Commercial Real Estate & Business News – March 28, 2014

Target’s Closure Likely Ends Major Retail At Chandler Mall

Visitors once could get their hair styled, pick up paintball accessories, buy furniture or even get a new friend at a store that sold exotic birds at East Valley Mall. At the heart of it all, driving traffic to the strip center on the northwestern corner of Arizona Avenue and Warner Road, was one of Chandler’s first Target stores. It was a fixture at the plaza for more than 20 years… Read more

Foreclosed Apartment Project In North Phoenix Trades For $22.242 Million

A venture formed by Synergy Properties Ltd. in Vancouver, B.C., Canada (Bill Boultbee, Kingsley Noel, Kyle Ulinder, principals) and Myles Bruckal and Steven Bruckal of Phoenix paid $22.242 million ($51,014 per unit) to purchase the 436-unit Carleton Club apartments located at 17425 N. 19th Avenue in north Phoenix. The seller was General Electric Credit Equities Inc. in Irvine, Calif… Read more

Commercial Real Estate Forecast 2014-2015

Non-residential real estate values should rise at a modest-to-moderate pace in the coming two years, with stronger operating earnings partially offset by rising interest rates. Private non-residential construction is growing at a fairly strong pace, except in comparison to its past peak. Total dollars spent have increased by nearly ten percent in the past 12 months… Read more

Shea Completes Second Take-down in Vistancia West

Shea Homes has completed their second recent acquisition into the Vistancia West development- purchasing 45.4823 acres for $3,807,290 or $83,709 per acre. Mr. Charles Duff of Tempe-based Farnam Realty was the seller; and also provided seller-carry financing with a phased lot release. Mr. Farnam had previously purchased 99.855 acres on December 31st, 2005 for $5,492,080 or $55K per acre… Read more

Phoenix Hotel Market Picking Up

Given a recent report on the uptick in Florida’s hotel market, spoke with Bill Murney, HREC senior vice president in charge of the Phoenix office, to get a take on the state of the Valley’s hotel industry. The hotel investment market is picking up. There is not much for sale, but because most other top 25 markets have reached or exceeded their 2007 peak… Read more