Commercial Real Estate & Business News – November 23, 2015

Retail, Office Loans Lead Surge in Originations

Third quarter 2015 commercial and multifamily mortgage loan originations were 12% higher than during the same period last year and 3% higher than the second quarter of 2015, according to the Mortgage Bankers Association. Increases in originations for retail and office properties led the overall increase in commercial/multifamily lending volumes when compared to the third quarter of 2015… Read more »

Foreign Investors View U.S. Industrial Portfolios as Solid Buy

Industrial properties, typically a sector ignored by foreign investors due to comparatively low lease rates and locations far away from urban centers, have now become a desired asset class for such buyers, including foreign pension funds and sovereign wealth funds, experts say… Read more »

Phoenix Wage Growth Tops National Rate

Phoenix area wages grew faster during the summer months than they did in the U.S. as a whole and also topped most major metro areas, federal data shows. That’s welcome news for workers after years of subpar growth for wages that typically are below average in the first place. As of September, wages in the Phoenix area grew 2.7 percent compared with the same period a year ago, according to the Employment Cost Index for the U.S. Bureau of Labor Statistics. That gain ranked fourth among the 15 metro areas tracked as part of the index and topped the 2.1 percent increase seen nationally… Read more »

New ?Row? Project Promises a More Vibrant Downtown

Chandler?s burgeoning downtown is about to get another eye-popping addition to its environs: a project its planners envision as becoming ?the heart and soul? of a mixed-use development already approved for the area. The Row, as it will be known, is scheduled for construction to get underway later this year. Led by Vintage Partners, a Phoenix-based commercial real estate development and investment company, the project will be undertaken in partnership with the city of Chandler, which sees the project as being a major draw to the city?s downtown entertainment district… Read more »

Paradise Valley Corporate Center Conveys for over $37 Million

The four-story Paradise Valley Corporate Center office complex sold Tuesday to an investment entity managed by Buchanan Street Partners. The sale totaled $37.4 million, or $188 per square foot. This was a cash-only transaction… Read more »