HAPPY PRESIDENTS’ DAY!
Here are the news articles you might find interesting today for commercial real estate and business:
Settlement Reached in Suit Over Paradise Valley Ritz Carlton Jerry Ayoub of Five Star Development, LLC and iStar Financial – represented by its Senior Vice President, David Sotolov – have filed a settlement agreement with the US District Court for the Southern District of New York, resolving their longstanding dispute. The settlement includes an amended and restated carve-out guaranty, which absolves Mr. Ayoub of personal liability contingent on satisfaction of the terms of the Settlement. Per the terms of the agreement, Five Star Development forfeits a $13.3m letter of credit currently in escrow and must pay an unspecified amount to iStar by July 22nd, 2013 or face monthly escalations of the settlement payment amount. View article…
Big Lots Property Sells for $5M VP Arrowhead LLC sold 17510 N. 75th Ave. in Glendale, AZ to Bluebird Arrowhead Phoenix LLC for $5 million, or about $144 per square foot. Originally built in 2000, the single-story retail property totals 34,837 square feet on approximately 4.1 acres in Maricopa County. View article…
Mesa expects freeway to drive development Like a modern Stonehenge, rows of massive pillars guard swaths of as-yet-undeveloped desert in southeast Mesa. Adorned with rebar and the hieroglyphics of freeway artistry, the towers soon will be topped with what planners see as a literal roadway to the future. The vision includes high-rises just across the street from Phoenix-Mesa Gateway Airport. It includes a 60-gate airport terminal just south of where the freeway will someday cross Ellsworth Road. It embraces the concept of a world-class “aerotropolis” that may become one of the state’s strongest economic nodes. View article…
Phoenix Premium Outlets announces Coach, Gap, Polo, Puma among stores coming Phoenix Premium Outlets has officially unveiled some of the brands that will be a part of the new southeast Valley outlet mall opening in April. As part of a press release for a job fair happening today for the retail center, Premium Outlets shared the names of about 60 of the mall’s 90 planned stores. View article…
LongHorn Steakhouse expanding in Arizona LongHorn Steakhouse’s Arizona expansion continues with the planned opening next week of its newest restaurant in Chandler. The steakhouse brand, owned and operated by restaurant chain Darden Restaurants Inc., will open its third location in the state at 980 N. 54th St. in Chandler on Feb. 18. View article…
Desert Botanical Garden opens full-service restaurant The Desert Botanical Garden has opened Gertrude’s, a new full-service restaurant. Named for the garden’s founder Gertrude Divine Webster, the restaurant opened in January. It offers breakfast, lunch and dinner during the week and brunch on Sundays. DBG spent $1 million to renovate its existing plant and gift shop to create a space for Gertrude’s, said MaryLynn Mack, deputy director of the garden. It was in the works for the better part of three years. View article…
Indices Show Slow, Steady Recovery for Commercial Real Estate The indices have been released for 2012, and they show continued steady strength for commercial property investments. “Real estate investment returns have a reputation for stability, and 2012 has reinforced that,” says Ron Kaiser, chairman of the National Council of Real Estate Investment Fiduciaries (NCREIF) Board. “Not only have quarterly total returns again come in at the 2.5 percent level, but all property types and nearly all geographic regions report similar numbers.” View article…
HOUSING:
Report: Price Recovery Appears Unsustainable in Arizona, Nevada Certain states are seeing stronger, above average gains in home prices, but concerns have been raised that some states are seeing “unsustainable, investor-fueled” increases, Capital Economics pointed out in a recent report. In response to those concerns, the research firm conducted an analysis of seven states plus the District of Columbia to see if price gains are merely investor led or truly sustainable. Out of the 8 places covered, the firm concluded five states appear to be sustainable based on factors such as income and employment growth. View article…
New Home Closings and Prices in Phoenix Decrease According to Latest Figures Closings of new homes fell year-over-year in November in the Phoenix, AZ market, and the percentage decline was steeper than October 2012. New home closings saw a fall of 44.3% from the year earlier to 495. This came after a 37.7% fall year-over-year in October. A total of 9,949 new homes were sold during the 12 months that ended in November, down from 10,342 for the year that ended in October. View article…