Commercial Real Estate & Business News – July 5, 2013

West Phoenix Distribution Center Sells for $28 Million

Remember the massive speculative distribution center in west Phoenix that USAA Real Estate Company and Seefried Industrial Properties Inc. set out to build last fall within a matter of months? It’s nearly done now, but before any leases could be signed and final tenant improvements made, the pair has washed their hands of it… Read more

Alliance Pays $37M for Villa Pallavicini

Phoenix-based Alliance Residential Co. struck a deal with Gardner Real Estate Co., also of Phoenix, to acquire the 290-unit Villa Pallavicini apartments. Alliance paid $37.5 million (approximately $129,310 per unit) for the class A property, which was completed in 2005 by the seller… Read more

Deep Strength for Apartment Fundamentals

With a few exceptions, apartment developers shouldn’t worry too much about the building cranes looming over hot apartment markets – overall supply is in line with demand for rental housing, according to “The State of the Nation’s Housing 2013,” a report released by the Joint Center for Housing… Read more

Strip Mall Owners Struggle with Lack of Demand in Second Quarter

U.S. strip mall owners struggled with a lack of demand in the second quarter, although limited construction of new space led to a modest improvement in vacancy rates and slightly higher rents, according to a report released on Wednesday… Read more

Economy Watch: More Evidence of Residential Strength; Factory Orders Up in May

Another measure of the U.S. residential market, coming on the heels of strong Case-Shiller numbers last week, came in positive on Tuesday. According to CoreLogic, home prices nationwide, including distressed sales, increased 12.2 percent in May compared to the same month in 2012. That’s the largest annual increase since February 2006, and the 15th month in a row in which home prices were up nationally, by the company’s calculation. Month over month, the increase was 2.6 percent… Read more