Commercial Real Estate & Business News – May 15, 2013

Running to Stand Still: The Office Sector Sees Marginal Improvements

The national office vacancy rate declined by 10 basis points during the first quarter to 17 percent, marking exactly the same pace as the decline recorded in the prior quarter. If demand for office space was more robust, vacancies would be declining at a much faster pace since supply additions are virtually nil (more on this below)… Read more

‘Walmart on Campus’ to open at ASU’s Tempe campus Wednesday

The country’s second “Walmart on Campus” will open Wednesday at Arizona State University’s Tempe campus. The new location functions as a convenience store and offers ASU students and faculty easier access to Wal-Mart’s “everyday low prices,” according to a press release. Unlike typical Walmart locations, the Walmart on Campus will employ just 10 associates. Located in the Vista del Sol plaza off Apache Boulevard… Read more

Glimcher, Crescent Communities Announce Plans for Luxury Apartments at Scottsdale Quarter

Glimcher Realty Trust and Crescent Communities announced plans to add a 275-unit, luxury apartment community to Scottsdale Quarter in Scottsdale. Located on the NEC of the property along Greenway-Hayden road, the community will include upscale amenities and modern dcor. Development will begin in 4Q 2013. “We are pleased to announce our partnership with Crescent Communities, one of the nation’s premier… Read more

U.S. REIT Gains Outpace Equity Market

U.S. real estate investment trusts continued their upward trajectory in the first four months of the year, according to the National Association of Real Estate Investment Trusts’ May 2013 REIT report. The FTSE NAREIT All REITs Index gained 15.4 percent year to date (22.2 percent year over year) and the FTSE NAREIT All Equity REITs Index gained 14.9 percent YTD (21.2 percent YOY)… Read more

East Valley Professional Plaza Sells for $5.94m

Dr. Sylvester Johnson, PhD, an investor based out of Laguna Beach and New York City, has acquired the East Valley Professional Plaza from Ensemble Real Estate Solutions for $5.94m or $313.82 per ft2. Dr Johnson paid cash and secured $3.3m in new debt with Wells Fargo. The East Valley Professional Plaza is an 18,928 ft2 two-story medical office built in 2007 on 2.01 acres… Read more