Commercial Real Estate & Business News – January 30, 2014

For U.S. Office Market, It Was a Very Good Year

Investors are cheering the gains in asset values seeen during 2013 from a strengthening recovery in the U.S. office market, and looking forward to an even brighter 2014 as virtually all the important metrics that drive rent growth and property income are expected to continue to improve over the next 12 months… Read more

TDI Begins Construction of Jefferson on Legacy

TDI Real Estate Holdings LLC, a developer of Class-A multi-family housing, has begun construction on the second phase of a project that will bring up to 750 units of luxury housing to Scottsdale. Construction of Jefferson on Legacy is presently underway on 322 units scheduled for completion in 2015… Read more

Capitalization Rates Abate

Capitalization rates, used by real-estate investors to measure the annual return of income-producing properties, declined for many property types in 2013, according to data from Real Capital Analytics in New York. Meanwhile, the spread between cap rates and yields on 10-year Treasury notes narrowed. The average cap rate for all property types was 6.74% last year, down from 6.76% in 2012… Read more

TopGolf to Build Second Valley Facility in Gilbert

Dallas-based TopGolf International Inc. announced today it will open its second Arizona indoor/outdoor entertainment center in Gilbert. Slated to open early next year, TopGolf will build a 65,000-square-foot center at 1689 SanTan Village Parkway on the southeast corner of SanTan Village Parkway and Ray Road in Gilbert… Read more

Chandler Adds Flexibility to Price Corridor Planning

A commissioned study late last year recommended Chandler loosen some of its stipulations on the Price Corridor in order to add flexibility. The employment corridor, along South Price Road south of the interchange between Loops 101 and 202, is home to major national companies such as Intel, Boeing, Bank of America and Wells Fargo… Read more