Commercial Real Estate & Business News – June 24, 2014

Investors expect positive trends to continue in the commercial real estate industry for the rest of 2014 despite anticipating rising interest rates, according to consulting firm PwC. A PwC survey of real estate investors in the second quarter of 2014 noted that respondents expressed confidence that the industry would handle anticipated increases in interest rates without serious disruption to its recovery… Read more
South Mountain Crossing – a 130,200 ft2 partially-complete neighborhood shopping center at the northwest corner of Southern and 35th Avenues in Phoenix – was acquired by Lamar Companies of Fairfield, Connecticuton Friday for $11,172,825. The seller was RN Properties South Mountain, LLC, a single-purpose entity comprised of Arte Moreno, Joe Fitzgerald, James Shough and Bill Beverage… Read more
ORION Investment Real Estate announced the closing of Union Hills Square, a 11,960-squared-foot multi-tenant retail pad, located in Glendale, Ariz. for nearly 2.9 million ($239 SF) to Cave Cree Capital Partners of Scottsdale, Ariz. “This is the second asset we have represented CCCP on purchasing from a lender this year” explains Andrew Harrison, Vice President at ORION… Read more
Tempe’s growing skyline dominates the list of 10 tallest buildings in the Southeast Valley, but a handful of buildings in Mesa, Gilbert and Chandler also made the cut or at least came close. Data compiled by The Republic show where the region’s high-rise buildings are found and who uses them. Five of the top 10 are residential towers, mostly targeting Arizona State University students at the main Tempe campus… Read more
Sales of existing homes of all kinds posted a strong month-over-month gain of 4.9% in May, the National Association of Realtors said Monday. However, the figures on for-sale apartments, including condominiums and co-ops, were flat compared to April… Read more