Commercial Real Estate & Business News – August 19, 2015

Good News: Homeowners Spend Like it’s 2006

U.S. housing is finally lifting itself off the mat. The latest evidence came from Home Depot (HD). The world’s largest home improvement retailer on Tuesday revealed it experienced a record number of transactions in the last three months. On average, shoppers spent more than at any point since 2006 and sales at stores open for a year or more jumped 6%… Read more »

HKS Inc. to Design $400M Banner Patient Tower

Phoenix-based Banner Health is planning a 16-story patient tower on its flagship campus formerly known as Good Samaritan ? making it the tallest hospital in Arizona. Now called Banner ? University Medical Center Phoenix, the campus is preparing for a 650,000-square-foot patient tower ? though it is not yet approved and funded. The proposed tower would create 312 private rooms in the 16-story tower, eliminating all semi-private rooms… Read more »

Phoenix Solar Building Sells for $20M

A Los Angeles investment group has bought an industrial distribution center that is home a solar manufacturing firm in west Phoenix for $20.3 million. Cohen Asset Management bought the 313,600-square-foot building near 43rd Avenue and Lower Buckeye Road from Kansas City Life Insurance Co. The sale was for $64.80 per square foot… Read more »

Construction Lenders All-In for Apartments

Construction lenders seemed on the brink of tightening their lending standards earlier this year. Experts worried too many apartments were already under construction and vacancy rates were about to rise. But this spring, demand for apartment properties continued to grow, powering yet another strong season of rising rents?and construction lenders are eagerly making loans to new development projects… Read more »

ABA: Commercial Construction Poised for Rebound

Sometimes, it looked like the Great Recession was never going to end. Layoffs, shrinking or non-existent margins, projects that bid but never got built all seemed to be the order of the day in recent years. It looks like the years of frustration may be over. Recent trends in Arizona indicate that construction job numbers are on the rebound and projects with real financing seem to be working their way back into the market. In the last year, Arizona experienced 2-percent growth… Read more »