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Commercial Real Estate & Business News – June 13, 2015

A surge in Asian investment in the U.S. office sector in the first quarter overshadowed the one country responsible for one quarter of all cross-border acquisitions in the U.S.: Canada. While total investment in U.S. commercial real estate by Asian countries totaled $7 billion in 2014, Canada by itself was responsible for $9.7 billion, with almost half of that money spent on office properties. Most foreign firms seek out U.S. real estate for the same reasons…Read more »
East Coast burger giant Shake Shack is expanding this side of the Mississippi River. The New York City-born chain plans to open its first store in Arizona at Scottsdale Fashion Square in 2016. It’ll take over the front half of the former Modern Steak restaurant, including the outdoor patio. There are two other locations in the West: at the New York-New York Hotel in Las Vegas and in Austin… Read more »
Some of the Phoenix’s most prominent and expensive office buildings have higher vacancy rates than the market overall, according to a new report by JLL Partners. The same report shows Phoenix continues to have higher office vacancy rates, including for so-called trophy Class A space, than other Western U.S. cities such as San Francisco, Seattle and Los Angeles… Read more »
Commercial property prices leveled off in April, like a jet reaching cruising altitude, after sales volume and property prices took off in the first three months of the year, gaining more than 5% in the first quarter of 2015. The U.S. Composite Index in the latest CoStar Commercial Repeat Sale Indices (CCRSI) report found that prices dipped slightly in April as price gains paused from its recent robust pace… Read more »
The Shops at Fry’s Marketplace, a 23,790 square foot shopping center, sold for $2,045,000 or $85.96/SF. The infill center is located at Stapley Drive and McKellips Road in Mesa and is shadow-anchored by a recently renovated Fry’s Marketplace. This investment provides the buyer with some stable, existing tenants and a great deal of upside through the lease-up of the vacant space. Currently, the property is 35% leased to Hi-Health, Daisy Nails, Ridgeview Cleaners and Botello Gym… Read more »