Commercial Real Estate & Business News – May 26, 2015

From ‘Ugly’ Shopping Center To Retail ‘Disneyland’

Before real-estate mogul Michael Pollack could transform an “ugly” strip mall he owned in Gilbert into something better, he needed to send his architect to Disneyland. Perhaps inspired by the small-town magic oozing from the theme park’s Main Street, U.S.A., with a touch of Western flair from Frontierland, Pollack this week unveiled his most expensive renovation project ever, per square foot… Read more »

RCA: Maturity Wave Won?t Be a Tsunami

The wave of 10-year CMBS maturities is set to roll in beginning in 2016, and while it will be a massive wave, it?s not likely to come crashing ashore with tsunami-like force. Not according to Real Capital Analytics, which estimates that just over one-third of 2006- and 2007-vintage loans maturing in ?16 and 2017 will either require additional capital or be worth less than the original loan… Read more »

Canadian Investor Enters Market With $36.2 Million Purchase Of Peoria Apartments

Rock Canyon Investment LP in Vancouver, B.C., Canada (Alfonso Ergas, principal) paid $36.2 million ($122,297 per unit) to purchase the 296-unit Pillar at Rock Canyon apartments located at 14300 N. 83rd Avenue in Peoria. The seller was Pillar at Rock Canyon LLC, a company formed by Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal)… Read more »

Scottsdale Advances $8.6M Mustang Project

The City of Scottsdale?s proposed $8.6M Mustang Transit Center Project has moved one step closer to completion following a recommendation for plan approval submitted to the Development Review Board. Detailed plans for the transit center project, a series of improvements on the 90th St. corridor between Shea Blvd. and Mountain View Road, were developed by Dick & Fritsche Design Group of Phoenix… Read more »

After Riding Apt. Value Wave, Investors Taking Long Look at Cashing Out, Diversification

The multifamily markets in most metros are well into the late expansion phase of the real estate cycle, while other product types, notably office and retail, are still in the early stages of their expansion in most U.S. markets, according to CoStar’s First Quarter 2015 Multifamily Market Review and Forecast. As apartment rents and occupancy growth begin to taper in the face of new supply, owners of multifamily properties may be considering selling.. Read more »