Commercial Real Estate & Business News – September 11, 2015

May we never forget….

Despite Investor Concerns of Overheating, Market Indicators Support CRE Pricing

As commercial real estate prices have continued to surge, some have become concerned that valuations may be overheating or even reaching bubble levels as a combination of high demand, low interest rates and loosening loan underwriting standards contribute to a record spike in deal activity and price paid per square foot for trophy properties in top U.S. and global markets… Read more »

Capital Real Estate Picks Up Second Valley Apartment Project In Two Weeks

A company formed by Capital Real Estate LLC in Denver, Colo. (Dan Levin, Douglas Andrews, et al., principals) paid $24.76 million ($123,800 per unit) to acquire The Springs at Alta Mesa, a 200-unit apartment project at 1865 N. Higley Road in Mesa. The seller was HSL Springs at Alta Mesa Apartments LLC, formed by HSL Properties Inc. in Tucson… Read more »

Papago Marketplace Sells for $12.5 Million amidst Renovations

Last Friday Lee Mashburn and Baltimore-based Timothy Gisriel of Alex Brown Realty purchased the Papago Marketplace neighborhood center at the southwest corner of Scottsdale and McDowell Roads for $12.5 million. The property is currently under renovation to expand site area to nearly 512,000 square feet, or 120,000 improved gross square feet. Alterations will include partial demolition of 29,000 square feet of existing structures. Buyers were assigned the ground lease recorded in 1961… Read more »

New 230-Unit Apartment Development Underway In Downtown Phoenix

Construction has started on a new 230-unit apartment complex in downtown Phoenix. Wood Partners is building the Alta Fillmore complex on 4.1 acres near Fillmore Street and Seventh Avenue. Construction on the complex to finish in early 2017. This is Atlanta-based Wood?s 10th complex in the the Phoenix area. ?Alta Fillmore will offer residents a unique value proposition that includes excellent walkability and bike-ability to the unique amenities found in downtown Phoenix,?… Read more »

Cactus League Has $809m Economic Impact On Arizona

Spring training baseball has become a driving force in Arizona?s economy according to a pair of studies released today by Governor Doug Ducey and members of the non-profit Cactus League Baseball Association. The studies, conducted earlier this year, estimate spring training teams and the ballparks they play in now annually generate more than $809 million in economic impact for the state. Included in that number is more than $544 million that results from out-of-state Cactus League fans… Read more »