Commercial Real Estate & Business News – March 16, 2015

U.S. Household Net Worth Posts Biggest Gain in a Year

Rising stock prices and home values pushed the net worth of U.S. households higher in the fourth quarter, a reassuring sign for the outlook for consumer spending. The increase added $1.52 trillion to the total wealth of American families, putting it at $82.91 trillion, a report by the Federal Reserve showed on Thursday. The increase in net wealth was the largest since the fourth quarter of 2013… Read more »

Chain Retailers? Store Opening Plans Remain Healthy, RBC Report Shows

It seems that in spite of a recent spate of bad news from some mid-market retailers, the retail sector overall continues on a stable course, according to the March ?National Retailer Demand Monthly? report from RBC Capital Markets. The report shows that the overall number of U.S. store openings planned for the next 12 to 24 months remains the same as at year-end 2014, while certain sectors, including hardware stores and discount department stores, are showing double-digit increases in year-over-year opening plans… Read more »

East Rock/Goldman Sachs & LPC Scrape Together $65 Million To Buy Promenade Offices

A venture formed by East Rock Capital LLC and Goldman Sachs Group Inc. (NYSE:GS) and Lincoln Property Co. of Dallas, Tex., paid $65 million ($253.73 per foot) to buy the Promenade Corporate Center office project at the southeast corner of Scottsdale Road and Frank Lloyd Wright Boulevard in Scottsdale. The two-building complex, which totals 256,175 sq. ft., was sold by Excel Trust Inc… Read more »

Investor Pays $18 Million for Central Avenue Office That Once Traded fro $38 Million

What a difference eight years makes, as proved by a venture that has acquired an office building on Central Avenue in Phoenix for $20 million less than the property sold for in 2007. A company formed by Michael Heckethorn and Reven Capitalpaid $18 million ($82.85 per foot) to buy the 217,247-square-foot office project. The 31-year-old building is located in the uptown Central Phoenix area at 3636 N. Central Avenue. The seller was Investors Warranty of America, a company formed by AEGON N.V. (NYSE:AEG)… Read more »

Game on: Phoenix Named Top 10 City for Sports Travel

For out-of-town sports fans, Phoenix is a hot destination. That’s according to a new analysis from and SeatGeek that ranks Phoenix as the sixth best city for sports travel… Read more »