Here are the news articles you might find interesting today for commercial real estate and business:
Fairfield Acquires 214-Unit City Scape at Lakeshore Fairfield Residential Co. LLC made its second area buy in the past couple of months, paying Farnam Realty $22.65 million for ownership rights to City Scape at Lakeshore. The Southern California buyer adds the 214-unit City Scape to its purchase of the 408-unit Tempe Grove Apartments, on which it closed in early September. Fairfield Residential, which had once been very active in the Phoenix market, filed for Chapter 11 in 2009, a victim of the faltering economy and maturing loans. View article…
Broadstone Ahwatukee Fairways Purchased by Colrich The Broadstone Ahwatukee Fairways, a 310 unit apartment complex at 13220 S 48TH St, was sold by a joint venture of Alliance Residential and AEW Capital Management for $27.2M or $87,741 per door to Colrich of San Diego with the deal recording October 2, 2012. Colrich took on a new $21.8M Freddie Mac loan maturing October 1, 2022 and originated through CBRE Capital Markets. View article…
Glendale recrafting arena lease deal for Phoenix Coyotes The city of Glendale hopes the seventh time is a charm when it comes to an arena deal and keeping the Phoenix Coyotes at Jobing.com Arena. Glendale City Manager Horatio Skeete presented a new Jobing.com Arena lease deal to the City Council Tuesday, and he is in the process of negotiating that deal with prospective Phoenix Coyotes buyer Greg Jamison. View article…
What Will the Impact of the 2012 Presidential Election be on Commercial Real Estate? We asked 16 industry pros for their thoughts on the upcoming presidential election. Reactions ran the gamut. Some say whomever ultimately inhabits the White House for the next four years will have a big effect on the sector. Others pointed to alternate factors as being more critical in determining the outlook for commercial real estate. View article…
CMBS Delinquency Rate Slips Below 10%: Trepp Commercial mortgage-backed security (CMBS) delinquencies have posted substantial declines over the past two months, according to Trepp. After falling 21 basis points in August, delinquencies decreased another 14 basis points in September, bringing the delinquency rate below 10 percent, just barely. View article…
Arizona No. 6 in U.S. for job growth in past year Arizona is No. 6 in the nation for job growth during the past year, adding nearly 55,000 jobs between August of 2011 and the same month this year. New research from On Numbers shows Arizona’s job growth rate during that time was 2.27 percent, good for the sixth-highest rate in the country. In raw numbers, Arizona’s addition of 54,600 jobs ranked No. 7 in the U.S. Arizona had 2,462,000 jobs in August. View article…
KKR Says Goodbye Gold and Corn, Hello CRE Kohlberg Kravis Roberts & Co. (KKR), a leading global investment firm with $61.5 billion in assets under management and a preference for spicier investments over commodities such as corn, is now showing a growing taste for commercial real estate. KKR has jumped back into property investments after largely being dormant in the post Great Recession era. View article…
HOUSING:
Phoenix-area Home Prices & Supply Are Slowly Inching Up Both Phoenix-area home prices and the number of homes available for sale are slowly inching up. A new report from the W. P. Carey School of Business at Arizona State University reveals the numbers for Maricopa and Pinal Counties, as of August:
- The median single-family home price went up from $149,000 in July to $150,000 in August — about 1 percent.
- The median price is up by more than one-third (about 34 percent) from last August.
- Supply of available homes for sale finally went slightly up in most areas of the Valley, but overall, low supply continues to limit market activity. View article…
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