Here are the news articles you might find interesting today for commercial real estate and business:
2013 IREM/CCIM Economic Forecast Recap by Nick Miner, CCIM – Part 2 Office Panel Following the Industrial Panel was the Office Panel. Let’s just say that they were in good spirits given the fact that the vacancy rate has dropped to 24.7% in the Valley. One of the panelist made a comment about the peak valley leasing rate on a full service basis was $35.75/SF. As of November 2012, that number was down to $25.75/SF. View article…
South Mountain Center at the Raven Sold for $13.9M Redstone Enterprises acquired the South Mountain Center at the Raven office building at 3540 E. Baseline Rd. in Phoenix, AZ from Omninet Capital for $13,943,911, or about $161 per square foot. The single-story, 86,835-square-foot office building was built in 2001 on 8.98 acres in the Airport Area submarket, at the northwest corner of Baseline and S. 36th Street. View article…
North 101 Business Park Sells for $5.6M Inland Western Phoenix LLC sold the 119,301-square-foot North 101 Business Park portfolio located at 20002 N. 19th Ave. in Phoenix, AZ to RRS & Company for $5.56 million, or approximately $47 per square foot. Built in 1983, the three buildings are situated on about 10.2 acres. The properties were vacant at the time of the purchase, but it was reported that the buyer has a tenant in place. View article…
Industrial Sale in Phoenix Forms + Surfaces, Inc. has purchased the 98,000-square-foot 71 Roosevelt Park at 1025 and 1033 N. 71st Ave. in Phoenix, AZ for approximately $4.12 million, or $42 per square foot. The buildings were constructed in 2007 on nearly 5.5 acres in the Tolleson Industrial submarket. View article…
BH Properties Pays $2.7M for 100,000-SF Industrial Bldg BH Properties LLC acquired the 99,969-square-foot industrial building at 2500 E. Chambers St. in Phoenix, AZ for $2.7 million, or more than $27 per square foot, from J.P. Morgan Chase Commercial Mortgage Securities in a CMBS REO sale. The property was built in 1995 and is part of the Southern Gardens Industrial Park. The property includes a secured concrete / asphalt paved yard, truck well and grade level loading. The building was vacant at the time of sale. View article…
Guaranty Bank and Trust Co. Sells Crown Plaza San Marcos Resort in Chandler Interwest Capital Corporation of La Jolla, CA has acquired the historic San Marcos Resort and Golf Course in Chandler for $11m. The seller, Guaranty Bank and Trust Co, held the property as Real Estate Owned for over a year following the bankruptcy of the resort’s prior owners. Interwest financed the transaction with $14m in seller carry debt, maturing January 28th, 2018. View article…
Canadian Home Framing Manufacturer Buys Ex-Schuck and Son’s West Valley Yard A 27 acre contractor yard that was previously owned by the now defunct home framing Schuck and Sons, has sold to the Canadian home framing company Zytech Building Systems. The property was sold for $5,500,000 and no new debt was issued with sale. The seller was Kevin Burnett, the CFO of Sundt Companies who acquired the property through deed-in-lieu after buying their $11M debt note December 30, 2010 from Johnson Bank. View article…
Bascom Adds Flagstaff Property to Burgeoning Portfolio Remaining true to its word to continue its investments in Arizona, Bascom Arizona Ventures LLC, on behalf of a fully discretionary fund, acquired the 194-unit Alpine Ridge Apartments in Flagstaff, AZ for $13.5 million. Though a seller wasn’t indicated in the announced sale, records from Coconino County indicate that Alpine Ridge Apartments LLC owned the property for several years. View article…
Meritage Homes to move its Scottsdale headquarters Meritage Homes Corp. (NYSE: MTH) is moving its North Scottsdale headquarters next year, but not very far. The publicly traded home builder has signed a new lease at the Raintree Corporate Center, joining a satellite office for The Arizona Republic and other tenants along the east side of Loop 101 on Raintree Drive…View article…
Cigna Medical Group pumping $20 million into Phoenix-area clinics Cigna Medical Group is investing about $20 million this year in construction projects at its clinics throughout the Valley. This expansion comes just as the Patient Protection and Affordable Care Act kicks in and increases access to health care to the uninsured, creating even more demand on physicians during times of physician shortages. View article…
Plan for casino near Glendale led to flurry of lobbying A prospective tribal casino near Glendale drove the most lobbying in Washington by Arizona groups last year, federal records show. The Tohono O’odham Nation, which hopes to add a Glendale-area casino to its three others outside the Valley, spent at least $1.2 million lobbying lawmakers. View article…
Scottsdale hotels growing revenue, still way behind pre-recession levels While Scottsdale hotels saw modest growth in occupancy and strong growth in revenue last year, they still have a ways to go to reach the peak numbers from five years ago, according to the latest data from STR. Hotels in the ritzy Phoenix suburb raked in $517.4 million in revenue for the year, an increase of 4.2 percent from 2011. View article…
HOUSING:
Languishing Home Improvement Market ‘Poised’ for Rebound: Study After experiencing a downturn, spending on home improvement may finally register an increase in 2012, with the market appearing to be “poised for a solid rebound,” according to a recent report from the Harvard Joint Center for Housing Studies. View article…