Commercial Real Estate & Business News – August 13, 2013

CMBS Late-Pays Take Steep Drop

Dispositions from a single CMBS transaction lay behind the largest post-recession monthly drop in the delinquency rate for securitized commercial mortgages, according to data from Fitch Ratings. The 40-basis point decline from 7.18% in June to 6.78% in July brought the late-pay rate down 223 bps from its July 2011 peak… Read more

New US Construction Starts to Rise 6 Percent as Phoenix-Area Activity Heats Up

New construction starts are expected to rise 6 percent nationwide by the end of 2013 to $506 billion, on track with earlier predictions but still less than last year’s 8 percent year-over-year gain, according to McGraw Hill Financial’s mid-year report released Monday. New homes and multifamily units will be the primary drivers… Read more

American Furniture Buys Glendale Land

Stearns Bank Arizona sold the 41.25 acres of land at 9801 W. Bethany Home Rd. in Glendale, AZ to American Furniture Warehouse for $9 million, or about $218,000 per acre. The land at the southwest corner of Loop 101 has almost half a mile of frontage on Loop 101 and also has frontage on 99th… Read more

Dormant Zanjero Falls in Glendale might be coming back to life

Winding balconies, roughly 130,000 square feet of office space behind white columns and lattice-stucco walls, a courtyard of sprawling bougainvillea and channels for streams. They all lie silent. The channels mere dry trenches. Six years ago, the hulking Santa Barbara mission-style complex at 91st and Glendale avenues was part of something big… Read more

Prime North Scottsdale Land Subject of Legal Shootout

Scottsdale officials, residents and visitors have been talking about developers moving in on one of north Scottsdale’s primary undeveloped pieces of land for more than 25 years. The land where Greasewood Flat has operated under the steady hand of the Cavalliere family since 1975 and Reata Pass Steakhouse has done business, off and on, for even longer might finally be facing a final showdown… Read more