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Commercial Real Estate & Business News – January 10, 2014

Commercial Real Estate Set To Show Strong 2013 Sales

Commercial property sales accelerated in 2013, continuing a years-long recovery after activity came to a near-halt during the financial crisis and recession. Buoyed by steadying job growth, improving real estate fundamentals and eager capital, buyers throughout the first 11 months of 2013 ponied up more than $305 billion to acquire… Read more

Parkway Fountains Under Renovation

Parkway Fountains, a four-story Camelback Corridor office building is getting a $600,000 renovation and being reintroduced to the market. New owner and operator Griffin Partners of Houston, Texas is making a foray into the Metro Phoenix office market. The company is starting with Parkway Fountains, located at 1702 E. Highland Ave… Read more

Standard Pacific Homes Purchases 64.05 Acres in Chandler for $29m

Standard Pacific Homes has purchased a 64.05 acre infill piece of residential land in Chandler for $29m or $452,767.74 per acre. There is an active re-entitlement case with the Chandler Planning Commission to establish a 319-lot community titled “Echelon at Ocotillo”… Read more

Macy’s Closure in Mesa Could Threaten Future of Fiesta Mall

Macy’s Inc. will shutter its store at Fiesta Mall in Mesa and lay off 98 employees there this spring as part of the chain’s nationwide purge of five locations and 2,500 jobs, according to a company statement today. For Macy’s, the move is expected to save $100 million annually. But for Fiesta Mall, it could be a catastrophic blow… Read more

Net Lease Retail, Office Cap Rates Hit 10-Year Low

Capitalization rates for the single-tenant net-lease retail and office sectors reached a 10-year low in the final quarter of 2013, according to The Boulder Group’s 4Q13 Net Lease Market Report. Retail net-leased property cap rates dipped to 6.85 percent while net-leased office assets dropped the most – 30 basis points to 7.40 percent – in 4Q13… Read more