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Commercial Real Estate & Business News February 28, 2019

Banks Are Gearing Up for Another Strong Year in CRE Lending
The Mortgage Bankers Association (MBA) recently reported another stellar year for commercial/multifamily mortgage originations in 2018. Although the MBA will release final data next month, results from its fourth quarter mortgage originations survey point to volume that could be 3 percent higher than the  record $530 million reached in 2017. In the…»
Scottsdale Developer Sells Two Apartment Communities, Buys Land for Next Project
P.B. Bell Cos. closed escrow late last week on a $59.6 million apartment community in Chandler, making it the second one the Scottsdale-based company sold in the past week. Last week, the company sold the 460-unit Laguna Village in Chandler for $70.3 million, and most recently sold the 320-unit Alante at the Islands for $59.6 million. These sales…»
Phoenix Multifamily Will Benefit from Late-Cycle Start
The Phoenix multifamily market will benefit from its late-cycle start. Phoenix was hit hard by the Great Recession and took several years to recover-much later than other cycles. As a result, the market is expected to have a long runway of growth ahead and will likely suffer a reduced impact during the next downturn. According to research…»
Golf Resort with Other Development Potential on Market East of Phoenix
A renowned golf resort east of Phoenix with ample acreage primed for development is on the market for $34 million. The Gold Canyon Golf Resort at 6100 S. Kings Ranch Road in Gold Canyon – about 40 miles east of downtown Phoenix – is in a booming part of the region, said Walter Unger, a senior associate broker with Kasten Long…»
New Construction STNL Restaurant Sells for $995 Per Square Foot
ORION Investment Real Estate is pleased to announce the sale of a newly constructed, single tenant net leased building in highly sought after Downtown Tempe, Arizona. Property-adjacent is The Local, anchored by well-known Whole Foods Market and offering one-, two-, and three-bedroom apartment floor plans, which venerates everything…»