Commercial Real Estate & Business News – September 30, 2014

Why Stores Still Rule Retail

For all the talk of how online retail dominates, the vast majority of purchases are still made in person, in a physical location. Surprised? E-commerce sales were just 6.4 percent of total retail sales for the second quarter of this year, according to the U.S. Department of Commerce, up from just 5.8 percent the same period 2013. In some product categories such as electronics, online buying makes more sense. Products that can be easily researched and compared, with a purchase decision based largely on price, provide few compelling reasons to go out to a store… Read more »

Economy Watch: GDP, Consumer Sentiment

Real U.S. gross domestic product increased at an annualized rate of 4.6 percent during the second quarter of 2014, according to the Bureau of Economic Analysis? final estimate, which was released on Friday. It was a 360-degree turn from the weather-impaired first quarter, when real GDP decreased 2.1 percent… Read more »

Pollack: Recession at Any Time Soon? Not Likely

Good news continues. As we have said before, this would normally be the boom portion of the cycle. Given the slower than normal rate of growth in this cycle, 2015 will almost be back to average for an expansion. BUT, no boom is likely at any time soon. The good news is that unless something unexpected occurs, the cycle is likely to last quite a while longer. Slower than normal? Yes. Recession at any time soon? Not likely… Read more »

320-Unit Multi-Family, Restaurant Planned for East Camelback Road

The City of Phoenix has approved a minor plan amendment for a new mixed-use, multi-family development southwest of the corner of Camelback Road and 44th Street. Developer JLB Realty LLC will build the 320-unit Residences at Camelback, which will rise 56? ? including an 8.5KSF rooftop fitness center ? and include commercial elements, such as a new restaurant from LGO LLC, the group behind the popular La Grand Orange and Chelsea?s Kitchen eateries… Read more »

New York Life Spends $41.75 Million for 432 Apartments in Two Chandler Projects

A company formed by New York Life Investors in San Francisco, Calif. paid $41.75 million ($96,644 per unit) to acquire 432 apartments in two adjoining multi-family projects in Chandler. The properties were both sold by limited partnerships formed by AIMCO… Read more »