Commercial Real Estate & Business News – July 27, 2015

2015’s Apartment Sales on Pace to Beat 2006

In the first half of 2015, $63.2 billion worth of apartments changed hands, a 37.6% increase compared with last year, according to Real Capital Analytics (RCA). The second quarter produced $29.7 billion worth of this activity, a 13% increase over 2014?s second quarter… Read more »

No Threat: Greek Crisis Won?t Hurt U.S. CRE

The ongoing economic crisis in Greece jumped ferociously back into the world?s headlines this summer, when Greek residents voted to reject European austerity demands and European leaders agreed on a third bailout deal for Greece in exchange for strict reform measures… Read more »

First New Scottsdale Airpark Class A Office Building to be Built in Over 5 Years

Planned for 40,000 square feet of space, the new 3-story commercial office building is on a 2.5-acre site, located within Horseman?s Park on the northeast corner of the Loop 101 freeway and south of Bell Road on Bahia Drive. Currently, it?s the only Class-A office scheduled for construction in Scottsdale Airpark for 3Q and 4Q 2015. Expected building completion date is March 2016… Read more »

Z?Tejas, Taco Guild restaurants file for Chapter 11 bankruptcy

Scottsdale-based restaurant company Z?Tejas Inc. has filed for Chapter 11 bankruptcy. The bankruptcy filing encompasses entities operating Z?Tejas Southwestern Grill restaurants in the Phoenix area and the Taco Guild restaurant at Osborn Road and Seventh Street. In U.S. Bankruptcy Court filings, Z?Tejas President and CEO Steven Micheletti said the Scottsdale company?s liquidity position and restaurant performance have been suffering… Read more »

ORION Announces Two Multifamily Transactions in Phoenix

ORION Investment Real Estate has announced the sale of two small apartment communities located in the Phoenix MSA. Located off the Loop 202 Freeway and Van Buren Street, Belaflora Condominiums sold for $1,255,000 or $83,667 per unit. This 15-unit portfolio sale of Class ?A? Condos is part of a larger 185-unit complex within a strong rental sub-market in central Phoenix. The units are adjacent to the Papago Golf Course, and near attractions such as the Phoenix Zoo, Desert Botanical Garden, and Tempe Town Lake… Read more »