Commercial Real Estate & Business News – July 3, 2015

Not only did the sector enjoy 5% annual effective rent growth in the second quarter, which was the highest jump logged in four years, but its 95.2% occupancy has only been seen once since the go-go tech years of 2001…Read more »
However, the space planned to be closed decreased by 27 percent compared to the first quarter of 2014. Space associated with these stores represent 0.1 percent of the total inventory of retail space within the United States, according to ICSC and PNC’s research. Home entertainment and apparel retailers totaled 3,403 store closings in the first quarter, which represented 95.6 percent of all announcements for the quarter… Read more »
As vacancy stayed the same, at 4.2% over the past six quarters, Reis reported that effective and asking rents each grew 1%, rebounding from 0.6% in the first quarter. For asking rents, that was a 3.4% 12-month change; for effective rents, 3.6%… Read more »
Two companies formed by Fairfield Residential Inc. paid $80.5 million (blended average of $95,606 per unit) to buy 842 apartments in two properties located near South Mountain in Phoenix. The sellers in two transactions were companies formed by The Milestone Group… Read more »
It has been called everything from Motor Mile, to “SoSco” and simply south Scottsdale. Now, the McDowell Road corridor could earn a new moniker — this time more formal — under a grass-roots branding effort that aims to forge a stronger sense of place in the often overlooked corridor. The effort could lead to more than just a name. If successful, it could result in marketing and other materials, including websites, signs and logos, that would help cement the area’s identity, which so far has been lacking… Read more »