Here are the news articles you might find interesting today for commercial real estate and business:
Industrial Metal Supply Bldg Sells for $9M A family partnership acquired the industrial building at 5150 S. 48th St. in Phoenix, AZ from Pantera Holdings, Inc. for $9 million, or about $109 per square foot. Built in 2001, this light manufacturing building sits on 4.9 acres in the S. Airport N of Roeser Industrial submarket, within minutes to all major freeway systems and the airport. View article…
Mesa West Inks $34 M Refi for Tempe Properties Mesa West has provided Brookfield Asset Management with a $34 million first mortgage loan to refinance a two-building office complex in the Phoenix submarket of Tempe. The two Class A office buildings, a five-story and adjacent four-story building located at 100 & 150 West University Drive, total 299,000 square feet and are 99 percent occupied. View article…
Upscale Modern Margarita ready to open at CityNorth Modern Margarita, a bar-and-restaurant concept from Valley restaurateur Julian Wright, is opening in the northeast Phoenix mixed-use development CityNorth on Thursday evening. On the northern side of High Street between 53rd and 54th streets, Modern Margarita is an upscale, urban bar with modern decor featuring wood walls, a concrete bar, industrial floors and exposed ceilings. The space also includes VIP booths for bottle service and a 1,200-square-foot patio with a fire pit. View article…
New Tempe restaurant Salut Kitchen Bar to hire 50 New Tempe restaurant Salut Kitchen Bar, slated to open next month, is hiring up to 50 people to fill out its staff. Salut will open in a 3,400-square-foot spaced at 1435 E. University Drive, Suite 112 in Tempe. View article…
Land: A Desirable Commodity Again During the Great Recession and it fallout financial aftermath, land lay more or less fallow in the metro area. With single-family homes falling into foreclosure and commercial development in all sectors at a standstill, acreage and land parcels didn’t budge. What a difference a few years makes. View article…
Polsinelli Shughart PC law firm changing its name The Polsinelli Shughart PC law firm is losing the Shughart from its name. The firm is changing its name to simply Polsinelli PC. The name change kicks in next month. View article…
MidFirst Bank acquires Presidential Financial Corp. Oklahoma City-based MidFirst Bank, which has 24 banking centers in Arizona, has acquired Atlanta-based Presidential Financial Corp. Presidential Financial, an asset-based senior secured lender, will operate as a subsidiary of MidFirst Bank and maintain its own brand and management team. View article…
HOUSING:
Phoenix Area Ready for Even Higher Home Prices Even though the median Phoenix-area home price shot up by more than a third last year, we can expect area prices to keep soaring in 2013. That’s according to a new housing report from the W. P. Carey School of Business at Arizona State University, which offers the latest numbers for Maricopa and Pinal counties, as of January:
- The median single-family home price went up 35.3 percent — from $120,500 to $163,000 – between January 2012 and January 2013.
- The very limited supply of homes available for sale in the lower price range is expected to keep pushing prices higher.
- Foreclosures went up somewhat in January, but it’s believed to be a normal, post-holiday-season bump that is already reversing. View article…
Wealthy investors keep buying metro Phoenix homes to rent Billion-dollar investors backed by Wall Street continue to buy metro Phoenix houses with plans to turn them into rentals. New York-based Blackstone Real Estate, buying through a Tempe partnership called Treehouse, has spent several million dollars on houses in the region over just the past few weeks. At the end of 2012, almost 25 percent of all the region’s homes were owned by investors, according to an Arizona Republic analysis. View article…