Commercial Real Estate & Business News – November 4, 2013

Downtown Phoenix’s 44 Monroe – Arizona’s tallest residential tower – has officially been sold to a publicly-traded real estate investment trust in Boston for $40 million. The sale was part of a $246 million portfolio deal that included three other luxury apartment projects… Read more
The vacancy is the area’s lowest one since early 2011, despite new units coming online. The report points out that vacancy among class C units is the highest at 10%, but also declined the quickest, falling 180 basis points within the past year. Part of the reason for this class’ success is due to previously distressed multifamily properties being acquired and stabilized by new ownership. On the other end of the class spectrum, class A properties have a 5.8% vacancy… Read more
Small tenants appear to be making a comeback in retail, office and industrial space, a positive sign that the markets are coming back to life. “You don’t read about this. It’s not super sexy talking about a 5,000-square-foot office,” says David Krumwiede, executive vice president of Lincoln Property Company. “You conglomerate those people and it’s big news”… Read more
Investment opportunities in secondary markets are shaping up to have more potential than their primary market counterparts, according to a Siguler Guff report… Read more
Andy Stafford, director of commercial real estate at the NASA Federal Credit Union told us that for the past three years, its commercial real estate lending portfolio has increased each year. In 2012 it saw a 23% increase in its portfolio; the year before that it was 16%. This year, he predicted, commercial real estate lending by the NASA Federal Credit Union will likely rise between 30% and 35%… Read more