Commercial Real Estate & Business News – May 28, 2014

The outlook for all of the major commercial real estate sectors is slightly improving despite disappointing economic growth during the first quarter of 2014, according to the National Association of Realtors quarterly commercial real estate forecast. Lawrence Yun, NAR chief economist, said the sluggish growth experienced in the first quarter is not indicative of the actual health of the economy… Read more
A company formed by Crow Holdings Capital Partners LLC in Dallas, Tex. paid $19.75 million ($599.16 per foot) to buy 32,963 sq. ft. of retail space at the northeast corner of 16th Street and Camelback Road in Phoenix. The seller was a company formed by investor Gordon Dreisbach of Lake Havasu City… Read more
Downtown Phoenix is about to get $75 million in new luxury condos as Habitat Metro announced it will begin construction on Phase 2 of its Portland Place condominium community later this year. The new project, called Portland on the Park because of its location between Portland Park and Margaret T. Hance Park bordering Central Avenue, is expected to be completed in 2016… Read more
A massive aquarium complex will be under construction by August on the Salt River Reservation, with completion expected by Christmas 2015. OdySea Aquarium, the 16-acre indoor attraction, will be adjacent to Butterfly Wonderland and OdySea Mirror Maze/Laser Maze, at the northeastern corner of Via de Ventura and Loop 101…Read more
After a buying binge that helped drive the housing recovery, big investors are being forced to rethink the home-rental business. With bargains less plentiful, executives are slowing property purchases and turning their focus to generating steady income from tenants. A spike in home prices over the past two years was quicker and more striking than many expected, squeezing returns… Read more