Commercial Real Estate & Business News – November 14, 2013

During the recession, hundreds of retail power center tenants went dark, putting millions of square feet of vacant space back on the market. Store chains like Circuit City, Borders and Mervyns went bankrupt, while others such as Best Buy and Linens N Things, sharply reduced their number of stores, leaving vacant holes in many shopping centers… Read more
The Valley’s largest apartment owner has bolstered its multi-family holdings in the Phoenix area with the $26.5 million ($78,869 per unit) acquisition of the 336-unit Orion at Hermosa Pointe apartments at 10002 N. 7th Street in Phoenix. A company formed by Weidner Apartment Homes in Kirkland, Wash. was the buyer, bringing its Valley multi-family holdings to 7,625 units in 22 communities… Read more
Mesa’s Fiesta Mall, one of the Valley’s most iconic shopping centers, is now officially lender-owned. Macerich Co. (NYSE: MAC), a Santa Monica, Calif.-based real estate investment trust, turned the mall over to the lender by a deed-in-lieu of foreclosure on Sept. 30… Read more
There will finally be as many people working in Arizona at the end of next year as there were employed here in 2005. But a new report Thursday shows it will take perhaps three more years for the state to hit its pre-recession employment peak. And even at that point, the Arizona’s jobless rate won’t be anywhere close to what it was…Read more
Investors see a lot of runway in front of homebuilders as they prepare for the takeoff of the residential markets recovery. As home price appreciation has climbed over the last 12 months after the bottom fell out of the business in 2006 and ’07, many homebuilders have been expanding their land and lot holdings in the past year — in some cases by as much as 50%… Read more