Commercial Real Estate & Business News – June 16, 2014

When the U.S. housing market boomed and busted in the past decade, commercial real estate was comparatively placid. Prices were more stable, there was little overbuilding, and bankruptcies never soared. The question is why. A research paper attributes the stability of commercial real estate at least in part to the “civilizing influence” of real estate investment trusts, which are a bigger presence in the market than they are in housing…Read more
Consumer spending rose 0.3% in May, marking four consecutive months of rising U.S. retail sales. The Commerce Department reported Thursday that May results were boosted by strength from the auto sector, which recorded a 1.4% sales increase during the month. U.S. retail sales rose 0.5% in April and 1.5% in March…Read more
In a neighborhood miscue, a routine community meeting from Intel to talk about preliminary plans for its Ocotillo campus was packed with residents deeply alarmed about the SRP Price Corridor power lines. Chandler planning and economic development officials – at least pre-warned – had to put time into calming an audience prepared for one project and being treated to another. The excitement over a power line heavily shadowed Intel’s plans to accommodate another 6.5MSF of site development… Read more
New York-based multifamily investor The Praedium Group acquired the 224 unit Adobe Ridge Apartments in North Phoenix for $26.05m or $116,294 per unit. The transaction was pursuant to an April 9th, 2014 purchase agreement and lists $9.916m as the cash down payment, though no new debt was issued in connection with the sale. The sellers were Donovan Waters of Farnum Properties… Read more
West Valley residents have waited nearly 10 years for two mega malls to open in Goodyear and Surprise. Early last year, Macerich, the developer for both malls, executives produced a new timeline for Estrella Falls. But Goodyear is still waiting for a new site plan or even new conceptual drawings to go with the timeline…Read more