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Commercial Real Estate & Business News – October 3, 2014

U.S. office rents and occupancies inched higher in the third quarter, as a gradual improvement in the overall economy is translating into a sluggish recovery in the office sector. Average rents sought by landlords reached $29.62 a square foot in the quarter, up 0.4% over the second quarter and 7.7% since the postdownturn nadir reached in 2010, according to real-estate research firm Reis Inc. Read more »
Sales of retail properties continue to accelerate, with most investor groups now on the lookout for attractive retail assets, according to the most recent report from Real Capital Analytics (RCA), a New York City-based research firm… Read more »
Abacus Capital Group LLC has made its second multi-family investment in the Valley in nine months by paying $41.15 million ($171,458 per unit) to acquire the 240-unit Level at Sixteenth apartments located at 1550 E. Campbell Avenue in Phoenix. The seller was a company formed by Cornerstone Real Estate Advisors LLC…Read more »
The owner and founder of DriveTime Automotive Group Inc. in Phoenix has acquired an office-industrial project in Mesa that will house hundreds of new employees being hired by the fast growing national used car business. Verde Investments Inc. in Phoenix (E.C. “Ernie” Garcia, principal) paid $8.8 million ($82.07 per foot) to buy the 15.97-acre Superstition Commerce Park, which is located west of the northwest corner of US 60 and Sossaman Road… Read more »
Phoenix may have to wait another two years to make it out of the prolonged recovery following the worst economic calamity in four generations. The word from speakers at the SRP Economic Forecast 2015 presented by the Phoenix Business Journal is that 2016 is year of full recovery. A group of more than 700 business professionals gathered at the J.W. Marriott Phoenix Desert Ridge Resort & Spa to hear the advice… Read more »