Commercial Real Estate & Business News – November 4, 2014

Malls Fill Vacant Stores With Server Rooms

The Internet is moving to a shopping center near you. As America?s retailers struggle to keep up with online shopping, the Internet is starting to settle into some of the very spaces where brick-and-mortar customers used to shop. The shift brings welcome tenants to some abandoned stretches of the suburban landscape, though it doesn?t replace all the jobs and sales-tax revenue that local communities lost when stores left the building… Read more »

Phoenix Boasts Record Number Of Adults Living With Roommates Or Family

One of every three adults in the Phoenix area is living with roommates or family, according to the Zillow real estate firm. That is the highest doubling-up rate on record in Phoenix, and just above the 32 percent national rate for adults living in with roommates or family. The rate is even higher in Los Angeles (48 percent) and Riverside, California (45 percent), and in New York (43 percent). The roommate rate is up from before the recession and economic upheavals… Read more »

Oregon Firm Buys Downtown Phoenix Office Tower In $59.65 Million Deal

A company formed by ScanlanKemperBard Cos. in Portland, Ore. (Robert Scanlan, Todd Gooding, principals) paid $59.65 million ($159.91 per foot) to purchase a 373,013-square-foot office building located at 101 N. First Avenue and a nearby parking garage with 12,765 sq. ft. of retail space at 21 W. Van Buren Street in Phoenix. The seller was AG 101 North First-21 West Van Buren LLC, a company formed by Angelo, Gordon & Co. LP of New York City, N.Y… Read more »

Nick Miner Appointed to CCIM Committee

Nick Miner, vice president of ORION Investment Real Estate,was appointed to serve as a member of the Certified Commercial Investment Member Institute?s Executive Committee, which is a governing body for the organization that works in conjunction with CCIM?s Board of Directors, national committees, and staff. The organization?s leadership teams convene at the CCIM Institute?s spring and fall business meetings… Read more »

Bascom Adds To Apartment Portfolio…Pays $40.5 Million For 408 Units In Phoenix

A company formed by Bascom Arizona Ventures LLC paid $40.5 million ($99,265 per unit) to acquire the 408-unit Indigo Creek apartments located at 14221 N. 51st Avenue in Glendale. The seller was CFS Indigo Creek LLC, a company formed by Falcon Southwest in Austin, Tex. (Phil Capron, pres.)… Read more »