Commercial Real Estate & Business News – January 28, 2014

Tucson Poised For New Growth

As much as $100 million in new business sites across downtown in 2014 and up to $1 billion in the downtown corridor over the next 10 years could be a part of Tucson’s growth cycle… Read more

LYFE Kitchen replacing Grand Lux Cafe at Scottsdale Fashion Square

A restaurant with a large outdoor patio is slated to occupy exterior space vacated by Grand Lux Cafe at Scottsdale Fashion Square. A request has been submitted to the city for approval of building elevations and landscape improvements for LYFE Kitchen, a proposed restaurant storefront on the south side of the mall west of clothing retailer H&M… Read more

New Home Sales Disappoint In December, But Still Up 16.4% For 2013

Sales of new homes fell by 7 percent in December, a larger than expected decline. But before you get too worried about the state of the housing market, consider this: Despite last month’s drop, new home sales jumped 16.4 percent for 2013 as a whole, according to the Census Bureau. The 428,000 new homes sold last year were the highest total since 2008… Read more

Multifamily Vacanies Tighten As Construction Accelerates

The Greater Phoenix multifamily vacancy rate ended the in Greater Phoenix at 7.3 percent, down from 7.4 percent in the third quarter and a full percentage point lower than at the end of 2012. While there have been a few quarters where the rate has ticked higher, the overwhelming trend shows local vacancy on the decline… Read more

Flagstaff Condos Sell for $11.8M

Clear Sky Timberline LP, an entity formed by Clear Sky Capital, a Phoenix based company purchased the property for $11.8 million ($115,931 per unit). The 102 units were a bulk purchase within the community that has a total of 204 units. Timberline Place was built in 2000 and originally marketed as rental apartments. The additional 102 condominium units within the complex are privately owned… Read more