Commercial Real Estate & Business News – June 9, 2014

Companies formed by Equus Capital Partners paid $44.15 million ($197.87 per foot blended average) to buy 223,131 sq. ft. of office space in two properties in Scottsdale. The sellers in two separate transactions were non-profit pension fund trusts managed by Lincoln Property Co… Read more
Furniture row on North Scottsdale Road will have more new apartments to decorate. Four 12-story mid-rise buildings with apartments and a luxury boutique hotel are proposed by Optima on the site of the former Robb & Stuckey Furniture galleries at Scottsdale Road and Kierland Boulevard. The quartet of contemporary buildings built over two levels of below-grade parking will host 693 residential dwellings and up to 286 hotel rooms. The facility will house a conference center, restaurant and food service facilities, spa and fitness center. Designed with Optima’s signature concrete and glass, the top 11 stories and rooftop terrace rise from a grade-level amenities…Read more
At its regular meeting Thursday, the Arizona Board of Regents approved plans to build a $ 136 million, 10-story research building on the Phoenix Biomedical Campus. The 245,000-square-foot structure is being designed by CO Architects and Ayers Saint Gross, while a joint venture between DPR Construction and Sundt Construction will serve as construction manager. Plans call for breaking ground by the end of this year. It is expected to take about 26 months to complete, creating 500 jobs in design and construction… Read more
Lending to businesses will grow by about 9 percent this year, according to the American Bankers Association’s economic advisory committee. “We’re optimistic that business lending will grow at a near double-digit rate over the next couple of years,” said Christopher Low, who chairs the committee and is chief economist at First Horizon National Corp.’s FTN Financial. “Banks stand ready to meet demand as businesses take the next step forward”…Read more
Going by percentages, Arizona banks increased their CRE loans outstanding by 50% year-over-year. Utah followed at a 27% increase. Banks in both Arizona and Utah could see their increasing CRE loan totals continue to grow. Nevada banks’ outstanding CRE loans have declined 33%, an indication that the commercial real estate recovery may have yet to take hold there… Read more