Commercial Real Estate & Business News – August 21, 2014

Supply Surge: Multifamily Permits Jump 23.6% in July

When multifamily permits surged to 436,000 units in April, some observers naturally began to express caution. Then June?s 309,000-unit figure represented a 10-month low. And now, with permits barreling past 380,000 units, the concerns have grown even louder. In fact, in noting the 23.6 percent increase from June, Raymond James Equity Research characterized the figures as “a negative reading for apartment REIT investors” in a research report… Read more »

Inc. 500 List Includes 13 Arizona Companies, Including No. 8 Overall

Plexus Worldwide Inc., a Scottsdale-based health, wellness and weight loss supplement maker, is the fastest-growing private company in Arizona and eighth fastest-growing in America, according to the 2014 Inc. 500 list… Read more »

Phoenix Looks at Tripling Size of Light Rail System

A new committee on transportation is considering whether to extend the light rail, essentially tripling its size. But the proposed project could end up costing taxpayers some big bucks. When the current light rail system opened in 2008, it cost taxpayers about $1.4 million. To expand it, local leaders will have to convince taxpayers to dip into their pockets one more time… Read more »

Marley Park Shopping Center Sold for $12.45m

Donahue Schriber Realty Group has sold Marley Park Plaza?a Basha?s-anchored neighborhood shopping center within the Marley Park master-planned community?to a joint venture between a Canadian investor and Nathan Cardon of Cardon Commercial. The total sale price of $12.45m is comprised of $11.7m for the existing shopping center and $750k for an undeveloped 2.45 acre parcel adjacent to the east. Taking the two deals separately, this translates to $150.29 per improved square foot and $7.027 per square foot of unimproved land… Read more »

Price Corridor Getting Mid-Rise Hotel

First hotel out of the ground on the north end of the Price Corridor in Chandler may be the Bella Rose Inn. The six-story, 161-key hospitality center is in Chandler adjoining the Bella Rose and Castle wedding facilities and entertainment complex. The facility will be able to serve guests at both Price Corridor businesses and entertainment events at the venue, which surrounds the site on the north and east… Read more »