Commercial Real Estate & Business News – November 21, 2013

Residential Project Kicks off at Scottsdale Quarter

The long-awaited residential component at Scottsdale Quarter was breaking ground this afternoon, also kicking off the third and final phase of the entire mixed-use shopping center. Located at the northeast corner of Scottsdale Road and Greenway-Hayden Loop, the 275-unit luxury apartment project – dubbed Crescent Scottsdale Quarter – is a joint venture between Charlotte, N.C.-based Crescent Communities and Ohio-based Glimcher Realty Trust (NYSE: GRT), the developer of the Quarter, according to a Crescent statement today… Read more

Boutique Hotel Investor Acquires Twin Palms Hotel in Tempe

Located just South of Arizona State University’s Gammage Auditorium on the southwest corner of Apache Boulevard & College Avenue, Twin Palms is a 7-story hotel built 1975 with 140 rooms. The 2.41-acre parcel includes a freestanding restaurant leased to International House of Pancakes (IHOP #1510) dating back to 1968. There are also a number of telecommunication leases on the site… Read more

Chandler Sees Boom in Multifamily Housing

For the first time in at least 20 years, more apartment and condominium units than single-family homes are going up in Chandler this year. It’s a trend that is likely to continue as Chandler moves toward build-out, but city leaders recently got together to discuss whether that is consistent with their vision for the city… Read more

New Construction Threatens Multifamily’s Good Run

Is the party over? The apartment market has been on an exceptional run for the past four years. A for-sale housing market in tatters, a weak recovery in the labor market that created mostly middling jobs for young workers, and benign supply growth all conspired to create a significant recovery in the apartment sector. However, the landscape is already changing… Read more

Rebound in Market for Suburban Office Space

The market for suburban office space – which saw vacancy rates spike above 30 percent in some areas of the country a few years ago – appears to be making up for big losses during the recession. Since the beginning of 2012, suburban markets have accounted for 87 percent of office demand, according to data from CoStar Group. Many of these markets are in “premier” locations where technology and energy-related companies are driving the growth in demand. This follows a time period when the trend was many companies abandoning the suburbs in favor of consolidated buildings near public transit in urban areas… Read more