Commercial Real Estate & Business News – December 3, 2013

The Beginning of the End for the Apartment Pricing Boom?

The apartment boom is eventually coming to an end; it’s only a question of when. An increase in deliveries and a cooling off or stabilizing of purchases by REITs are a couple of the reasons why this property type will likely see a correction in pricing. New construction is starting to roll in and Exhibit 1 below reveals what the tip of the iceberg looks like… Read more

Southern California Based Investor Pays $40 million for 432-unit Indigo Palms Apartments

A company formed by transplanted Canadian investor Bill Comrie of Newport Coast, Calif. paid $40 million ($92,593 per unit) to buy the 432-unit Indigo Palms apartments at 3777 E. McDowell Road in Phoenix. The seller was MIC IP II, a company formed by Mercury Investments Co. in Duluth, Mn. (Abbot Apter, principal)… Read more

A Stronger Asset

New sources of capital and increased demand have strengthened the commercial real estate market. The current economic landscape has assembled an array of factors to structurally change real estate investment standards… Read more

Taylor Morrison Pays $6.2 Million to Build Homes in Eastmark’s Second Phase

Six months after the grand opening of Eastmark, the developer, DMB Associates Inc., is now gearing up for the second residential phase. Scottsdale-based Taylor Morrison Home Corp. recently became the first home builder to buy land in the master-planned community’s second residential phase… Read more

UltraStar Cinemas’ Scottsdale Theater Files for Bankruptcy

Vista, Calif.-based UltraStar Cinemas – an upscale movie theater chain known for its in-theater dining and high-tech seats – filed Chapter 11 bankruptcy protection on its Scottsdale location late last month. The voluntary filing comes one month after its landlord, Phoenix-based DeRito Partners Inc., filed a lawsuit against Scottsdale Cinema Group Inc… Read more