Commercial Real Estate & Business News – October 23, 2014

ULI: Investment Momentum Will Continue

With the Urban Land Institute?s Fall Meeting in full swing here, a pair of surveys cosponsored by ULI predicts the industry?s current momentum will carry over into 2015. The 2015 edition of ULI?s annual Emerging Trends in Real Estate report, co-published by PwC US and issued Wednesday at the conference, cites the rise of markets outside the coastal gateway cities, with Houston leading the way. Similarly, the semi-annual ULI/EY Real Estate Consensus Forecast issued last week predicts continued strengthening in the capital markets and in commercial real estate fundamentals… Read more »

MB Real Estate Enters Valley Market . . . Pays $40.885 Million for Medical Offices

In three sales totaling $40.885 million ($312 per foot), companies formed by MBRE Healthcare Group purchased roughly 131,000 sq. ft. of medical office buildings in Sun City. The sellers were companies formed by Healthcare Trust of America Inc. in Scottsdale (NYSE:HTA). The investment is the first in the Valley for MBRE Healthcare Group… Read more »

Lennar Buys Downtown Land from Israeli Developer for $13M

An Israeli real estate investment firm has sold a long empty downtown Phoenix parcel to homebuilder Lennar Corp. for $12.75 million. Lennar wants to build a 368-unit apartment complex at the property on the northwest corner of Central Avenue and McDowell Road… Read more »

New Data Point to Rising Construction Tide in 2015

In the West region, which includes Arizona, the index in September dipped slightly to 54.2 from 54.4 in August, but the index for the region is in the fourth month of a rebound from declining trends from April and May… Read more »

State Ready to Buy Homes for Loop 202 Extension

Plans to extend the Loop 202 freeway around the Phoenix area?s southern edge are nearing final approval, and owners of approximately 200 homes are being told they?ll soon have to find new places to live. The proposed South Mountain Freeway would extend from Interstate 10 near the Ahwatukee section of southeast Phoenix with I-10 on the metro area?s west side… Read more »