I hope you had a Merry Christmas and Happy New Year! 2013 is here and I am looking forward to working with you this year!
Now, here are the news articles you might find interesting today for commercial real estate and business:
To view the 4Q12 Net Lease Market Report by the Boulder Group, click here…
209,000-SF Southgate Mall Sells to CCA and Kornwasser Southgate Mall LLC, an affiliate of CCA Acquisition Co. and Kornwasser Shopping Center Properties, acquired the 208,976-square-foot Southgate Mall from MidFirst Bank. The buyer paid $4.12 million for the REO property. View article…
Go Daddy’s Bob Parsons buys Glendale office project for $13M Go Daddy founder and Executive Chairman Bob Parsons has snatched up another piece of commercial real estate in Glendale. A statement this week from Peoria-based Plaza Cos. said the Arrowhead Professional Center III – a 71,521-square-foot medical office project located north of Bell Road along 79th Avenue near the Arrowhead Towne Center shopping outlet – was sold to Arrowhead Professional Center LLC for $13.25 million. View article…
More than 600 acres in Mesa sell for $25 million A private investor has purchased roughly 610 acres of land in Mesa in the former Williams Trade Zone for $25 million. The group Buckeye Casa Grande LP bought the swath of land, along Ellsworth and Pecos roads, with plans to develop build-to-suit projects that will continue the expansion of the employment base in the Gateway area. View article…
Developer sells Cambria for $18M After owning Cambria Luxury Apartments for more than a decade, the multifamily property’s developerRobson Communities sold it for $18.6 million. Farnham Realty Inc. of Phoenix, an active buyer and seller of multifamily properties in the area, ended up with the 174-unit asset. According to Rue Bax at ORION Investment Real Estatein Scottsdale, AZ, he and colleagues Alon Shnitzer, John Kobierowski, Eddie Chang and Doug Lazovick began marketing the multifamily property at 130 W. Guadalupe Rd. right after Thanksgiving. View article…
German Buyer Snags Papago Spectrum GLL Real Estate Partners acquired the 159,764-square-foot Papago Spectrum. The German investor has ownership of a class A, multi-tenant office building, and at 91% occupancy, the new buy offers decent upside potential. Located at 1225 W. Washington, the building is home to the University of Phoenix, which occupies the top two floors. According to a press release issued by Jones Lang LaSalle, additional recent leases totaling 27,000 square feet have also been signed. View article…
Stonegate Bldg H Sells for $2.5M McClean Holdings LLC acquired the office building at 14155 N. 83rd Ave. in Peoria, AZ for $2,451,810, or nearly $269 per square foot, from 83rd Stonegate LLC. Building H in the Stonegate Office Park is fully leased to Concentra Health Care. It totals 9,107 square feet and was built in 2006 on 0.7 acres in the Arrowhead submarket of Maricopa County. View article…
Shoppes at Legacy Sell for $6.9M YAM Management has acquired the Shoppes at Legacy Place shopping center at 5609-5763 E. McKellips Rd. in Mesa, AZ from Mutual of Omaha Insurance Company. The center transferred in an REO sale for $6.85 million, or approximately $115 per square foot. The property comprises five buildings on three legal parcels totaling 7.5 acres. It includes both inline spaces and freestanding buildings leased to AutoZone and OfficeMax. The seller, Mutual of Omaha, foreclosed on the asset in mid-2010. View article…
The Phoenix-area’s Top 5 wealthiest ZIP codes Wealth is well-settled in the northeast portion of the metro Phoenix area, according to a list of the region’s Wealthiest ZIP Codes compiled by Esri and published today in the print edition of the Phoenix Business Journal. View article…
Wells Fargo to hire 900 in Phoenix area, staff new Tempe mortgage center Wells Fargo will hire roughly 900 people to staff a new home loan operations center in Tempe, as well as existing mortgage offices around Phoenix. View article…
HOUSING:
RealtyTrac: 20 Metros Where Foreclosure Listings Should Rise in 2013 Foreclosure inventory may be decreasing, but certain metros showed high-levels of foreclosure activity in 2012, which means they might also be places where foreclosure listings-short sales or REOs – could increase, according to an article from RealtyTrac. View article…