Commercial Real Estate & Business News – July 19, 2013

Market Trend: Phoenix’s Office Vacancy Decreases to 19.4%

The Phoenix Office market ended the second quarter 2013 with a vacancy rate of 19.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 183,607 square feet in the second quarter. That compares to positive 227,364 square feet in the first quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 812,492 square feet… Read more

CFO Survey Preview: Cap Rates to Rise Next Year

Jay Hiemenz is hopeful that the first markets into the recession are now, finally, making their way out. The Alliance Residential CFO is keeping a close eye on specific markets that may have room for growth. Phoenix-based Alliance is using a green movement to attract potential residents while employing aggressive research and development and marketing tools to keep NOI in the black… Read more

German Investment Firm Pays $27.1 Million for Tempe Office Project

A limited partnership formed by Munich, Germany-based GLL Real Estate Partners GmbH paid $27.1 million ($166.79 per foot) to purchase a 162,482-square-foot office complex located at 2141-2151 E. Broadway Road in Tempe. The seller was Broadway101 Office Park Inc. That company was formed by a pension fund owned by the State of Alaska… Read more

Arizona Investment Broker Nominated To Be Next CCIM President

The CCIM Institute has announced the candidacy of ORION Investment Real Estate Vice President, Nick Miner, CCIM, for the position of 2014 First Vice President, a 3-year term that culminates in the 2016 Institute Presidency. Miner has spent his 15-year commercial real estate career helping his clients with a diverse background in sales, leasing and management… Read more

Spirit Realty, CCPT II Complete $7.4B Merger

PHOENIX-Six months after announcing their merger, Spirit Realty Capital Inc. and Cole Credit Property Trust II Inc. have finalized the $7.4 billion agreement, with the new company operating under the Spirit Realty Capital brand name. The stock, operating under the ticker symbol SRC, will begin trading today on the New York Stock Exchange… Read more