Commercial Real Estate & Business News – January 16, 2014

CoStar CCRSI Index: Property Pricing Posts Steady Gains in November

The latest CoStar Commercial Repeat Sale Indices (CCRSI) found that pricing continued on a steady upward trajectory for all types of commercial property in November 2013, boosted by the strong take-up of available space by tenants… Read more

Commercial Real Estate Investment Market Poised for Growth in 2014

The last quarter of 2013 for the commercial real estate investment market set the pace and tone for 2014. Nearly 60 percent of CCIM Institute’s national membership indicated they experienced more transactions in 4Q13 than the same period the prior year, according to the organization’s 4Q13 Quarterly Market Trends report… Read more

Surprise Free to Plot Course for Downtown

Surprise officials have free rein to start developing a downtown this year, now that they have untangled prime Surprise land from 15-year-old deed restrictions imposed by Phoenix. More than 500 acres of raw desert surrounding the Civic Center, southwest of Litchfield and Bell roads, is no longer bound by rules that prohibit residences, hotels or any activity that included overnight stays. Phoenix handed power over the deed to Surprise on Dec. 18 after months of negotiations… Read more

Phoenix Ranked 66th for Economic Stregnth, but that’s an Improvement

Phoenix ranks 66th among the 200 largest U.S. metropolitan areas for job, wage and technology growth in 2013, according to a new study by the Milken Institute. Austin ranked first for job and wage gains followed by Provo, Utah, San Francisco, Silicon Valley and Salt Lake City… Read more

Southwest Value Partners and Elliott Pollack Sell North Scottsdale Lots for $6.1m

In an all cash transaction, Taylor Morrison has acquired roughly eighteen acres of raw land at the northeast corner of Scottsdale Road and Westland Drive for $6.1m or nearly $370k per acre. The site is planned for forty single-family lots with standard dimensions of 60′ by 100′ for a minimum lot area of 6000 ft2 and a project density of 2.2 density units per acre. The property was platted as “Villas at the Boulders”, a 38-lot subdivision on 16.4925 acres, in March of 2008, though the original developer was forced to sell the property prior to beginning construction… Read more