Commercial Real Estate & Business News – September 26, 2014

Companies formed by Sabal Financial Group L.P. paid $51.075 million (blended average of $87.57 per foot) to buy a combined 583,252 sq. ft. of Phoenix office space. The sellers in four separate cash transactions were commercial mortgage backed securities (CMBS). The special servicer assigned to dispose the properties was CWCapital Asset Management LLC in Bethesda, Md. The Valley assets were sold as part of a larger portfolio sale that included additional office properties in other markets… Read more »
For those who have written off Mesa’s Fiesta District after years of decline, the idea that the once-thriving commercial center could again become a major regional destination may seem absurd. So is it realistic or foolish to buy into a vision of the Fiesta District as a cultural hotspot, one where residents, workers and shoppers can mingle in an urban environment?… Read more »
Building an interstate highway takes time and money. The $2.5 billion for Interstate 11 builds the road from central Arizona to Las Vegas, but the overall project creates a lot more in terms of ecnomic value for Arizona…Read more »
A snapshot of building permit activity in both Paradise Valley and Scottsdale in the month of August over the last three years show housing construction steadily increasing. One community continues to see an increase in single-family home construction while the other is seeing a proliferation of multifamily housing from border to border.Read more »
Approximately 19.5 percent of the Valley’s homeowners owed more than their house is worth as of June 30, down from 21 percent at the end of this year’s first quarter. At the worst of the housing crash, more than 40 percent of metro Phoenix homeowners were underwater… Read more »