Commercial Real Estate & Business News – December 4, 2013

Commercial Real Estate Lenders Reaching, or Exceeding, 2013 Expectations

December is typically a time when real estate leaders, especially the bankers who provide financing for commercial real estate transactions, allocate many evenings to attend year-end holiday parties. One of the questions on the minds of many in attendance at these elaborate events this year will no doubt be whether the financial institutions have reached or exceeded their goals… Read more

Multifamily Loan Delinquencies Decline in 3Q

The delinquency rates for commercial and multifamily mortgages continued to fall in the third quarter, new data from the Mortgage Bankers Association (MBA) claims. The trade group released its commercial/multifamily delinquency report Tuesday, noting that loans 60 or more days past due held by life company portfolios fell 0.02 percentage points to 0.06%… Read more

Arizona State Trust Land in Desert Ridge Sold at Auction for $28.1 Million

On Tuesday, Dec. 3, 2013, the Arizona State Land Department successfully auctioned 105.72 acres of State Trust land located on the southwest corner of Tatum Boulevard and Pinnacle Peak Road in Phoenix. The minimum bid requirement was $26.7 million and the winning bid was $28.1 million. The successful bidder was the Taylor Morrison/Arizona Inc… Read more

Ohio Firm Buys Arizona School of Real Estate and Business

Scottsdale-based Arizona School of Real Estate and Business was bought out by a Columbus, Ohio-based company for an undisclosed price, according to a statement this week. The Hondros Family of Cos., which closed the deal on Monday, will keep the school’s existing name and campuses in downtown Scottsdale and Gilbert… Read more

Owners of Phoenix Metrocenter Deliberate Mall’s Future

When Metrocenter opened near Interstate 17 and Peoria Avenue 40 years ago, it was on the northern edge of Phoenix. As the city expanded north, the Metrocenter area became inner city, and crime rates in the area went up. In turn, people’s perceptions of the mall began to change, too… Read more