Commercial Real Estate & Business News – July 22, 2016

Sales of existing homes, including for-sale apartments, reached their highest annual pace in more than nine years, the National Association of Realtors saidThursday. With a larger share of first-time buyers than the residential market has seen in nearly four years, June’s tally reached an annualized 5.57 million, the best showing since 5.79 million in February 2007. …»

Los Angeles-based Legend Real Estate Management Inc. has plans to build what appears to be the first speculative medical office buildings in the Phoenix market since the last recession and market bust. Legend is looking to build the speculative space at the Arrowhead Orchards medical office development on Union Hills Drive near 67th Avenue.…»

DiNapoli Capital Partners in Park City, Utah (F. Matthew DiNapoli, CEO) has answered the question as to the present value of the 350-unit La Privada apartments by paying $64 million ($182,857 per unit) to buy the community in Scottsdale Ranch. The $64,000 question is how much the asset will be worth 5 or10 years from now? …»

Construction is starting up on a major renovation project for the shopping center known as Via Linda Crossroads in Scottsdale. The space located at 9015 E. Via Linda on the southeast corner of 90th Street and Via Linda was previously occupied by Ace Hardware. That space will be divided into two or three smaller suites and a storefront is being added in that suite facing 90th Street.…»

CMBS now accounts for a paltry 7% of the overall CRE lending market, down from 17% in 2015. And as regulations are increasing, that trend will persist. Besides, figuring out how to adhere to these rules has made structuring deals difficult for banks, and PIMCO warns commercial real estate prices could fall a full 5% in the next 12 months. …»