Commercial Real Estate & Business News – September 4, 2014

AP Source: Tesla Selects Nevada For Battery Plant

Tesla Motors has chosen Nevada as the site for a massive, $5 billion factory that will pump out batteries for a new generation of electric cars, a person familiar with the company’s plans said Wednesday. The person, who spoke on condition of anonymity because no official announcement had been made, said work would soon resume at an industrial park outside Reno… Read more »

Child Services Agency Takes 67K SF in Valley

CBRE has completed two office leases totaling 67,335 square feet in Metropolitan Phoenix. The leases are representative of new office requirements by the state of Arizona for the newly created Child Safety and Family Services agency. A 26,265-square-foot, full-floor space in West 101 Corporate Center, which is owned by Los Angeles-based Regent Properties and located at 1860 N. 95th Lane in Phoenix, will service CSFS?s West Valley clients. The second location is a… Read more »

True Life and Renova Exercise Reata Ranch Option

Just days before it was set to expire, local developer Taber Anderson?s True Life Companies?with backing from Russian Conglomerate, Renova Group?has exercised its option to purchase more than 160 acres of vacant land previously platted for residential development in Scottsdale… Read more »

Beverly Hills Investment Firm Buys Chandler Building For $12.7m

A Beverly Hills investment firm has bought the Chandler building that houses Iridium Communications? local operations for $12.7 million. Bradley Cohen?s Los Angeles-based real estate firm Cohen Asset Management, Inc. bought the 69,400-square-foot building from John Ferrari?s Scottsdale-based Abart Properties Corp… Read more »

CRE Lending by Banks Surpasses Pre-Recession Levels

U.S. bank lending on commercial real estate has now rebounded to levels not seen since before the Great Recession, but loans from those heady days of 2007 are still acting as a drag on bank coffers, though much less of one. The total volume of CRE loans made by banks as of June 30 is now 2% higher than it was going into the summer of 2007… Read more »