Commercial Real Estate & Business News – June 11, 2013
2 Valley REITs Refocus from Buying to Selling Two of metro Phoenix’s biggest housing investors are more concerned with selling than buying right now. Scottsdale-based American Residential Properties raised $287.7 million in an initial public offering last month. The real-estate investment trust sold 13.7 million shares of stock at $21 each. Scottsdale-based Colony American […]
Commercial Real Estate & Business News – June 10, 2013
Beach-Club Developer Yari Acquiring Downtown Galleria The developer of downtown Scottsdale’s new beach-club-anchored entertainment complex is purchasing the Galleria Corporate Centre. Shawn Yari, owner of Triyar Cos., is acquiring the property, his spokesman, David Leibowitz, said. The property has been owned by JEMB Realty since 2000. The sprawling, three-story commercial complex, on the northeastern corner […]
Commercial Real Estate & Business News – June 7, 2013
Vacancy Rates Continue Decline in Second Quarter 2013 Economic activity posted a steady pace of growth over the past few months, as consumers and businesses seemed committed to moving forward. Gross domestic product rose 2.4 percent in the first quarter of the year. Riding the moderate temperature of a mild winter, consumers opened up their […]
Commercial Real Estate & Business News – June 6, 2013
Elevation Chandler Could be Coming Down if Deal Closes Elevation Chandler could be torn down by the end of the year. The abandoned project, an eyesore that has stood for seven years near Loops 101 and 202 as a testament to ego, financial mismanagement and a destructive economy, is under contract with a buyer. Houston-based […]
Commercial Real Estate & Business News – June 5, 2013
Avalon Hills Marks BH Properties’ First Fractured Condo Buy BH Properties has closed on its first “fractured condo” transaction, recently acquiring 214 units from the 348-unit Avalon Hills apartments. The California buyer will fix up the units, which were acquired in two separate transactions, then rent them out… Read more LNR Partners Sells First Arrowhead […]
Commercial Real Estate & Business News – June 4, 2013
Retail Asking Rents on the Uptick for the First Time Since 2008 Leasing activity may be experiencing a renaissance if retail landlords are to be believed, but its still taking a while for property fundamentals to return to historically healthy levels. One only has to look at retail REITs recent performance to see that the […]