Commercial Real Estate & Business News – February 5, 2014

Despite all the uncertainty out there, originations of commercial and multifamily mortgages should be 7% higher in 2014 versus the prior year. The total volume will grow to $300 billion by year’s end, according to the Mortgage Bankers Association… Read more
Peeling back the virtual roof off The Cove Family Fun Center opens the view of a vast array of entertainment options spanning far beyond bumper cars and miniature golf. The Cove, a 67KSF family entertainment center, is the next piece of an evolving family theme park on the northeast corner of the Loop 101-Via de Ventura interchange on the Salt River Pima-Maricopa Indian Community… Read more
The Metro Phoenix office market posted net absorption of 1,955,355 SF in 2013, compared to net absorption totaling 2,217,348 SF in 2012. The best-performing office submarkets were the Scottsdale Airpark with 461,616 SF, the Camelback Corridor with 389,394 SF, and Tempe with 385,306 SF of positive net absorption…Read more
Popular local breakfast joint, Scramble, will open its second location in Scottsdale this month. Icon Hospitality Group will crack Scramble Scottsdale’s first eggs on Feb. 10 at 6590 N. Scottsdale Road. The 3,100-square-foot fast-casual breakfast joint is the first to open in the Marketplace at Scottsdale Road and Lincoln Drive…Read more
Robust demand, improving room rental performance and a massive supply of capital from REITs and private equity sources are expected to provide the basis for another year of strong investment in hotel properties in 2014. An abundance of equity and debt capital should drive a 5% to 10% increase in global hotel transaction volumes in 2014… Read more