Commercial Real Estate & Business News – February 6, 2015

U.S. Hotel Sector Set for Stellar Performance in 2015

Despite some unknowns when it comes to travel?including currency exchange rates and political troubles abroad?the hotel industry?s comeback should continue throughout 2015, says Jan D. Freitag, senior vice president of STR, a global provider of research to the hotel industry based in Hendersonville, Tenn. The U.S. hotel industry in 2014 had one of its best years ever, and we broke a number of records… Read more »

Construction Spending Reaches Six-Year High at End of 2014

All three sectors of construction — commercial, public and residential — had increased spending in December as total construction spending ended 2014 at the highest level since the Great Recession, according to U.S. Census Bureau data released this week. Construction spending came in at $982 billion on a seasonally adjusted annual basis, the highest monthly figure since December 2008… Read more »

P.B. Bell Developing 286-unit Apartment Community Within Aspera Project In Glendale

A venture formed by P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals) plans to develop a 286-unit apartment community located near the northwest corner of 75th Avenue and the 101 Loop in Glendale. A limited partnership formed by P.B. Bell paid $4.704 + million to buy the 13.48-acre site, which is part of the Aspera mixed-use development. The seller was CDG Joy I LLC, a company formed by Cardon Development Group… Read more »

Staples and Office Depot: Is Two Becoming a Crowd in Retail Sectors?

The blockbuster news of Staples acquiring Office Depot might be the ultimate consolidation move in an industry that has gone through a whirlwind of mergers that could lead to just one chain standing. This deal follows on the heels of the Office Depot and Office Max merger of 2013, which took us down to two key competitors in the office supplies sector… Read more »

Palm Terrace Apartments In Downtown Tempe Trades For $3.05m

Vestis Group is pleased to announce that Principals Natan Jacobs and Les Litwin have completed the sale of Palm Terrace Apartments, a 44-unit multifamily community located at 1133 West 5th Street, just west of the Farmer Arts District in Downtown Tempe, Arizona for $3,050,000 / $69,318 Per Unit. Joseph Dietz of ORION Investment Real Estate in Scottsdale, Arizona represented the buyer and the seller in the transaction… Read more »