Commercial Real Estate & Business News – January 28, 2015

Lenders are still eager to make loans on apartment properties, and grew their multifamily lending business again in the third quarter of 2014. “There has been a strong appetite to lend to multifamily in the last few years,” says Jamie Woodwell, vice president of commercial/multifamily research for the Mortgage Bankers Association (MBA). The total amount of outstanding debt supported by multifamily properties grew $16 billion to reach $940 billion…Read more »
A general contractor has yet to be hired to build a 5KSF restaurant planned by the owner of the popular Chelsea’s Kitchen and La Grande Orange Grocery + Pizzeria. The new eatery will be west of the southwest corner of 44th Street and Camelback Road in Phoenix. LGO Hospitality, which has not yet named the restaurant, is locating the structure on 1.38 acres in the spot left vacant after a strip of small businesses, including the Havana Café, was demolished…. Read more »
ORION Investment Real Estate is pleased to announce the successful sale of Monterey Vista Village Shopping Center located on the Northwest corner of Pecos and McQueen Roads in Chandler, Arizona. Monterey Vista Village is an 88,382 square foot center built in 2006 and sold for $9,800,000. The property sits on 10.47 acres and is 77% leased to Auto Zone, Air Extreme Trampoline Park, State Farm Insurance, SANS Plumbing, Salon Boutique and more… Read more »
The red-hot multi-family market in Phoenix continues to be the investment rage as another community is selling for well north of $200,000 per door. In a deal set to close after press time, UBS Realty Advisors LLC in San Francisco, Calif. is expected to pay $51.5 million ($230,942 per unit) to purchase the 223-unit Domus apartments located between the Arcadia and Biltmore neighborhoods in Central Phoenix… Read more »
Danny’s Family Car Wash, a family-owned Arizona business since 1984, is operating under new ownership. Jacksons Food Stores recently purchased the chain and its assets, including 13 car washes, 11 convenience stores and other car-care facilities.”We are proud and excited to be part of your community,” Jacksons announced on… Read more »