Commercial Real Estate & Business News – May 8, 2014

CRE Bank Lending Increases; Terms Ease in Q1

US banks stepped up their commercial real estate loan lending in the first quarter while easing terms, according to the April 2014 Senior Loan Officer Opinion Survey on Bank Lending Practices. On balance, the Fed reported, banks eased their lending policies for commercial and industrial and commercial real estate loans. At the same time, these institutions reported stronger demand for both types of loans over the quarter… Read more

Strong Employment Numbers Lead to Hope for More Office Leases

There was a surge in hiring among national office tenants in April, with an addition of 75,000 new jobs, an increase representing more than one-third of the growth seen during the past 12 months. April’s improved employment statistics were reflected in most industries, with total non-agriculture new jobs rising by 288,000 and the national unemployment rate dropping to 6.3 percent.. Read more

Phoenix Investors Plan to Redevelop Shopping Center on Indian School

A group of Phoenix investors bought a half-empty shopping center southwest of 32nd Street and Indian School Road for $16.75 million with plans to redevelop the 14.5-acre property. DeRito Partners, bought the 147,000-square-foot center from Bashas’ Inc. in a deal that closed last month. The center is anchored by Howard’s Ace Hardware and a 41,500-square-foot Food City. The supermarket will be closing within 60 days, said Marty DeRito, DeRito Partners CEO… Read more

ADOT seeks $70 million from feds for Phoenix-Las Vegas freeway, other projects

The Arizona Department of Transportation wants a $35 million federal grant to help study Interstate 11, the proposed highway link between Phoenix and Las Vegas. The request is part of a $70 million effort from the state to secure federal transportation money. ADOT also wants $24.5 million to repair an aging bridge on a remote section of Interstate 15 that cuts across the northwest corner of the state. The stretch connects Las Vegas and St. George, Utah… Read more

Tesla to Break Ground on Not One, but Two Battery Factory Sites

Tesla Motors Inc. will break ground on its $4 billion battery factory next month, and follow that up by breaking ground on a back-up site sometime in the following month or two, officials said Wednesday. “It really is quite soon,” CEO Elon Musk said during a conference call with investors. The company also announced Panasonic has signed a letter of intent with Tesla to partner on the factory… Read more