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Commercial Real Estate & Business News – February 18, 2015

Arizona’s Economy Poised to Warm Up in 2015, Reports Say

Arizona’s economy, which grew in line with the nation last year, could perk up with a faster pace of expansion in 2015, according to new forecasts. Robert Kavcic, senior economist at BMO Capital Markets, sees Arizona’s economy advancing 3.5 percent in 2015, beating expected U.S. growth of 3.1 percent. Both the state and the nation grew at around 2.5 percent last year, BMO estimates, with final numbers still not in… Read more »

Condos, Townhomes Fuel Rise in 2014 Phoenix-Area Home Prices

Prices for single-family homes in the Phoenix area rose 5.4 percent in 2014, according to a report from the W.P. Carey School of Business at Arizona State University. But that was minuscule compared with the median sales prices of townhomes and condominiums… Read more »

ASU Housing Expert: Multifamily Strong, RealtyTrac Foreclosures Wrong

Arizona State University’s top housing expert, Michael Orr, sees some silver linings in the local housing market. He also continues to take issue with a new report from RealtyTrac showing jumps locally and statewide in foreclosures. Orr’s year-end 2014 housing report shows continued strength with apartments, expects more housing demand for condominiums and townhouses and notes an $11,000 gain in median single-family home prices… Read more »

Dallas Investor Enters Valley Office Market…$42.35 Million Deal with LPC Venture

Velocis LLC has entered the Valley real estate investment market with the purchase of an office project located across from Scottsdale Fashion Square mall. A limited partnership formed by Velocis paid $42.35 million ($242.11 per foot) to buy Camelback Square, a 174,917-square-foot building at 6991 E. Camelback Road. The seller was a venture formed by Lincoln Property Co. and Oaktree Capital Management L.P… Read more »

Fry?s-Anchored Center Changes Hands

The 103,000-square-foot shopping center sold for $9.3 million to an entity affiliated with Phillips Edison & Company based in Cincinnati. The anchor tenant occupying Sunburst Plaza is a 56,000 square foot Fry?s Food Store (Kroger) that was originally developed in 1987. The grocery store has recently gone through an expansion and remodel over the last couple years in addition to adding a Fry?s fuel pump pad… Read more »