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Lee & Associates - Arizona | Week in Review | Friday, August 21, 2015

08/20/2015


LEE NEWS

 

Rados Sells Three Parcels Within Tolleson Industrial Park            

In three sales totaling a combined $9.148 million, Rados Cos. In Santa Ana, Calif. Has sold 31.36 acres with the 85-acre Rados Tolleson Center in Tolleson. BREW            
           

LOCAL NEWS              
Single-family houses fuel gains in US homebuilding in July            
U.S. builders started work on single-family houses last month at the fastest pace since the Great Recession began in late 2007. AZ CENTRAL                          

Phoenix asks for new bids for 100-year-old ‘Psycho’ building redevelopment            
The city of Phoenix has issued a new request for proposals for redevelopment of the historic Barrister Place Building downtown. The city wants to sell the 100-year-old building at Central Avenue and Jefferson Street for at least $2.28 million, according to city documents.  PHOENIX BUSINESS JOURNAL 
           
Phoenix Gets 467-Unit Mixed-Use Project next to Central Ave. Metro Light Rail            
Central and Pierson will see two new mixed-use buildings totaling 467 residential units and 19,748SF of commercial and retail space under plans submitted to the City of Phoenix by developer Omninet. AZBEX           
                          
Why two companies skipped Phoenix and chose another city for 3,000 jobs Phoenix competes heavily against Salt Lake City, Denver, Austin and Dallas for companies and business expansion. PHOENIX BUSINESS JOURNAL
           

Mid-Year Phoenix Retail Update Halfway through 2015 brings good news on the Phoenix retail front with vacancy and absorption continuing to improve. Current vacancy in Phoenix has reached single-digits for the first time in 15 quarters, it is now 9.9%. AZRE

 

NATIONAL & INTERNATIONAL NEWS

 

Overnight, NYC real estate got more expensive for Chinese buyers             
In a stunning move, the Chinese government devalued its currency, the renminbi, by 1.9 percent against the dollar – the greatest single-day markdown since 1994. The move appears in part designed to curb capital outflows from China, which would give New York real estate, an industry that has benefitted from these outflows like few others, something to think about.  THE REAL DEAL              
                
CMBS Delinquencies Continue on Downward Track                 
The delinquency rate for commercial mortgage-backed securities (CMBS) continues to head lower, as borrowers refinance debt ahead of a wave of maturities in 2017. REIT.COM                 
 
Billions of dollars in new headaches ahead for old real estate deals                     
A signature financial instrument of the pre-financial crisis real estate boom is about to come due. And for some large real estate owners – particularly in the Midwest and Southeast – that could mean trouble. YAHOO FINANCE                      
                        
CRE Market Plateauing? New Sentiment Survey Shows This May Be the Case                        
A third quarter Sentiment Index just released by The Real Estate Roundtable, a public policy organization, shows that senior CRE executives’ expectations for the commercial real estate market over the next 12 months are becoming more moderate than they were a year ago. NREI.ONLINE    
                   
Commercial construction at 2001 levels, UCLA Anderson survey finds                        
Commercial construction activity in California has risen to its highest level since 2001, according to a new UCLA Anderson Forecast survey of commercial real estate developer sentiment. PRESS ENTERPRISE      
                  
                                                    
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08/21/2015 - 09:00

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