Commercial Real Estate & Business News – April 30, 2015

Phoenix Starts ‘Building Blocks’ of New 32nd Street

Less room for cars, more space for bikes and street-side public art are the city’s first investments along 32nd Street under a major revitalization plan for the north Phoenix corridor. The plan ? approved by the City Council in December ? re-envisions the North 32nd Street Corridor, along 32nd Street from the Phoenix Mountain Preserve north to Loop 101… Read more »

Bank Cap Rates Sink Again to Historic Low

Last year the cap rates for single tenant net leased banks sank to a historic low, but in the past 12 months investor demand has helped push those rates even lower, according to a new report from the Boulder Group, a net lease real estate firm located in suburban Chicago. ?The surprising thing is that banks were already getting a huge premium over the rest of the net lease market,?… Read more »

Harkins Theatres Camelview Replacement At Scottsdale Fashion Square Delayed

The target opening date for the new 14-screen Harkins Theatres at Scottsdale Fashion Square has been delayed. The multiplex, which has been in the works since 2013, was scheduled to open May 1, but is now being pushed back approximately six months. The new cinema is slated to open in the fall of this year, a Harkins spokeswoman and Macerich marketing manager Emily Ginzl, both confirmed to me… Read more »

Big CRE Funds Dominating Market for Big Dollars

Private real estate fundraising had its most successful quarter in two years, with 24 private real estate funds reaching a final close and raising $29 billion in institutional commitments, according to Preqin, an alternative assets data and research firm. More and more though, that capital raising is becoming increasingly concentrated among the largest players. The 24 funds closed in the first quarter compared with an average of 52 funds closing each quarter in 2014 and an average of 62 each quarter in 2013… Read more »

Boulders Resort And El Pedregal Plaza Sold For $83.3 Million To Columbia Sussex

Columbia Sussex Corp. in Crestview Hills, Ken. (William Yung, CEO) paid a combined $83.3 million to acquire the 223-room Boulders Resorts & Spa and nearby El Pedregal plaza located in Carefree and Scottsdale. The sellers in three transactions were companies formed by Blackstone Real Estate Advisors L.P. in New York City, N.Y. (NYSE:BX). Built in 1985 and renovated in 2011, Boulders Resort & Spa sits on 1,300 acres in the high Sonoran Desert along the east side of Scottsdale Road… Read more »