Commercial Real Estate & Business News – September 12, 2013

College Towns Draw CRE Investor Interest

Colleges and universities are a boon to local economies in more ways than just providing a steady supply of students who fuel demand for beer and pizza joints. Academic institutions are often the life blood for many “college towns.” In addition to hosting a ready-made pool of consumers, schools often serve as a major employer and a community partner who helps to seed innovation, research and business growth… Read more

One-Quarter of Phoenix Homeowners Still Upside Down on Mortgage

Despite momentous gains in home prices during the past year, roughly one quarter of homeowners in both metro Phoenix and across Arizona were still upside down on their mortgages this summer. As a result, the Valley and Arizona each ranked No. 3 in the nation for the highest negative equity rates… Read more

Gelt Nabs 240-Unit Versante Apartments

Gelt Inc., based in Tarzana, CA, acquired the 240-unit Versante Apartments for $15 million. The buyer made the value-add deal with Prudential Real Estate Investors. Versante, located at 1330 W. Broadway Rd., was built in 1971 and is 94% occupied… Read more

Fresh & Easy Stores Might Become Wild Oats

After nearly a year-long process, British retailer Tesco secured a way to exit the U.S. grocery market by agreeing to sell more than 150 of its roughly 200 U.S.-based Fresh & Easy stores to Yucaipa Cos., reports Supermarket News. As part of the transaction, Tesco will issue a $126 million loan… Read more

As Housing Rebound Helps More Retirees Sell Homes, Increased Demand for Senior Housing

Senior housing investment sales, which have been slowly creeping up this year, could see a big boost in activity in the near future. Investors in the sector see senior living assets continuing to benefit from the ongoing recovery in housing, which is making it easier for older owners to sell their homes in anticipation of moving to a senior housing facility… Read more