Commercial Real Estate & Business News – July 8, 2014

Life is good for apartment investors: rents are high, vacancies are low and the outlook for the future looks very, very strong, according to second quarter reports from real estate research firms. Average apartment rents are growing very quickly. Asking rents grew 0.8 percent in the second quarter and 3.2 percent over the last 12 months, according to New York-based data firm Reis Inc. Effective rents are also very strong. Rents are growing faster than both the labor market and overall … Read more
Developers are betting on Chandler and Gilbert for office space and the Southwest Valley for warehouses, according to a new second-quarter analysis of the Phoenix market… Read more
When complete, Rivulon will total 3.1m SF of new office space and 500k SF of integrated restaurant and retail use on a 252-acre parcel at the northeast corner of the Loop 202 San Tan Freeway and Gilbert Road. According to Nationwide, construction is set to begin on Phase I in the Fall of 2014. Phase I is comprised of roughly 30 acres with 13.5 acres dedicated to retail development, including an inline space and two pads in addition to the LA Fitness and 16.5 acres dedicated to developing the 246k SF office mentioned above. The remaining phases call for 116.3 acres of office use and 57.5 acres of retail use, with a partially assembled fifty acre parcel to the southeast that has yet to be rezoned… Read more
A limited partnership formed by TA Associates Realty paid $75.45 million ($133,77 per unit blended price) to buy 564 apartment units in projects located in Chandler and Phoenix. The real estate investment advisor acquired the multi-family communities in two cash transactions. The sellers were companies managed by J.P. Morgan Asset Management… Read more
Nationally, the news was again favorable. Employment has continued to improve. The unemployment rate continued to decline. Although both of these series were below what would normally be expected, they suggest that the economy is on a slow, sustainable path for the near and intermediate term. Both the manufacturing and nonmanufacturing sectors continued to expand as did auto and light truck sales. Construction spending was up as well… Read more