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 for January… Read more

STORE Capital Acquires Specialty-Use Retail in Emerald Design Center in $9.5433m Sale-Leaseback

Main Event Tempe – a bowling alley cum billiard hall and laser tag arena – was sold on Friday to Mike Bennett of Scottsdale-based STORE Capital in a sale-leaseback transaction valuing the property at $9,543,300 or nearly $165 per square foot. Under the terms of the lease, Main Event Entertainment, the seller, will lease the property… Read more

Mesa Breaks Ground On New Sheraton Hotel In Riverview

The City of Mesa had a groundbreaking ceremony for a major hotel located near the newly built Cubs Park. The groundbreaking, which occurred on March 31, was the first physical step toward completing the Sheraton Hotel Mesa located along Paseo Rio Vista. A press release sent by the city states the hotel will connect Cubs Park to neighboring Riverview Park… Read more

Buchanan Street Partners Invests $43.25m In Phoenix Properties

Buchanan Street Partners announced two acquisitions in the greater Phoenix area, including Vue Park West, a 260-unit luxury apartment complex in Peoria, Ariz., and the 106,077 SF Mesa Corporate Center office complex in Mesa, Ariz. The acquisitions reflect Buchanan Street’s continued investment strategy in the Phoenix area, a market where… Read more

Phoenix Meeting Increased Demand For Urban Housing

According to a city council report, there are approximately 1,200 units under construction or in the early development stages. They are mostly being built in a one-and-a-half square mile area from McDowell Road to Lincoln Street and from Seventh Street to Seventh Avenue. Dan Klocke, vice president of development for the Downtown Phoenix Partnership, said about 9,000 people call the area home… Read more