Commercial Real Estate & Business News – January 24, 2014

DeRito Partners Buying Central Phoenix Retail Plaza Planned for Redevelopment

A company formed by De Rito Partners in Phoenix plans to purchase and redevelop a retail plaza in Central Phoenix that is located at the southwest corner of Indian School Road and 32nd Street. The 147,000-square-foot center, which is anchored by a Food City grocery, is owned by Bashas’ Inc. in Chandler. Sources say the De Rito Partners entity has agreed to acquire the property in a roughly $15 million deal set to close in March… Read more

CSM Lodging to Convert Historic Professional Building in Phoenix to $40 Million Hotel

CSM Lodging, a division of CSM Corporation, has announced plans for the renovation of the historic Professional Building – the former Valley Bank & Trust building – located at North Central Avenue and Monroe Street in downtown Phoenix, and the property’s conversion to a premium select-service hotel… Read more

Arizona Sees 2-Percent Drop in Jobless Rate

The state’s seasonally adjusted jobless rate dropped two-tenths of a point last month, to 7.6 percent, the lowest it’s been since November of 2008. But that’s not necessarily because the economy is showing significant signs of improvement… Read more

Little Progress’ Seen in Metro Phoenix’s New-Home Building

Higher prices, along with several other factors, are among the challenges to the recovery of metro Phoenix’s new-home market. The median existing home price in the region is now $178,000, compared with the new-home median price of $301,904, according to RL Brown Reports. The gap isn’t expected to shrink anytime soon, said real-estate analyst RL Brown during his annual housing forecast on Thursday… Read more

Despite Pressures, Multifamily Still A Hot Commodity

In terms of multifamily investment activity and trends, this is the most interesting market most industry players have seen in quite some time. So said Daryl Carter, chairman and CEO of Avanath Capital Management, at the NMHC Apartment Strategies Conference, held here immediately preceding the organization’s annual meeting this week… Read more