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Commercial Real Estate & Business News – February 11, 2014

Out of the Park: With Opening Done, Mesa Leaders Expect Cubs, Riverview Parks to Become Economic, Social Drivers

It took nearly four years and millions of dollars – the city had up to $99 million in voter-approved bond funding for the baseball facility alone – for the Riverview Park and Cubs Park projects to come to fruition. And the public received its first look at both parks located along Rio Salado Parkway on Jan. 25… Read more

Glendale Planned Area Development to See New Land Entitlement Requests

A Glendale Planned Area Development (PAD) may soon be re-entitled by owner American Furniture Warehouse (AFW) for commercial use. ‘Bethany 101’ is to be located at the southeast corner of 99th Avenue and Bethany Home Road on a 41.49 acre parcel which AFW picked up from Stearns Bank last July for $9.0m… Read more

$300M to Rebuild PV Resort

It may be a pile of rubble now, but the million dollar view hasn’t changed a bit. Mountain Shadows Resort, once one of tony Paradise Valley’s premier resort destinations, is going to be restored to its former glory. The resort at 56th Street and Lincoln Drive at the base of Camelback Mountain opened in 1959 and played host to celebrities such as Frank Sinatra and Sammy Davis Jr, and vacationers from around the world – it was a Valley icon for decades… Read more

Fannie Mae M-F Volume Dropped in ’13

Fannie Mae reports that for all of 2013, it provided $28.8 billion in multi-family finance, involving about 507,000 multi-family units all together. Almost all of last year’s total – $28.5 billion – was delivered through MBS execution, and the GSE also says that it met the Federal Housing Finance Agency’s mandate to reduce multi-family volumes by 10 percent relative to 2012 levels… Read more

BH Properties Expects Continued AZ Growth

BH Properties ended the year with the $13.4-million purchase of Gilbert Town Square. The transaction, involving a 159,000-square-foot class A retail shopping center located within the highly affluent Phoenix submarket of Gilbert, AZ., was another in the firm’s strategy for the Arizona market.”This purchase was a key component in our Southwest strategy,” says Steve Jaffe of BH Properties… Read more