Commercial Real Estate & Business News – June 21, 2013

Wasatch Ends Hold on 196-Unit Painted Trails

Less than four years after acquiring the 196-unit Painted Trails Apartments, Wasatch Property Management sold the class A multifamily property to RK Properties for $27.5 million. The Logan, UT-based seller had acquired the complex at 4255 E. Pecos Rd. for $16.6 million from Fairfield Residential in December, 2009 through a lender short sale. Alon Shnitzer and Eddie Chang with Orion Multifamily Group of ORION… Read more

Kroger Raises Outlook on Stronger 1Q Profit

Kroger has raised its outlook for the year after the country’s largest traditional supermarket chain reported a stronger fiscal first-quarter profit that beat Wall Street expectations. The Cincinnati-based company, which also owns Ralphs, Fry’s and Food 4 Less, said sales at stores open at least a year rose 3.3% during the period… Read more

Escalating Confidence Bodes Well for Retail

As we near the mid-point in the calendar year, our latest barometer on trends confirms that a slow, steady expansion characterizes US economic performance, led by a solid rebound in housing, resilient consumer spending, broad-based private sector employment growth, and continued expansion in the energy and technology sectors… Read more

Little Doubt About Interest Rate Trajectory

Federal Reserve Bank Chairman Ben Bernanke has all but hired skywriters in his efforts to signal, again and again, that interest rates are going to start to rise. On Wednesday, following the bank’s two-day policy meeting, Bernanke told reporters that the Fed will probably start winding down its monthly $85 billion quantitative easing program this year and end it altogether by… Read more

The Habit Burger Grill Expanding Further into Arizona

Irvine, Calif.-based The Habit Burger Grill will open the first of two new locations early next month in northeast Phoenix. The California burger chain, known for its signature Charburger, will open its restaurant at 4575 E. Cactus Road on July 3. It will be Habit’s fifth location in the Phoenix area… Read more