Commercial Real Estate & Business News – July 14, 2014

Three tenant-in-common entities paid $38.7 million ($172,000 per unit) to acquire the 225-unit Block 1949 student housing property located east of Arizona State University at 1949 E. University Drive in Tempe. The new owners of the 640-bed complex have renamed the project Regents on University. Two of the three buyers, accounting for 85 percent ownership, are… Read more »
The U.S. retail real estate market improved in the second quarter (Q2) of 2014 as a lack of new construction helped landlords boost rents and lower vacancies, according to the latest data. Vacancies at U.S. strip centers were 10.3 percent in the second quarter, down 0.10 percentage point from the first quarter, according to research firm Reis Inc. Strip-center vacancies are now nearly a percentage point lower than the post-recession…Read more »
Lincoln Property Company has signed a 30,000-square-foot lease with a nationally platformed technology tenant at the Camelback Square office project in Downtown Scottsdale. The confidential tenant commitment brings the Class A building to 95 percent occupancy… Read more »
Of the 30 largest cities in the United States, Phoenix had the nation’s largest decrease in home ownership from 2000 to 2012. The nearly 8 percentage-point drop in home ownership in Phoenix over that time-span was only rivaled by the 7.1 percentage-point drop in Philadelphia, according to a report released by Pew Charitable Trusts… Read more »
Chandler’s City Council is slated to give final approval this week to Ascend at Chandler Airport Center, a three building proposal from Irgens Partners LLC to build a 526KSF office campus with warehousing, flex buildings and office space. The concept has the square footage spread between a four-story office building with nearly 300KSF across the four floors, an office-warehouse facility with 136KSF and a 95KSF warehouse/distribution center…Read more »