Commercial Real Estate & Business News – July 25, 2014

US Jobless Claims Tumble To Lowest Level In Nearly A Decade

The number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 8-1/2 years last week, suggesting the labor market recovery was gaining traction. Initial claims for state unemployment benefits declined 19,000 to a seasonally adjusted 284,000 for the week ended July 19… Read more »

Apartment Development Wave May Have Crested

The current wave of new apartments may have crested, but there are so many units already in the pipeline that high tide of multifamily construction will continue for some time. There are as many as 27,900 apartment units in the regional planning pipeline… Read more »

Canadian Builder Picks Scottsdale For 1st U.S. Project

A Canadian company has chosen a small parcel in downtown Scottsdale to launch its big entry into the United States homebuilding market. Landmark Group has been operating in Canada since 1977 and has built roughly 15,000 homes across that country. The company has now set its sights on the United States and wanted to make a splash with its first project… Read more »

Security Properties Venture Pays $30 Million To Buy 388-unit Apartment Complex In Mesa

Sonora Canyon Venture LLC, a company formed by Security Properties Inc. in Seattle, Wash. (John Orehek, CEO), paid $30 million ($77,320 per unit) to buy the 388-unit Sonora Canyon apartments located at 265 N. Gilbert Road in Mesa. The seller was LSREF2 Oreo (Direct) LLC, a company formed by Lone Star Funds in Dallas, Tex. (John Grayken, chairman)… Read more »

The Future of Malls in America

Mark Twain once commented that reports of his death are premature and the same can be said of shopping malls in the US. The mall, which is an American post World War Two phenomenon, has been moribund in this millennium with construction falling from 25 million gross square feet in 2001 to less than four million gross square feet annually for the last few years… Read more »