Commercial Real Estate & Business News – February 14, 2017

LivCor LLC, an affiliate of Blackstone Real Estate Advisors L.P. (NYSE:BX), has added to its multi-family holdings in the Valley by paying $40.7 million ($104,897 per unit) to acquire the 388-unit Sonora Canyon apartments at 265 N. Gilbert Road in Mesa. The seller was a joint venture formed by Security Properties Inc. in Seattle and Aetna Life Insurance Co…»

Now that there’s a signed agreement in place, a 77,000-square-foot retail and dining project in Downtown Chandler is planned to open its first phase in December 2017…»

The Muller Company, in a joint venture with investment firm Harbert Management Corporation, announced that the $20 million redevelopment of Sky Harbor Towers office complex is nearing completion of its first phase. The 13.6-acre, two-building office campus located at the intersection of Interstate 10 and State Route 143 is anticipated for move in this spring…»

The erosion of homeownership has been one legacy of the housing boom-and-bust of the last decade. The homeownership rate peaked at 69 percent in 2004, inflated by relatively easy mortgage credit primarily provided by subprime and low/no-doc loan products. The drop in homeownership continued through 2016, with the homeowner rate just a tad above 63 percent, the lowest annual average in 50 years (Figure 1). But we may be at or near the bottom of the homeowner decline…»

The U.S. experienced its lowest ever mover rate between 2015 and 2016, according to the U.S. Census Bureau’s recent population survey. How does this affect the real estate industry?…»