Commercial Real Estate & Business News – August 16, 2013

The “happy rainbow” of year-over-over demand growth for U.S. retail space continued to spread across the country at midyear, with shopping center landlords just now beginning to capitalize on accelerating population, employment and housing trends, almost no new retail property construction, and consumers returning to shop in stores once more… Read more
As one student housing project near Arizona State University is being sold for $103 million (see story below), another is planned that will cost the developer about $55 million to build. A joint venture formed by Titan Investments LLC in Denver, Colo. (Stuart Davis, principal) and IMH Financial Corp. in Scottsdale (Will Meris, pres.) plans to develop a… Read more
New data from Credit Karma shows Arizonans continued their summer pay down of credit card debt in July. The average credit card balance in Arizona dipped to $4,563 in July, down $256 from June’s average balance of $4,819, Credit Karma reported. Year over year, the average credit card debt carried by Arizonans is down nearly $1,000… Read more
Hispanics accounted for more than half the population growth between 2000 and 2011; Latinas have more children than non-Hispanics; Hispanic households that earn $50,000 or more are rising at a faster clip than total U.S. households. Their households outspend other groups on beauty products, food and apparel, according to Nielsen Co… Read more
Southwest Mesa, which has seen few major additions to its housing stock in 20 years, is about to see construction of two new upscale apartment projects. They are: A 370-unit Mark-Taylor luxury complex in the 2200 and 2300 blocks of South Country Club Drive. Southern Avenue Villas, a 378-unit apartment complex on the southwestern corner of Southern Avenue and Extension Road… Read more