phoenix Downtown Hotel could be yours. Phoenix is officially seeking offers from buyers interested in purchasing the 1,000-room Sheraton, which, the city reports, has lost at least $29 million since its doors opened during the height of the recession in 2008. A sale could mean more losses… Read more »
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