Commercial Real Estate & Business News – December 10, 2015

Popular Phoenix restaurant Matt’s Big Breakfast as well as a Starbucks and Mountainside Fitness are landing at the 2 million square foot Marina Heights development in Tempe. The Tempe project is poised to be the largest office development in the state. Matt’s is a popular downtown Phoenix restaurant and also has a location at Phoenix Sky Harbor International Airport… Read more »
There are now 9 million more renters than there were just a decade ago, the biggest jump in renters on record, and they are paying more for rent than ever before. Of the nation’s now 43 million families and individuals who rent, 1 in 5 are considered “cost-burdened,” or paying more than 30 percent of their incomes on rent, according to a new study by the Harvard Joint Center for Housing Studies. Others pay half their incomes… Read more »
Restaurants activity is driving a quiet explosion in office leasing in Gilbert. The sleepy little downtown area in Gilbert isn’t so sleepy anymore. It’s packed daily with diners and families taking advantage of a host of new restaurants and businesses beginning to populate the area. As Gilbert residents start realizing the town has a “there” there, a number of businesses have started wanting to put down a footprint… Read more »
National banks and federal savings associations eased their loan underwriting standards for the third consecutive year in 2015, according to a report released today by the Office of the Comptroller of the Currency (OCC). The OCC’s 21st Annual Survey of Credit Underwriting Practices, found easing of underwriting standards within commercial and retail loan products of the 95 banks and federal savings associations surveyed, ominously noting the trends were similar to those… Read more »
ORION Investment Real Estate is proud to announce the sale of West Glen, a one- and two-story apartment community located at 911 & 917 West Glendale Avenue in Phoenix, for $2,750,000 ($72,368/unit). Constructed in 1954, 1959 and 1963, West Glen is comprised of 38 rental units, which includes a single-family residential home. The property is located in the Central Corridor of Phoenix, with Glendale Avenue frontage. The complex was 100% occupied at close of escrow… Read more »