Commercial Real Estate & Business News – June 17, 2013

26-Story Phoenix Corporate Center Noticed For Trustee Sale, $54M

A Notice of Trustee Sale was recorded against a $54m face value note secured by the 26-story Phoenix Corporate Center located at 3003 N Central Ave. The foreclosing beneficiary is ColFin PHX Tower Funding LLC – an entity formed by Colony Capital. Petrus Partners, in care of their local affiliate Crown West Realty is the trustor under the note… Read more

Market Trend: Select Top TEN Phoenix Retail Leases Signed in Q1 2013

The select top retail lease signed during the first quarter of 2013 in the Phoenix market was at 4240 W. Camelback Rd. in the West Phoenix / Maryvale Retail submarket. The Arizona Humane Society leased 26,115 square feet there. Zell Commercial Real Estate Services represented both the landlord and the tenant in the deal… Read more

Economy Watch: Retail Sales, Markets Rise; Initial Unemployment Claims Drop

American consumers were in a What, me worry? state of mind in May, according to the Census Bureau on Thursday, which reported that retail and food service sales were up 0.6 percent compared with April and 4.3 percent year over year. The bureau adjusts sales figures for seasonal variations and holidays, but not for price changes… Read more

There’s an Avalanche of CMBS Loans Maturing

The first preferable thing to do when your loan matures is to pay it off, of course. If your CMBS loan matures in 2013 or 2014, your loan has probably been amortizing for the last eight to nine years and the initial leverage wasn?t egregious, so absent some property or market problem, the majority of these loans should be able to refinance… Read more

Slow Going for the Industrial Space

Industrial fundamentals continued to improve in the first quarter of 2013, but at a slower rate than was exhibited in the last half of 2012. A combination of Congressional wrangling over taxes and spending cuts and the economy’s poor showing at the end of 2012 likely dampened firms’ willingness to lease new space. Combined warehouse/distribution and flex/R&D net absorption was just 17.0 million sq. ft., the lowest total since the first quarter of 2012. This compares with the 30.3 million sq. ft. absorbed in the fourth quarter of 2012. Supply growth also slowed, with 5.94 million sq. ft. coming online in the first quarter… Read more