Commercial Real Estate & Business News – October 17, 2013

DMB Associates Unveils Vision For Verrado’s Next Generation Community’

DMB Associates broke ground today on “Victory,” totaling approximately 1,200 acres, representing the next generation of communities for people 55+ years and better. “We’ve created a neighborhood in our thriving small town community of Verrado where people can explore the life they have waited to live for at least 55 years… Read more

Irgens Pays Nearly $7.6 million for Chandler Land, Plans New Facility

Milwaukee-based commercial real estate developer Irgens paid $7.58 million this week for a massive piece of land near Chandler Municipal Airport and is looking for a tenant to take up a 400,000-square-foot office and flex facility it hopes to build on the site, according to a company statement today… Read more

U.S. Property Investors Ease Up on Torrid Pricing Growth Even as Leasing Momentum Continues

Even as businesses continue to lease office, industrial and retail space at a faster clip, prices for U.S. commercial property leveled off in August as investors reacted to signals that the Federal Reserve was considering plans to begin tapering its elevated bond purchasing activity once the economy fully achieves firm footing… Read more

Infill developer optimistic buyers will still close on Hotel Monroe

The Phoenix infill developer who is part of the group trying to buy the long-vacant Hotel Monroe building in downtown Phoenix is optimistic the deal will still go through after a delayed closing. “It’s all good to go. We are anxious to get this thing rolling,” said Ed Gorman, chief executive of Modus Development… Read more

Scottsdale hotels see up-and-down recovery

Scottsdale’s hotel business is a ways down the road to recovery, but it has not yet reached the levels of income or occupancy seen before the recession. But more visitors are again returning, according to the Scottsdale Convention & Visitors Bureau. The vast majority are day visitors, with more than 1.1 million people staying in hotels in 2012, up from 1 million in 2009… Read more