Commercial Real Estate & Business News – March 17, 2016

Happy St. Patty’s Day!

Renters are snagging newly constructed units at a record pace according to Zillow economist Aaron Terrazas. Based on data from the Census Bureau’s Survey of Market Absorption of New Multifamily Units (SOMA), almost 100,000 new apartments came online nationwide in Q3 2015, and a majority of them were rented within 12 months. That’s 21% more apartments than a year earlier, 73% more than two years earlier, and is the most at any point since the late 1980s… Read more »
We dive into what is causing the choppiness in the CMBS markets, and alternatives where borrowers are heading to refinance pending loan maturities. As well, we consider how these events could affect the capital markets in the second half of 2016… Read more »
Harvard Investments and Lincoln Property Company (LPC) have acquired the two-building Riverview Point office park at 1138-1146 N. Alma School Rd. in Mesa, AZ from R&R Riverview LLC for $34.34 million. Riverview Point was built in 2008 and consists of two-story office buildings totaling 164,861 square feet. It is 98 percent leased to multiple tenants including Ashton Woods, Mitel Corp., Udal Shumway PC and Nextcare. Harvard and LPC will roll out building renovations to include new paint, interior renovations and new monument signage… Read more »
Fortress Investment Group is the new owner of the 126,000 square foot, two-story Red Mountain Corporate Center. This CMBS bank sale sold yesterday for $12.85 million. Ownership of property had been reverted to the bank in September of 2013 along with Black Canyon Commerce Park for $22.96 million starting auction bid…Read more »
Contour on Campbell Ave. condos, offering urban living in the character-rich Campbell Avenue neighborhood, are planned to bridge the Camelback and Indian School business corridors. The community, located at 2242 E. Campbell Ave., represents a new type of condominium experience, with amenities catering not to a particular age group but to the homebuyer looking for a specific urban lifestyle. The new community comprises 111 one- and two-bedroom condominiums, ranging in size from 1,000 to 1,700 square feet. Home pricing is expected to begin in the low $400,000s… Read more »