Commercial Real Estate & Business News – April 24, 2014

Parcel Sold At Scottsdale Airpark Once Planned For 150,000-Square-Foot Office-Hangar

A 9.5-acre parcel with taxi-way access at Scottsdale Airpark that was once planned for a 150,000-square-foot office-hangar has been sold for $8.325 million. Maricopa County records show Boeing V LLC in Phoenix paid cash to buy the site. The seller was Phoenix Dragon Fei LLC in Scottsdale (Bing Hu, manager). The buying entity was formed by the Tait family… Read more

Multifamily Borrowers Beating Path to Banks

Bankers appear to be of two minds when it comes to the hot multifamily market. Many are lending aggressively while demand is strong, while some say they are starting to back off a little because of the intense competition for business. Multifamily construction has remained strong in major markets across the country, according to bankers discussing their first quarter performance… Read more

Scottsdale’s Economic Uptick Reflected In Construction

Scottsdale has left behind the post-recession sluggishness in a cloud of construction dust. In south Scottsdale, SkySong Apartments have just been completed along the McDowell Road corridor and construction is advancing on Mark-Taylor’s 572-unit, gated apartment community next door… Read more

Rubio’s Plans To Hire 400 In Arizona As Part Of Larger Hiring Spree

Fast-casual chain Rubio’s Fresh Mexican Grill is planning to add 400 workers at its Arizona restaurants as part of a larger hiring spree across three states. Beginning today, San Diego-based Rubio’s will host a series of job fairs to fill more than 2,000 positions ahead of the summer season at its stores in Arizona, California and Colorado… Read more

Upward Adjustment in Cap Rates?

Rising interest rates and cap rate compression: how long can this continue? We’re hearing these questions a lot these days: “What is the 2014 outlook for cap rates and interest rates? When will cap rates start rising again?” … Read more