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Commercial Real Estate & Business News – June 10, 2013

Beach-Club Developer Yari Acquiring Downtown Galleria

The developer of downtown Scottsdale’s new beach-club-anchored entertainment complex is purchasing the Galleria Corporate Centre. Shawn Yari, owner of Triyar Cos., is acquiring the property, his spokesman, David Leibowitz, said. The property has been owned by JEMB Realty since 2000. The sprawling, three-story commercial complex, on the northeastern corner of Scottsdale Road and Fifth Avenue… Read more

AMC Theatres Coming to Centerpoint on Mill in Downtown Tempe

Spanning three city blocks at the northwest corner of Mill Avenue and University Drive in the heart of downtown Tempe, Centerpoint on Mill will add an AMC Theatres complex to its urban mix of dining, nightlife, offices and shopping this Fall 2013. AMC Theatres has executed a lease for a 37,645 square-foot space… Read more

Bank CRE Distress Levels Improving; Profits From REO Sales in Sight

Distress levels on commercial real estate loans continued to improve for the nation’s banks in the first quarter. Levels of past due and foreclosed CRE fell more than $6 billion to a combined $78.1 billion at banks. However, pockets of weakness (or opportunities, depending on your investment perspective,) continued across the country… Read more

Parkway Properties Assumes Majority Interest in US Airways Headquarters

An ownership group comprised of W.P. Carey & US Airways sold a 74.58% interest in the US Airways Building at 111 W Rio Salado Parkway in Tempe to Parkway Properties for $41.765m. In conjunction with its acquisition, Parkway issued $13,944,746 in new debt to the entity controlled by W.P. Carey and US Airways. The sale price is reflective of a March 15th, 2013 agreement valuing the property at $56M… Read more

Land Sale Opportunities and Challenges

Land deals are out of mothballs and back at the forefront of the real estate industry – in some cases a bit too much ahead of the forefront. In Southern California, Phoenix, and other Southwestern markets, the surge is causing concern from recession-weary landowners who thought they’d cash in on the upturn but are finding home prices aren’t… Read more