Here are the news articles you might find interesting today for commercial real estate and business:
The Hilton Tapatio Cliffs Resort Sells at CMBS Bank Sale The Pointe Hilton Tapatio Cliffs Resort in North Phoenix was purchased by Boxer Properties through a $23m bank sale from C-III Capital as special servicer for Bank of America CMBS. Assumption of a 65 year ground lease concluding in 2053 was disclosed with sale. The resort totals 584 rooms in twenty-eight buildings, and features an eighteen-hole, par seventy-one golf course. The site consists of approximately 230 acres zoned RH, or resort district, south of the southeast corner of Seventh Street and Thunderbird rd. View article…
Former Bechtel Corp. office building in Glendale falls into foreclosure A nearly 153,000-square-foot office building along Glendale’s Bell Road corridor has fallen into foreclosure after the owner defaulted on its $24 million loan, according to records in the Maricopa County Recorder’s Office. The Talavi Corporate Center is located within the 65-acre Technology Center at Talavi near Bell Road and 59th Avenue. It is a Class A office building that once housed the local operations of San Francisco-based Bechtel Corp., an engineering, construction and project management firm. View article…
New owner puts Phoenix Metrocenter Mall on a mission The new owners of Metrocenter, once one of Arizona’s most successful malls, hope mixed-use projects can breathe new life into the struggling shopping center. The New York-based Carlyle Development Group plans to submit a rezoning application to the city in early 2013 to turn the mall into a mixed-use project, which would stretch the offerings beyond only retail. View article…
HOUSING:
Ryland Group buys Trend Homes, takes over 7 Phoenix-area communities Gilbert-based Trend Homes’ days as a privately held company are over. Parent company Najafi Cos. LLC has agreed to sell its operations and assets to the Ryland Group Inc. (NYSE: RYL), a publicly traded home builder based in Westlake Village, Calif., for an undisclosed amount, according to statements from Najafi and Ryland on Monday. View article…
Chinese buyers lead foreign investment in US housing market As the U.S. housing market slowly starts to recover, foreign investment is helping it along. According to the National Association of Realtors, non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They’re buying high-end, multimillion-dollar homes from California to New York and paying cash. View article…
Freddie Mac: What to Expect from Housing in 2013 Freddie Mac made suggestions on what housing might look like in 2013 in its December outlook report. Overall, the GSE expects to see a continuation of positive trends. For one, property values should still rise into the next year and are likely to increase by 2 to 3 percent, Freddie Mac reported. View article…