Commercial Real Estate & Business News – January 15, 2016

Closed-end private real estate funds look to be on pace to have raised a combined $127 billion in 2015, surpassing the $111 billion raised by the investment funds in 2014, according to Preqin, which tracks the alternative assets industry, including real estate. With 492 funds currently in the market seeking to raise a combined $174 billion, the market remains competitive. However, Preqin noted, investor demand for real estate remains considerable, and the strong fundraising seen in 2015 is… Read more »
YAM Properties purchased lessee interest in the ground-leased Scottsdale 101 shopping center for $81 million on Monday in a cash-only transaction. The ground lease, established in 1999, is held by Arizona State Land Department. Seller traces to AEW Capital, who previously purchased interest in the asset in 2006 for over $117 million. Scottsdale 101 offers nearly 600,000 square feet of retail on 68 acres at the southwest corner of Scottsdale Road and the 101… Read more »
The U.S. property market landscape in 2016 will appear similar to that of 2015, with a number of interwoven aspects that bode well for savvy investors who can step out in front of ongoing, and in some cases intensifying, economic, demographic and technological trends. On the economic side, the Federal Reserve made it clear in December that the central bank sees U.S. growth as relatively stable, when the federal funds rate was notched higher by a quarter point. Nevertheless… Read more »
Mesa City Council members are sharply divided over the pending purchase of a massive building near Stapley Drive and Main Street, butting heads over whether the $2.7 million buy would be a solid investment or a risky real-estate gambit. Officials have proposed scooping up the former Mervyns at 1240 E. Main St. to give the city a strategic holding as it works to extend the light rail east toward Gilbert Road. The seller recently filed for bankruptcy, giving Mesa a chance to nab… Read more »
A historic West Valley-area eyesore can be yours for $16.5 million. The Arizona Republic reports the Phoenix Trotting Park, which has been abandoned since 1966, is up for sale in Goodyear. The aging former horse track is perhaps best known for drawing curious looks from commuters and travelers along Interstate 10 in the far West Valley wondering what the heck it is… Read more »