Commercial Real Estate & Business News – April 17, 2014

Price Momentum Continues to Build for Commercial Real Estate

Based on an analysis of 1,028 repeat sales in February 2014 and more than 125,000 repeat sales since 1996, the CCRSI found commercial real estate prices registered broad gains during that month. The two broadest measures of aggregate pricing for commercial properties within the CCRSI-the value-weighted U.S. Composite Index and the equal-weighted U.S. Composite Index-gained 1.1% and 1.7%, both reached double-digit growth over the previous 12-month period… Read more

In Many Cities, Rent is Rising Out of Reach of Middle Class

The strain is not limited to the usual high-cost cities like New York and San Francisco. An analysis found 90 cities where the medial rent – not including utilities – was more than 30 percent of the median gross income… Read more

Look for Continuing Moderate Growth in Phoenix’s Apartment Market

The first few months of the year are an important period for the apartment sector in Phoenix, as the metro’s biggest block of quarterly demand normally registers in the January-March time span. That emphasis on 1Q’s leasing volume is a notable difference between this market and most others, as the 2Q and 3Q periods are the peak apartment leasing times throughout most locales. So how did Phoenix do during the initial three months of 2014?… Read more

SunCap Acquires Chandler Land Planned For FedEx Distribution Center

April 16th, 2014 – A 47.911-acre parcel of vacant agricultural land at the northwest corner of Gilbert and Queen Creek Roads was sold for $12,522,123 or $6 per square foot. The seller, The Rockefeller Group, acquired the property as part of a larger tract totaling 76.9628 acres in August of 2006 for $21,445,024 or $6.40 per square foot. Rockefeller had planned to develop the site into Chandler Crossroads, an 866,000-square-foot business park. The parcel was split into the subject property and a 24.52-acre piece retained by Rockefeller pursuant to an April 11th survey… Read more

TopGolf Hiring 450 for New Scottsdale Entertainment Complex

The Dallas-based operator of golf entertainment facilities is spending the next week seeking hire for its first Arizona location, slated to open in June at the Riverwalk development on the Salt River Pima-Maricopa Indian Community near Scottsdale… Read more