Commercial Real Estate & Business News – December 10, 2013

Arizona’s Home Foreclosure Rate Plunges

Arizona’s foreclosure rate in October was cut in half from where it was a year earlier and the state had the second-biggest year-over-year drop in the nation behind only California, according to CoreLogic’s latest foreclosure report on Monday… Read more

CityNorth In North Phoenix Reviving Under New Ownership

The new owners of CityCenter of CityNorth, a mixed-use development near Desert Ridge in northeast Phoenix, say they’re attracting new tenants, filling vacancies and improving the property. They say they’re on their way to fulfilling promises of a luxury shopping and dining destination… Read more

Meritage Homes Building 255-lot Community in North Phoenix

Meritage Homes of Arizona Inc. in Scottsdale (Fred Hermann, division pres.) plans to build 255 residences located within a planned community in north Phoenix called Canyon Crossroads. The property is located south of Carefree Highway, east of North Valley Parkway and just west of 27th Avenue. Meritage will buy finished lots from JEN Partners in New York City, N.Y… Read more

Liberty Property Trust Breaks Ground on 1 MSF Tempe Business Park

Liberty Property Trust has broken ground on the first building at Liberty Center at Rio Salado, a 1 million-square-foot business park in Tempe and the REIT’s largest project to date in Arizona. Scheduled for completion in mid-2014, the speculative two-story project at… Read more

JLL Sees 20% Rise in Retail Sector Investments

With retail properties accounting for 19% of total US investment sales volume year-to-date, Jones Lang LaSalle is predicting a 20% increase in transaction volume next year, has learned exclusively. The firm made its predictions Monday during a presentation at the ICSC… Read more