Commercial Real Estate & Business News – March 20, 2013

Price Gains Lift 1.7 Million Homes Above Water in 2012 Rising prices helped lift 1.7 million homes above water in 2012, including 200,000 in the final three months of the year, according to a report released today by real estate data and technology firm CoreLogic. An estimated 10.4 million homes remained underwater as of Dec. 31… Read more

Residential Portion of Proposed 44th & Camelback Project Sells to JLB Partners After plans were approved by Phoenix City Council on November 7th, 2012, Bay Miltenberger–CEO of JLB Partners–has acquired the site planned for The Residences at Camelback. The transaction was a bank sale for $11.8M, with $2.95M down and $9M seller carry debt with Parkway Bank & Trust. The property being conveyed is located at the southwest corner of 44th Street & Camelback Road… Read more

Liberty Property Trust To Develop Liberty Center At Rio Salado Liberty Property Trust today announced that it will develop a sustainable mixed-use business park on 100 acres purchased from the City of Tempe last month. The company is developing a site plan for the new park which will be known as ?Liberty Center at Rio Salado.?… Read more

SWFs Poised to Be Aggressive with US CRE Last week Hilton Worldwide closed on the sale of three of its properties, none of which are locally based. They were: the 740-room Arizona Biltmore Resort and Spa in Phoenix, the 780-room Grand Wailea Resort, in Maui, Hawaii, and the 796-room La Quinta Resort & Club, in La Quinta, CA. The buyer of these Waldorf Astoria Resorts… Read more

Recession-Stalled Concrete Shell Finds New Life as Senior Housing Looking at the health of commercial real estate in the Valley, the picture’s a bit mixed. Depending on where you’re standing and what you’re trying to build, financing new development can be tough. But one concrete shell of a building on 32nd Street in the Phoenix neighborhood of Arcadia shows that a… Read more