Commercial Real Estate & Business News – April 24, 2015

Signs of life are starting to appear in Europe’s commercial mortgage bond market, frozen since the financial crisis crushed real estate values seven years ago. Bank of America Corp. sold 445 million euros ($478 million) of notes in the biggest deal this year on Thursday, while Royal Bank of Scotland Group Plc is marketing bonds tied to debt on 20 U.K. properties that fell into the hands of administrators… Read more »
The Phoenix retail market did not experience much change in market conditions in the first quarter 2015. The vacancy rate went from 9.8% in the previous quarter to 9.7% in the current quarter. Net absorption was positive 545,110 square feet, and vacant sublease space decreased by negative 61,704 square feet. In fourth quarter 2014, net absorption was positive 802,382 square feet… Read more »
Arizona is getting the first new community bank in the Western U.S. since 2007, a move industry officials say is a sign of a state economy gaining momentum. Founders of the proposed Grand Canyon Bank are preparing an application to charter the bank with the Federal Deposit Insurance Corp. in a move that would launch the first community bank in the region since prior to the Great Recession… Read more »
In the net lease world, Walgreens has ranked as the most desirable retail asset for decades. Investors like the chain’s dominant position, long-term leases, and investment grade credit. The recent announcement that Walgreens plans to close 200 U.S. stores won’t diminish investor interest, but it will compel investors to be more thorough in their due diligence, net lease experts say… Read more »
U.S. office property sales volume rose by 39% in the first three months of 2015 over the same period last year, pulling nearly even with multifamily for the largest share of sales among the five major commercial property types during a quarter that logged the highest aggregate transaction volume to begin a year since early 2007, before the most recent recession leveled property values… Read more »