Commercial Real Estate & Business News – April 8, 2014
Quadrangle Village in Tempe Sold for $41.875m Greg Merage of MIG Capital has acquired the 510-unit Quadrangle Village apartments in Tempe for $41.875m or $82,108 per door. The property, located east of the southeast corner of University Drive and Rural Road, is comprised of sixteen 3-story buildings totaling 375,660 ft2 built 1987 on 14.18 acres. […]
Commercial Real Estate & Business News – April 7, 2014
Money Pours into Mezzanine Loans Debt funds are gathering cash to invest in commercial and multifamily properties, offering mortgages that range from mezzanine loans to senior financing to assets in transition. “They have many arrows in their quiver,” says David Cardwell, of the National Multi Housing Council (NMHC). Debt funds have benefited from the flood […]
Commercial Real Estate & Business News – April 4, 2014
Store Rents Rise as Construction Slows Owners of shopping centers and malls raised rents for the 12th consecutive quarter, a sign that retail landlords are getting a boost from the slowly improving economy and low level of commercial real-estate construction. Asking rents at strip centers rose 0.4% in the first quarter from 2013’s fourth quarter, […]
Commercial Real Estate & Business News – April 3, 2014
213-Unit Apartment Campus Breaks Ground Peak Campus Development announces that it has started construction on a 213 unit/600 bed apartment community in Tempe adjacent to Arizona State University’s main campus. The project is slated to open in August 2015… Read more ASU Real Estate Report: Home-Buyer Demand “Subdued,” but Rental Demand Very Strong The home-buying […]
Commercial Real Estate & Business News – April 2, 2014
Deco Communities Venture Developing Luxury Residential Tower In Scottsdale A venture formed by Deco Communities LLC in Scottsdale (Rob Lyles, Patricia Watts, Dan Richards, principals) plans to develop a 8-story residential tower in Old Town Scottsdale that will have 90 for sale condominium units. The planned project, called Envy, is being developed in a joint […]
Commercial Real Estate & Business News – April 1, 2014
Phoenix Residential Foreclosure Inventory Plummets Foreclosure inventory throughout metro Phoenix plunged by roughly 56 percent year-over-year in January, according to a new report by CoreLogic. The 0.59 percent foreclosure rate – meaning the percentage of mortgaged homes in some stage of the foreclosure process – was also substantially lower than the 1.97 percent national average […]