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Commercial Real Estate & Business News – June 13, 2013

Spirit Realty, Cole Credit Property Trust Merger Gets Shareholder OK

The looming merger between Scottsdale-based Spirit Realty Capital Inc. (NYSE: SRC) and Phoenix-based Cole Credit Property Trust II Inc. came one step closer to reality Wednesday. Spirit Realty said in a statement that its shareholders overwhelmingly approved the merger – which would create one of the largest publicly-traded, triple-net-lease real estate investment trusts in the country… Read more

No Bubble Trouble: Trends Show East Valley, Phoenix Avoiding Real Estate Repeat

A report issued by the W.P. Carey School of Business at Arizona State University indicates the recent upswing in home prices has come at a steady, sustainable pace, meaning homeowners should not expect another bubble to burst… Read more

Goodwill of Central Arizona Sells One Building, Will Construct Another

Goodwill of Central Arizona sold its existing building along 85th and Grand avenues in Peoria this week in a deal that will allow it to occupy a smaller space on the same lot… Read more

Apartment Fundamentals on West Coast Continue to be Strong

“Apartment fundamentals on the West Coast continue to be strong,” he said. “We just received our April-May 2013 results, which indicate that same property revenue is up 6.3 percent, which accelerated from [the first quarter] and is above the midpoint of the guidance rating for 2013. As we expected, Northern California and Seattle are leading the way, and Southern California continues its recovery that is longer-term in nature, but is certainly going the right direction. So, we’re very pleased with the results so far this year”… Read more

Outlook: All U.S. Real Estate Sectors to Post Gains in 2013 – Yes, Even Retail

Although 2013 isn’t a blockbuster year for real estate performance, landlords across an array of commercial property types are gaining pricing control and increased rental income from their assets, according to Jones Lang LaSalle’s First Quarter 2013 Cross Sector Outlook, distributed during the Urban Land Institute’s 2013 Spring Meeting, in San Diego, on May 14th to 17th. The report tracks and compares the relative health of property sectors nationally and by local markets. Keys to the equation for property types other than apartments are construction volumes near 40-year lows and incremental job gains from a handful of growth sectors, including energy and technology… Read more