Commercial Real Estate & Business News – October 7, 2013

Supply shortage in Phoenix housing market finally loosening – for now

The chronic supply shortage that has had a stronghold on the metro Phoenix housing market this past year is finally loosening its grip and may return to a state of normalcy by year end, according to the latest Arizona State University report released Friday… Read more

Whitestone REIT to Offer Common Shares

Whitestone REIT said that week that it intends to sell 4,000,000 of its common shares in an underwritten public offering. In connection with the offering, Whitestone intends to grant the underwriters a 30-day option to purchase up to an additional 600,000 common shares to cover over-allotments, if any. Robert W. Baird & Co. Inc. and JMP Securities LLC are acting as joint-book running managers of the offering… Read more

Facility Closures & Downsizings: Closing Stores To Up Appeal to Investors

Privately-held Fresh & Easy Neighborhood Market, which operates 200 full-service grocery stores in California, Arizona and Nevada, filed for Chapter 11 bankruptcy court protection as it European-based owner Tesco prepares to sell the grocery store chain to Mexico-based Yucaipa Cos… Read more

NAIOP: Gov’t Uncertainty Clouds Development

US CRE development generated $303.4 billion of economic activity in 2012, up nearly 16% from 2011’s tally of $261.6 billion in 2011, while adding 307.5 million square feet to the nationwide total, up 29% from the new space built in the prior year. Yet governmental uncertainty threatens such double-digit gains from being achieved again in the next few years… Read more

Lincoln Property and Carefree Partners Readying 267 Acre Goodyear AirPark

“East side-west side, airparks ring the town,” could be the new Valley lyrics to the old children’s song. An airpark comes to the West Valley when the massive Goodyear AirPark is developed by Lincoln Property Company and Carefree Partners across Maricopa Hwy. 85 at Litchfield Road… Read more