Commercial Real Estate & Business News – June 20, 2014

When Los Angeles-based BH Properties decided to jump back into the multifamily market after the recession, finding a value-add opportunity at a class C or B- property seemed to be the best option. So, in late 2010, the company began an acquisition spree by purchasing Fiesta Park in Mesa, Ariz. through a short sale. “The property was underperforming and the owner was cannibalizing units,”… Read more
Arizona’s political leaders have long fought hard to keep commercial and especially residential developments from encroaching on Luke Air Force Base in Glendale. But plans for a massive housing development roughly 2 miles east of the base are gaining momentum quickly and without opposition – not even from Luke… Read more
Canadian homebuilder Mattamy Homes has purchased a 29.2015-acre site near the I-10 and Warner Road in Chandler from an affiliate of the Church of Jesus Christ of Latter Day Saints for $11,783,389 or $9.26 per square foot. Mattamy put half of the purchase price down – $5,891,694 – and secured the remainder under a seller carry deed of trust. The purchase price implies a price per acre of $403,519 or per planned lot of $45,005…Read more
More evidence that multifamily is proceeding from strength to strength. A month ago, Axiometrics released data showing that apartment rent growth hit a post-recession peak; this time, it’s occupancy that is posting the strongest national performance since the Dallas-based firm began keeping track on a monthly basis. As of May, national apartment occupancy had reached 95%… Read more
Following the recession and over the past five years, foreclosures have kept prices low on industrial/manufacturing buildings. Colliers International in Greater Phoenix recently completed the sale of an industrial manufacturing building in Tempe for $2.88 million, or $92 a square foot… Read more