Commercial Real Estate & Business News – January 9, 2014

Commercial Lenders to Expand Their Appetites

Demand for commercial and multifamily mortgage lending is expected to increase in 2014 as lenders grow their appetite for new business, a report from the Mortgage Bankers Association said Wednesday. The report covered a survey of top commercial and multifamily mortgage origination firms… Read more

W.P. Carey buys Tempe building in ASU Research Park for $23M

New York-based W.P. Carey Inc. (NYSE: WPC) has purchased a large office building in Tempe that houses Avnet Inc. for $23 million, according to a company statement this week. The 132,070-square-foot facility is located near the southwest corner of Elliot Road and Loop 101, within the Arizona State University Research Park… Read more

CMBS Delinquency Rate Drops in December

The delinquency rate for commercial mortgage-backed securities fell 23 basis points to 7.43 percent in December. This marks the seventh consecutive month of decline, according to Trepp’s Dec. 2013 U.S. CMBS Delinquency report. Overall, the U.S. CMBS delinquency rate has dropped 228 basis points since December 2012’s rate of 9.71 percent… Read more

US Office Market Sees an Uptick in Activity

The office market in the United States absorbed 13 million square feet of space during the fourth quarter 2013, the highest level recorded since 2007, according to a new report. It is also a 24.5% increase over the highest quarterly net absorption levels over the past six years… Read more

Standard Pacific Spends $29 Million To Buy Former Compadre Stadium In Chandler

Standard Pacific of Arizona Inc. in Scottsdale (Pat Moroney, pres.) plans to develop a residential community on a site in the Ocotillo area of Chandler that was formerly used as the Compadre Stadium spring baseball training facility. The 74-acre parcel is located at the southeast corner of Alma School and Ocotillo roads. Standard Pacific paid $29 million to acquire the property. The seller was Ocotillo West LLC in Chandler… Read more