Commercial Real Estate & Business News – January 17, 2014

U.S. Property Markets Post Strongest Sales Volume Since 2007

For buyers and sellers of commercial property, 2013 was a very good year. Total commercial real estate sales are projected to be more than 18% higher in 2013 from the previous year as U.S. property fundamentals and the economy continued to improve and investors in all property types fanned out into smaller markets in search of higher returns, according to preliminary CoStar COMPs transaction volume… Read more

ORION Negotiates Sale of Retail Shopping Center for $2.82 Million

ORION Investment Real Estate is pleased to announce the closing of Desert Sky Station shopping center located at 7920 West Thomas Road in Phoenix, Arizona for $2,820,000 ($155 per SF) to the Strough Family Trust based in the San Francisco, CA. “This property sale is a perfect example of a recovering investment market in Phoenix” explains Andrew Harrison, Vice President at ORION… Read more

Surprise Senior Facility Included in $1b+ Portfolio Sale

Vista De La Montana, an 113-unit independent senior living facility near Reems Road and Grand Avenue in Surprise, was part of a 51-property portfolio of senior housing assets conveyed between affiliates of Fortress Investment Group for $1.04b. The buyer of Vista De La Montana is a special purpose entity created by Newcastle Investment Corp, which paid $14,569,760 for the property or nearly $130k per unit… Read more

Demolition of Mountain Shadows Resort May Start Next Week

The owners of the long-shuttered Mountain Shadows resort in Paradise Valley have paid off their debt, securing their exodus from bankruptcy and paving the way for construction to begin later this year… Read more

Office Spaces Might Be Shrinking, But Don’t Take My Parking Away

Think the Phoenix area is moving toward a more walkable, urban environment? Not necessarily, according to some office brokers around town. Particularly since the Great Recession, more businesses are shrinking their employees’ personal workspaces to cut overhead costs. However, they’re not wavering on their demands for adequate parking… Read more