Commercial Real Estate & Business News – July 11, 2016

Metro Phoenix is running out of land – land ready for new homes, that is. There are, of course, thousands and thousands of acres of vacant land in metro Phoenix. But as new-home sales continue to rebound in the Valley, the supply of lots prepped and ready for houses is shrinking to the lowest level in many years. Through May, new-home sales were up 38 percent from last year, according to the latest data from RL Brown Reports. …»

A 644-unit apartment complex near Old Town Scottsdale has sold for $80.9 million. The Scottsdale Springs complex at 7791 East Osborn Road was sold by New York-based Abacus Capital Group s to Los Angeles-based TruAmerica Multifamily. The California company has been making a number of multifamily buys recently. “Scottsdale Springs features some of the lowest rents in downtown Scottsdale and presents a truly unique opportunity to dramatically increase net operating income through interior and common area improvements,”…»

Roosevelt Row’s hipster reach might be expanding. A Canadian real estate firm is building new, contemporary townhouses at Seventh Avenue and Roosevelt Street. Landmark Homes USA is developing the Center 8 Townhomes, which are priced between $340,000 and $390,000, according to Cole Annati, who is marketing the new units for Landmark. Landmark USA is an arm of Edmonton, Alberta-based Landmark Group of Builders.…»

Second-quarter office projections should please investors, as the traditional first-quarter slide was brought back up to full performance by midyear, with no sign of abating, according to market experts. The national U.S. office vacancy rate dropped to below 16 percent, declining by 10 basis points from the first quarter to the lowest vacancy rate since the recession began seven years ago, according to a statement by Reis Inc. Further, almost half of the increased leasing is driven by positive tenant growth…»

In a report released by real estate advisory group RCLCO this week, Eastmark earned another top spot among the top 20 best-selling master-planned communities in the nation during the first half of 2016. Eastmark was ranked #11 in the country and #1 in Arizona. Vistancia was the only other Arizona master-planned community included in the list at #20. Eastmark completed 2015 ranked as the 8th fastest selling master-planned community in the nation according to the RCLCO report, and was Arizona’s top selling community.…»