Commercial Real Estate & Business News – January 7, 2016

Colony Starwood Homes, the single-family rental REIT created from the merger of Starwood Waypoint Residential Trust and Colony American Homes, began trading on the New York Stock Exchange Wednesday under the SFR symbol. The combined company said Tuesday evening that the merger had been finalized, creating a REIT with an asset value of approximately $7.7 billion… Read more »
7th Gate Center, a prominent office/retail project totaling 43,426 square feet, sold last month for $4,025,000 ($103.64/SF). The sale was inclusive of the office component and all common areas of the building, which totaled 38,838 square feet. The building was constructed in 1985 with renovations made in 2010 and 2015, which included a remodel of the lobby and common corridor, new HVAC units in select suites, and new landscaping. Situated on a hard corner of one of the most… Read more »
If the proof of the pudding is in the eating, as the old expression has it, then the proof of a property sector’s strength is in its metrics. On that score, investors’ confidence in multifamily continues to be justified, with both Yardi and MPF Research reporting year-over-year gains in apartment rents and occupancy. Yardi Matrix data released Wednesday showed that rents rose in 2015 by an average of 6.4% across the 111 metro areas it tracks…Read more »
A Utah-based fast-casual restaurant is opening a new location in the East Valley. Kneaders Bakery & Cafe announced it will open a new location at 1142 S. Signal Butte in Mesa on Jan. 15. The Mesa location will add to Kneaders’ 10 existing restaurants in Arizona. Representatives for Kneaders said the fast-casual concept plans to open four more locations in the greater Phoenix area throughout 2016… Read more »
In a $37.98 million deal, Lincoln Property Company announced the completion of the sale, Wednesday, of a five-building Northwest Phoenix industrial portfolio to Colorado-based REIT Industrial Property Trust, Inc. The deal includes Lincoln Deer Valley and Lincoln Pinnacle Park assets. “These buildings are 97 percent NNN leased with staggered expirations, and below-market rents that deliver a long runway of upside potential for the new owner,”…Read more »