Commercial Real Estate & Business News – July 29, 2015

The market for apartment properties is likely to keep expanding. That’s despite the fact that the business of investing in apartments has already been in expansion for six years, since property prices hit their low point in 2009. No boom lasts forever, but the long, slow recovery from the financial crisis continues to bring new capital to multifamily real estate, which still provides relative high yields compared to other investments… Read more »
The US economy continues to gather steam and hiring continues to pick up, judging by monthly reports from both the federal government and commercial real estate services firms. The employment growth is especially evident in office-using sectors. In spite of this, the decline in the office availability rate has slowed down… Read more »
The 288-unit Gateway at Tempe Apartments near the corner of McClintock and University Drives sold Monday for a purchase price of $56.75 million, or just over $197,000 per unit with no debt recorded. Apex One Investment Partners acquired the property via bankruptcy sale. It had previously been sold for $51 million back in 2006, funded by a $33,150,000 loan with Wachovia Bank… Read more »
Retail space that once lay barren, a sign of a struggling economy in Mesa’s Fiesta District, will soon become a beacon of growth in the city’s effort to redefine the district as a nucleus of industry in the East Valley. Centrica, a $20 million adaptive reuse office building, will act as a core project in the revitalization of the Fiesta District, a once vibrant and now growing center for commerce in Mesa. The location was once home to big-box retailers like Circuit City and Toys”R”Us before closing and being purchased by Phoenix Rising Investments last year… Read more »
Development driven by light rail now tops $8.2 billion, with nearly $5 billion in Phoenix alone along the 20-mile route, according to data compiled by Valley Metro and announced today by a coterie of local mayors. The construction data is for projects open or under construction within a half mile of light rail stations. The new data do not count proposed projects or projects completed prior to light rail construction’s 2005 start… Read more »