Commercial Real Estate & Business News – August 6, 2013

MetLife Gets $5 Billion SunTrust Real Estate Commitment

MetLife Inc. (MET), the largest U.S. life insurer, won a commitment of as much as $5 billion from SunTrust Banks Inc. (STI) for commercial mortgage loans. The funds from Atlanta-based SunTrust will be provided over the next three years for loans originated by MetLife, the insurer said in a statement today. It’s the first commitment to the company’s new asset-management unit… Read more

Cotton Corporate Center Building Sells to Mutual of Omaha

A 73,377 square foot, three-story office building at 4950 S. 48th St. in Cotton Corporate Center has been sold to Mutual of Omaha Bank for $11,593,566 or $158.00 per square foot. The class A building was built in 2008 and has been awarded a LEED-certified green building designation by the U.S. Green Building Council… Read more

A Requiem for Commercial Real Estate?

The recent increase in interest rates has caused alarm for many fixed-income investors. Many have said it is the end of the 30-year fixed-income bull run. Since the onset of the last recession and the attendant slow growth following, the Federal Reserve has been extremely accommodative… Read more

New Homes Rising in Valley, but Shortages Slow Construction

Homebuyers looking to purchase a house before prices and interest rates climb higher are filling builders’ sales offices on weekends. New houses are springing up around the Valley, and builders are buying more land for new subdivisions. They are all welcome signs that the slowly recovering housing market is picking up as metro Phoenix… Read more

Construction Starts on 6th Building at Chandler Business Park

Construction has begun on the sixth speculative Class A office building at Allred Park Place, a mixed-use business park in Chandler. San Diego-based Douglas Allred Co. broke ground recently on a 100,622-square-foot, two-story building east of the Price Road/Willis Road intersection… Read more