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Commercial Real Estate & Business News – May 30, 2013

Commercial Real Estate Fundamentals Improving, Lending Tight for Small Business

With vacancy rates modestly falling and rents moderately rising in commercial real estate sectors, market fundamentals have improved, but financing remains a challenge for small business, according to the National Association of Realtors quarterly commercial real estate forecast… Read more

$48M Secured for Oro Valley Marketplace

Vestar has secured a $48.4 million, seven-year, permanent loan to refinance its Oro Valley Marketplace. In obtaining the refinancing, the Phoenix-based developer was able to retire the floating-rate construction loan it had obtained in 2010… Read more

Main Street Stretch in Mesa to See Revitalization

Valley real-estate mogul Michael Pollack has sold three east Mesa properties in a $2 million deal city officials hope will help revitalize the stretch of Main Street between Recker and Power roads. Salt Lake City-based investment firm Cottonwood Equity, operating as Mesa Main Street Plaza LLC, bought the properties… Read more

Phoenix Home Foreclosure Rate Down Sharply from a Year Ago

The foreclosure rate in the Phoenix area declined in April from a year ago, more proof of the improving housing market in Arizona. According to new data from CoreLogic, the Phoenix-area foreclosure rate was 1.2 percent in April, as opposed to 2.7 percent a year earlier. Foreclosure inventory in the Phoenix area was also lower than the national inventory… Read more

Expect at Least $2B in Medical Office Portfolio Sales in 2013

Doubling down is the name of the medical office game, as health care REITs specializing in medical office buildings now typically see twice the yield as companies focusing on other property types. Large portfolio sales volume increased from the previous record of $1 billion set in 2007 to $2 billion in 2012… Read more