Commercial Real Estate & Business News – December 2, 2013

Revenue Skyrockets as Sales of State Land Strengthen

Aided by the improving economy and land prices, the Arizona State Land Department has brought in more revenue recently, a trend that is likely to continue as the state auctions off more land, including prime property in Phoenix’s Desert Ridge area… Read more

CalSTRS and First Industrial Realty Sell Land North of Eastmark for Nearly $19m

An entity formed by CalSTRS – the California State Teacher’s Retirement System – and First Industrial Realty Trust sold their remaining holdings in the First Mesa Commerce Park development for $18,834,908. The buyer is a limited partnership formed by Sunbelt Investments… Read more

Pending Homes Sales Down Slightly In The Us, Price Growth Of 5% Predicted For 2014

Although conditions were mixed in October across the United States, pending home sales continued to move lower in October, marking the fifth consecutive monthly decline, according to the latest data from the National Association of Realtors… Read more

U.S. Retail Sales Up At Start Of Holiday Season

U.S. shoppers visited more stores and spent more money at brick-and-mortar sites across Thanksgiving Day and “Black Friday” than they did in 2012 while online sales set records, data showed on Saturday. When compared with Thanksgiving on Thursday and “Black Friday” last year, research firm ShopperTrak estimated that traffic at brick-and-mortar stores increased 2.8 percent… Read more

Phoenix Leads U.S. in Demand for Retail Space

Shoppers out at busy malls today may not be surprised to hear metro Phoenix is leading the nation in demand for more retail space. A new study by national real-estate group CoStar shows demand for new retail space in the region climbed 2 percent in the past year… Read more