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 3 Apartments and Retail Following the Office Panel was Pete TeKampe of Marcus & Millichap to discuss the apartment market in Phoenix Metro. He has a very interesting way of following the market by looking at the eviction rate of apartments to predict the next rental increase cycle. He reviewed a couple of case studies that he had worked on showing how following the eviction rate helped him identify certain properties that were purchased and then had the rents increased to help realize value. View article…
To view the February 2013 Commercial Property Executive magazine, click here…
To view the February 2013 Real Estate Forum magazine, click here…
ML Manager Sells Off 291 Acres at $22.5k per Acre in Mesa Mark Winkleman – as COO for the court-appointed receiver for Mortgages Ltd., ML Manager – has sold 291 acres for $6,547,500 or $22,500 per acre. The buyer was a general partnership led by Mr. Michael Cowley of Strategic Capital Management. Notably, parties within the general partnership were also lenders to ML Manager- having previously lent $20M in 2009. No debt was recorded with sale. View article…
VENTURE FORMED BY PENSKE AND MARK-TAYLOR IS HIGH BIDDER ON STATE LAND PARCEL A venture formed by Penske Automotive Group Inc. in Bloomfield Hills, Mich. (NYSE:PAG, Roger Penske, chairman) and Mark-Taylor Inc. in Scottsdale (Jeff Mark, Scott Taylor, principals) was the lone, successful bidder in acquiring 35.45-acre parcel of state land in the northeast Valley. PAG Noma Master LLC(the Penske/Mark-Taylor entity) will pay $16.327 million to purchase the property in a cash transaction that is expected to close in early February. The prime acreage, located at the southwest corner of Princess Drive and Scottsdale Road, is owned by the Arizona State Land Department. The property was sold at public auction on January 29. View article…
MARCUS & MILLICHAP SELLS A 29,945-SQUARE FOOT RETAIL BUILDING Marcus & Millichap Real Estate Investment Services has announced the sale of Kohl’s San Tan Plaza Shops, a 29,945-Square Foot Retail property located in Chandler, AZ, according to Steven Chaben, Managing Director of the firm’s Phoenix office. The asset commanded a sales price of $3,650,000. View article…
CBRE Sells Shopping Center in San Luis, Ariz. CBRE has completed the sale of the San Luis Shopping Center, a 40,256-square-foot multi-tenant shopping center in San Luis, Ariz., a community located on the U.S. border with Sonora, Mexico. Andrew Fosberg and Steve Fernandez of CBRE’s Phoenix office represented the seller, whose portfolio is managed by Roseview in Boston, Mass. The buyer was SimonCRE of Scottsdale, Ariz., a company formed by Joshua Simon. The purchase price was $2.22 million. View article…
Baristas Secures Lease for First Tempe Location Baristas Coffee Company, Inc. (OTCPK: BCCI) said today that it has secured its first location in Tempe, AZ. The newly constructed location is at 1845 E. University Drive, Tempe, approximately 6000 feet from the ASU campus and is situated in conjunction with Arizona’s first green construction and technology car wash. It is expected to open mid to late Feb. View article…
Scottsdale International Auto Museum shifts gears to Metrocenter Mall in Phoenix The final hammer has come down on Barrett-Jackson’s annual Scottsdale auction, but Metrocenter has something new under the hood that’s sure to keep collector car enthusiasts’ engines revving year-round. The Scottsdale International Auto Museum has parked its multimillion-dollar vintage car collection in a 7,000-square-foot space at the Phoenix shopping center, a company official told me exclusively this week. View article…
Dignity Health building $44 million hospital in Glendale San Francisco-based Dignity Health has started construction on a $44 million hospital in Glendale. The new hospital will be called St. Joseph’s Westgate Medical Center. It will be built on a 35-acre campus near Loop 101 and Glendale Avenue, and is scheduled to open in early 2014. View article…
New Development Ramps Up on Plaza Del Rio Campus The Plaza Del Rio campus in Peoria is experiencing a surge in new development thanks to two significant new projects that recently got underway. Maracay Homes has received approval to build a new residential development called The Preserve at Plaza Del Rio, including 185 new homes on the Plaza Del Rio Campus. The new residential development will be built in three phases, and the homes will range in size from 1,496 to 2,499 square feet. Maracay Homes expects to open a sales office on site in early 2013. View article…
Streetcar plan inches ahead for Rio Salado, to link Tempe with Mesa Evidently, a streetcar linking Mesa and Tempe is desired. Representatives of Tempe, Mesa, Arizona State University and Valley Metro, the regional transportation agency, have agreed to conduct an early financial analysis of the project, according to minutes of a meeting held Jan. 7. View article…