Commercial Real Estate & Business News – July 22, 2013

Office/Industrial: Money In The Market

As recent as two years ago, commercial foreclosures were affecting the markets and underlying property values. Then talk surfaced that the “blue blood” money was back and looking to make deals. Fast forward to 2013: Is this still the case? “In regards to office and industrial, the blue blood’ is very active in the marketplace,” says Todd Jarman, senior vice president Commercial Real Estate for BBVA Compass… Read more

Mesa’s Fiesta Mall May Be Facing Foreclosure

Fiesta Mall, one of Mesa’s most iconic shopping centers, may have run into some troubles with its $84 million mortgage. The owner, Macerich Co. (NYSE: MAC), a Santa Monica, Calif.-based real estate investment trust, declined my requests for comment, but its loan documents provided to me by Trepp LLC this week indicate… Read more

Mesa New Housing Market Hits Highest Mark In 5 Years

Mesa’s new housing activity more than doubled in the last three fiscal years. During fiscal year 2011 – which began July 1, 2010, and ran until June, 30, 2011 – the city issued 414 new home permits. During the most recent fiscal year, which ended June 30, the city issued 982 permits. In June alone… Read more

Leader Winds Down Mortgages Ltd. Asset Sell-Off

Mark Winkleman is the chief operating officer of ML Manager LLC, which took over the assets of Mortgages Ltd. after the Phoenix-based hard-money lender crashed with the real-estate market. His job for the past three years has been to sell the lender’s assets and try to recover the most money for the more than 1,500 investors. No easy feat… Read more

ORION Negotiates Sale of Wal-Mart/Lowe’s Anchored Shops

ORION Investment Real Estate announced the closing of Northern Crossings, a 13,800 SF multi-tenant retail strip center, shadow anchored by Wal Mart and Lowes in Glendale for $2.05M ($148 per SF) to Russcor Northern Crossing, LLC.”The market was very receptive to the offering, we had to choose a buyer from over a dozen offers” said Andrew Harrison, vice president at ORION… Read more