Commercial Real Estate & Business News – August 19, 2013

Industry Execs Remain Cautious About Recovery

Despite ongoing concerns about job creation, interest rates, and economic and fiscal policy, commercial real estate investment continues to make progress toward a slow, bifurcated recovery, according to results of the Real Estate Roundtable’s Q313 Sentiment Survey, which includes perspectives of senior real estate executives from a broad range of industry sectors… Read more

Vermaland LLC Acquires 4,000 Acres

Vermaland LLC, a land banking and development company in Phoenix, has acquired 4,000 acres in La Osa Ranch. The Phoenix based buyer had closed on 4,000 acres in 2012, meaning it now holds 8,000 acres of raw land originally envisioned as a large, master-planned community. Vermaland CEO Kuldip Verma tells that he’d been tracking the acreage for some time.. Read more

Residences at the Borgata Go for City Approval

The Italianate faade of The Borgata, Scottsdale Rd. and Rose Ln., Scottsdale, sails into the sunset replaced by the ultra-contemporary The Residences at the Borgata. AV Homes LLC plans a conversion of the trendy retail complex into 218 luxury residences in a four-story building. Around 13KSF of commercial pads with two restaurants will remain intact on the Scottsdale Road frontage… Read more

Market Trend: Phoenix’s Retail Deliveries, Construction and Inventory

During the second quarter 2013, 21 buildings totaling 472,160 square feet were completed in the Phoenix retail market. Over the past four quarters, a total of 1,268,846 square feet of retail space has been built in Phoenix. In addition to the current quarter, seven buildings with 83,451 square feet were completed in first quarter 2013… Read more

Valley Parcels Sold For $36+ Million That Will Produce 653 Lots For Two Builders

Two builders plan to construct 653 residences in locations at the opposite ends of the Valley in Peoria and Queen Creek. K. Hovnanian Great Western Homes LLC in Phoenix is building 370 homes within the Camino A Lago community at the northeast corner of Lake Pleasant Parkway and Deer Valley Road in Peoria. The builder is purchasing the home sites though a rolling option deal with… Read more