Commercial Real Estate & Business News – December 27, 2016

The U.S. economy expanded more than previously reported last quarter on bigger contributions from a range of factors including services spending, intellectual property and construction by state and local governments. Gross domestic product rose at a 3.5 percent annualized rate in the three months ended in September, compared with a prior estimate of 3.2 percent, Commerce Department figures showed Thursday…»

A joint venture formed by Oaktree Capital Management L.P. Cypress Office Properties paid $151.25 million ($156.12 per foot) to buy the nearly 1 million-square-foot Renaissance Square office towers in downtown Phoenix. The two-building, 968,790-square-foot office plaza is comprised of the 25-story, 494,004-square-foot One Renaissance Square at 2 N. Central Avenue and the 28-story, 474,786-square-foot Two Renaissance Square located at 40 N. Central Avenue…»

Silagi Development & Management (SDM) broke ground on Chandler Airpark, a Class A business park to feature six single-tenant industrial buildings in Chandler, Ariz. Working with LGE Design Build Chandler Airpark located on Douglas Drive, just west of Stearman Drive, is scheduled for completion in April 2017…»

A study released this month showed Arizona received a $3.9 billion boost to the economy thanks to golf in 2014. The study, conducted by the University of Arizona and funded by the Cactus & Pine Golf Course Superintendent Association as well as other course…»

National prices across the United States increased at their fastest annual pace since 2006, near the peak of the housing bubble, the latest index data shows. Home values are 6.5% higher than in November 2015, according to the Zillow Home Value Index which reached $192,500, just 2% short of the records set in 2007…»