Commercial Real Estate & Business News – September 19, 2014

The red hot market in Tempe is getting even hotter as new hotel and office towers are planned on Mill Avenue alongside the landmark Monti’s La Casa Vieja restaurant. The $150 + million office-hotel project is targeted for a 2.5-acre site located at the southwest corner of Mill Avenue and Rio Salado Parkway. The development is planned by a venture formed by Douglas Wilson Cos. in San Diego, Calif. (Douglas Wilson, chairman) and Phelps Development LLC… Read more »
With hotel occupancy rates high and still rising, investors are continuing to book huge investment deals in the segment. Take today for example. NorthStar Realty Finance Corp. announced that it has entered into a definitive agreement to acquire a $1.1 billion hotel portfolio from Inland American Real Estate Trust. The portfolio is comprised of 52 upscale extended stay and select service hotels with approximately 7,000 rooms… Read more »
Scottsdale has received its first payment from the Arizona State University Foundation for its $81.4 million investment in SkySong, the ASU Scottsdale Innovation Center. In addition, SkySong is seeking an amendment to its original zoning case to allow greater building heights along McDowell Road and Scottsdale Road south to SkySong Boulevard… Read more »
The apartment industry is riding high these days. Sales volumes are at peak levels. Prices have jumped to all-time highs. Capitalization rates have dropped to long-time lows. And buoyed by strong demand and easily accessible funding, apartment construction has surged to the highest levels since the 1980s. All these high-water marks suggest an obvious question: Is multifamily housing reaching a bubble?… Read more »
When STORE Capital CEO Christopher Volk and his business partners started their Scottsdale real estate investment trust in 2011, the timing was ideal for STORE and their clients as well. The trust specializes in sale-leaseback transactions. Its goal is to encourage business owners to consider selling current properties to STORE, an acronym for single tenant operational real estate, and in turn lease them back. If they do, it could free up funds for expansion or other capital needs… Read more »