Commercial Real Estate & Business News – March 2, 2016

U.S. construction spending increased in January by the largest amount in eight months as weakness in homebuilding was offset by a solid rebound in nonresidential activity. Construction spending increased 1.5 percent in January, the biggest gain since May, following a 0.6 percent increase in December, the Commerce Department reported Tuesday. The advance pushed total spending to a seasonally adjusted $1.14 trillion in January, the highest level in more than eight years… Read more »
Developers can still find financing to build new apartment properties, but lenders are becoming more cautious. “Banks are beginning to feel the squeeze,” says Robert Hodge, senior director with real estate services firm Marcus & Millichap Capital Corp. “But compared to a couple years ago there are still a lot of options.” The commercial banks that make most construction loans to apartment developers are beginning to be more careful. That’s because of worries about the many new… Read more »
Recently completed leases totaling almost 28,500 square feet are the beginning signs of strong demand at the Biltmore Financial Center, a 635,000 square-foot, three-building class-A property at the northwest corner of 24th Street and Camelback. WealthPoint, Philadelphia Insurance, Mandel Young Law, Versant Capital Management and Fresenius Medical Care have signed leases within the last number of weeks. ViaWest Group also plans to move its office to the Biltmore Financial Center this summer… Read more »
With the just-closed, $34.3M office acquisition of Riverview Point, Harvard Investments and Lincoln Property Company (LPC) will combine new construction with existing buildings to establish a 426KSF, Class A office campus at the borders of Tempe, Scottsdale and Mesa. The new development, branded collectively as Waypoint, will combine Harvard and LPC’s recently delivered Waypoint One Class A office building… Read more »
David Liu’s Standard Portfolios LLC has bought a 396-unit Chandler apartment complex for $64.5 million. An affiliate of Irvine, California-based Bascom Group sold the 396-unit Country Brook apartment development near Rural and Ray roads. Bascom bought Country Brook in 2013 for $45.7 million. The complex sits on 23 acres…Read more »