Commercial Real Estate & Business News – December 4, 2014

Bob Parsons Adds To Commercial Real Estate Holdings In Tempe With $28.55 Million Deal

In four deals completed during the past year, founder Bob Parsons has invested just under $100 million to purchase almost 375,000 sq. ft. of highly coveted office and retail properties in the red hot market near Arizona State University in Tempe. In a sale completed this week, a company affiliated with Parsons’ YAM Properties paid $28.556 + million to buy The Cornerstone. The sale was brokered by Ari Spiro , Sean Stutzman and Andrew Harrison of ORION… Read more »

Zell Confirms Bid For Albertsons Spinoffs

Noted private equity investor Sam Zell has confirmed his interest in acquiring stores to be spun off in the Albertsons-Safeway deal. In a televised interview Sunday, Zell said Albertsons and Safeway?s focus on completing the $9 billion, 2,400-store deal has created an attractive price for 140 stores those companies may be required to divest in order to meet regulatory approval of the merger… Read more »

Arizona To See Better Growth In 2015, Experts Say

Next year is supposed to bring slight improvement to Arizona’s job growth, population gains and construction, though the recovery will remain slow by the state’s historical standards, economists said Wednesday. Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W.P. Carey School of Business at Arizona State University, predicted the state will add a net 65,000 jobs in 2015… Read more »

Super Bowl Expected To Cause A Boom In Phoenix-area Hotel Tax Revenue

Valley hotel rates will be higher than usual this winter with the Super Bowl in town. The supply and demand for hotel rooms in the week leading up to the Super Bowl will cause rates to go up even higher than a typical year, KTAR reported. To add to the demand, the NFL has reserved nearly 20,000 of metro Phoenix’s 55,000 rooms… Read more »

Impact from Apartment Construction Boom Expected to Further Hit Rents, Occupancy in 2015

With construction on new apartments back in full swing and vacancy rates beginning to trend upward, the robust rent increases enjoyed previously by landlords in most U.S. metro areas are expected to decelerate to below 2% in 2015 as the multifamily market shifts from full recovery into an expansion phase. CoStar Group economists are forecasting that apartment vacancy rates will rise in 46 of the 54 top U.S. metros… Read more »