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Commercial Real Estate & Business News – February 3, 2015

RK Properties Adds To Multi-family Holdings…Drops $23.25 Million For 160 Units

A company formed by RK Properties in Long Beach, Calif. (William Rance King, Jr., mgr.) paid $23.25 million ($145,313 per unit) to buy the 160-unit Azure Creek at Tatum Ranch apartments at 29862 N. Tatum Boulevard in Phoenix. The seller was Sunstone Azure LP, a limited partnership formed by Sunstone Realty Advisors in Vancouver, British Columbia, Canada… Read more »

More CMBS 2.0 Borrowers Refi Early

Early refinancing is a trend in CMBS 2.0, says Fitch Ratings, which expects the trend to continue as interest rates remain low and property fundamentals improve. Accordingly, borrowers increasingly have turned to defeasance and prepayments on the post-2008 generation of securitized loans… Read more »

Apple Set To Convert Mesa Plant Into Data Center

Following questions about the possible closure of its plant in Mesa, Apple announced on Feb. 2 it will invest $2 billion to convert the facility into a data center. A press release sent by Gov. Doug Ducey?s office states the technology giant is building a command center for its global networks, which will require 150 full-time employees to operate and 300 to 500 to revamp the facility located near Elliot Road… Read more »

New Investors Rush Into Student Housing

In the last week of January, Starwood Capital closed a deal to buy four student housing properties. And before the week was done, Starwood had bought another portfolio in a second deal?building its portfolio of student housing beds from zero to several thousand in just a few days. ?There are a lot of new people in the market for student housing properties,?… Read more »

Commercial Real Estate In Tucson Slowly Improving

Tucson?s slow struggle out of the muck and mire of the recession continued to plague the nonresidential real estate market in 2014, local brokers say. The city improved slightly on most fronts, particularly in the retail sector where the current vacancy rate is 7.8 percent, down from 8 percent in 2013, but growth is expected to remain sluggish in 2015… Read more »