Commercial Real Estate & Business News – April 9, 2014

Canadian Investment Funds Continue to Target Southwest U.S. Apts.

Canadian funds and REITs continue to be among the most active buyers of multifamily properties in U.S. Sunbelt states. One the latest deals comes from Starlight U.S. Multi-Family Core Fund, a newly created fund sponsored and managed by Starlight Investments Ltd in Toronto… Read more

Lenders Follow Investors to Smaller Markets

Debt and equity financing available for deals in tertiary markets is far from free flowing. Yet there is a growing pool of lenders willing to do those deals. “The market is opening up. It is not as open as financing in the core markets, but it is better than it was three years ago,” says Andrew Kirsh of the real estate practice for Sklar Kirsh LLP. “There are a lot of options for a borrower and an operator.” Capital sources pulled back from tertiary markets in the wake of the economic downturn. There was a good deal of concern in the lending community that the economy would not bounce back nearly as quickly in the markets that didn’t have a broad employment base and foreseeable growth… Read more

Sky-High Prices for Land Force Developers to Get Creative

Developable sites in the strongest apartment markets are now trading for prices that can be twice the price they traded for during the last housing boom. Some buyers may simply be hoping that the strong apartment market becomes even stronger with a fuller economic recovery… Read more

Bioscience Roadmap Gets an Extension through 2025

The updated Roadmap will continue to focus on developing Arizona’s biomedical research infrastructure but will emphasize turning this research into new therapies, products, diagnostics, jobs, firms, and other benefits to Arizona. Commercialization, entrepreneurship, creating a critical mass of bioscience firms, and the development of talent are prime themes… Read more

Light Rail Could Be in Chandler’s Future

It won’t happen any time soon, but city leaders want to bring light rail to Chandler. Valley Metro, which operates the light rail system in Phoenix, Tempe and Mesa, already conducted a study at the behest of city officials on the feasibility of the mass transit system in Chandler, and another study is expected to begin next year… Read more