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Commercial Real Estate & Business News – September 27, 2013

Foreign Investment in U.S. CRE Grows

Foreign investors continue to snap up ownership stakes in major landmarks ranging from Manhattan office towers to Miami condo projects. That appetite for U.S. commercial investment property shows no signs of slowing any time soon… Read more

Commercial Real Estate Prices on Upswing

Commercial real estate pricing indices continue to show signs of a broader recovery underway this year. CoStar’s Commercial Repeat-Sale Indices (CCRSI) indicate prices are heating up for lower-grade assets. CoStar’s General Commercial Index, which comprises lower-tier properties, has risen 12 percent year to date through July 31, compared with a 5.7 percent rise in CoStar’s Investment Grade Index, which mainly represents high-end properties… Read more

Major Camelback Corridor Office Building Sold for $12m

3333 E Camelback Road has sold to Fenway Properties for $12m or roughly $130 per square foot. The 92,348 ft2 multi-tenant office building is comprised of two contiguous 2-story buildings built in 1986 on 4.97 acres. The property features 350 parking spaces for a parking ratio of 3.79 per 1,000 square feet and is EnergyStar rated… Read more

Density at Issue Over Scottsdale Cottonwoods Revamp

A number of Paradise Valley residents are concerned over plans to redevelop Scottsdale Cottonwoods Resort & Suites and fear an approved rezoning request on the southern portion of the site will severely impact local density restrictions… Read more

Architectural Billing Index Shows Strong Gains

Western architects’ August billing climbed to the top regional slot in the monthly index published by the American Institute of Architects (AIA). The Architectural Billing Index for the region reversed two months of slight declines and rocketed to 54.8 for August, up 3.7 points from 51.1 in July. The West, which includes Arizona, had two months of positive for the first time since May’s 52.1 index… Read more