Commercial Real Estate & Business News – May 16, 2013
Confidence and the Consumer Younan Properties Inc. is known for its investments in office properties, but it’s no stranger to retail product. In April, chairman and CEO Zaya Younan expanded the company’s footprint in that arena as it re-entered the Phoenix market through the all-cash purchase of a 137,552-square-foot foreclosed retail center, Scottsdale Promenade… Read […]
Commercial Real Estate & Business News – May 15, 2013
Running to Stand Still: The Office Sector Sees Marginal Improvements The national office vacancy rate declined by 10 basis points during the first quarter to 17 percent, marking exactly the same pace as the decline recorded in the prior quarter. If demand for office space was more robust, vacancies would be declining at a much […]
Commercial Real Estate & Business News – May 14, 2013
Big CMBS Play Will Put KeyBank into Top Tier of Servicers KeyBank Real Estate Capital, the CRE business unit of KeyCorp, Cleveland, has entered into a series of agreements that reportedly will make it the nation’s third-largest named servicer of commercial/multi-family loans, with a commercial mortgage servicing portfolio of about $205 billion… Read more Lodging […]
Commercial Real Estate & Business News – May 13, 2013
Market Trend: Phoenix’s Retail Deliveries, Construction and Inventory During the first quarter 2013, seven buildings totaling 88,451 square feet were completed in the Phoenix retail market. Over the past four quarters, a total of 968,842 square feet of retail space has been built in Phoenix. In addition to the current quarter, 15 buildings with 542,958 […]
Commercial Real Estate & Business News – May 10, 2013
Equity Residential Continues Phoenix Divestiture, Sells Sycamore Creek to Henderson Global Investors Equity Residential (EQR) has sold their third major multi-family development for the quarter – Scottsdale’s 350-unit Sycamore Creek Apartments – to representatives of Henderson Global Investors for $37.7m or $107,174.28 per unit. This sale marks the sixteenth disposition by EQR since announcing plans […]
Commercial Real Estate & Business News – May 9, 2013
Village at Surprise has New OwnerA little more than two years after acquiring the 27,205-square-foot Village at Surprise, Pacific West Land, operating under the entity name PWDAF Bell and Litchfield LLC, sold the property to Kierland Village Center LLC. The Bainbridge Island, WA-based seller walked away from the deal with a little more than $6 […]