Commercial Real Estate & Business News – August 15, 2014

A company formed by Avenue North LLC in Mesa (Ryan Hartman, principal) plans to develop a 204-unit apartment project south of Arizona State University in Tempe. The multi-family rental community is targeted for a 5.2-acre site located along the south side of Apache Boulevard and just east of McClintock Drive. The property, which is adjacent to a light rail station, is now occupied by… Read more »
Houston-based appliance retailer Conn’s Inc. has sold its Metro Marketplace location to locally-based single-tenant investors, STORE Capital, in a deal valuing the freestanding big box space at $6.78m or $152.80 per square foot. As part of the transaction, Conn’s inked a thirty year lease with STORE for the location with three 5-year options to extend and Conn’s retains the remainder of the neighborhood shopping center… Read more »
During the second quarter 2014, 13 industrial buildings totaling 2,386,694 square feet were completed in the Phoenix market area. This compares to three buildings totaling 2,790,757 square feet that were completed in the first quarter 2014. There was 2,876,549 square feet of Industrial space under construction at the end of the second quarter 2014… Read more »
Although sales of large, core-like assets have pushed commercial property pricing back to pre-recession levels last seen in 2007 in some markets, investors have also been going farther out on a limb with regard to risk. Those are two of the key takeaways from this month’s CoStar Commercial Repeat Sale Indices, which found a 9.7% year-over-year increase… Read more »
Investor demand for net leased restaurant properties is heating up, sparked by confidence in the restaurant sector and a dearth of new construction in other retail sectors. The activity isn’t limited to one category within the restaurant sector either. Investors are hungry for quick service restaurants… Read more »