Here are the news articles you might find interesting today for commercial real estate and business:
Tempe Industrial Sells for $2M Ewing Development, Inc. acquired the industrial building at 1721 W. 10th Pl. in Tempe, AZ from Kornwasser Realty Advisors for approximately $2.02 million, or $50 per square foot. The 40,427-square-foot warehouse building was constructed in 1975 and sits on 2.4 acres. The property was 96 percent occupied at the time of sale. View article…
Apartments acquisition OK’d as grant-obligation strategy It is hard to imagine a more blighted street in Scottsdale than the one immediately south of SkySong. The first block of Belleview Street east of Scottsdale Road includes a string of boarded-up and long-vacant apartment buildings surrounded by fencing. It is a striking contrast to the $44million, 325-unit apartment buildings the Plaza Cos. is developing at SkySong, the ASU Innovation Center southeast of Scottsdale and McDowell roads. View article…
Wildflower Bread Company opens Arrowhead location Wildflower Bread Company fans living or working in Arrowhead no longer have to drive to the Deer Valley Towne Center to try the bread of the month. The Scottsdale-based company opened a location at 17530 N. 75th Ave. Tuesday, marking its 12th location in the state and its third in the West Valley. View article…
Desert Ridge HOA gets own space with CityNorth office The Desert Ridge Community Association recently opened an office at CityNorth in northeast Phoenix, giving staff and volunteer board members a convenient meeting place for communication, community general manager Terrance Smith said. View article…
CityScape developer, other boosters plot new downtown Phoenix blueprint We have heard ambitious plans before for downtown Phoenix. Some have worked, some have faltered and many have fallen in the middle. But the architects of the new Downtown Phoenix Inc. group see that group and new downtown economic development efforts as a real maturation of the decades-long effort to bring vibrancy to the historically sleepy central business district. View article…
Discovery Triangle circles back into Scottsdale view Scottsdale’s elected leaders may be open to renewed discussions on joining the Discovery Triangle, a regional planning effort the city has so far eschewed. The Discovery Triangle Development Corp., a public-private partnership, is working to promote the 25-square-mile region anchored by downtown Phoenix to the west, Arizona State University in Tempe to the southeast and Papago Park to the northeast. View article…
Oakland A’s moving to Mesa The Oakland Athletics and city of Mesa have reached a final and expected deal to bring the team’s spring training to Hohokam Stadium in 2015. The A’s will take over Hohokam after the Chicago Cubs move to a new $99 million stadium also in Mesa. View article…
Fitch: CMBS Loans in Special Servicing Down to 3-Year Low The volume of underperforming CMBS loans in the hands of special servicers fell to the lowest level since 2009, Fitch Ratings reported. At the end of 2012, the volume of specially serviced CMBS loans decreased to $70.6 billion after peaking at $91.7 billion in 2010, according to the rating agency. View article…
HOUSING:
Infill development in Phoenix a positive sign for housing Experts say the Phoenix residential real-estate market is rebounding, and one indicator of a turnaround is the appearance of new construction in the city’s core. Developers are jumping on available land in the heart of the city and turning those parcels into residential projects, according to Jim Belfiore, president of Belfiore Real Estate Consulting. View article…
New homebuilder sets up shop in Valley In the slow recovery of the home-building industry, a new player has stepped into Phoenix to contribute to the recovery. According to the Fort Mill Times Gehan Homes, a Texas-based home building company, is coming to the Phoenix area because to possibilities of Phoenix’s future economic growth, as well as its strong demographics of the area. View article…
New Chandler complex set to have more than 250 homes A Chandler lot that once appeared destined to contribute to a glut of retail space in Chandler now is a step closer to becoming home to hundreds of people as a residential development. Pollack Real Estate Investments recently finalized the sale of 9.61 acres on the northeastern corner of Alma School and Pecos roads to Aerie Land Development LLC of Tucson. View article…
Firm Says National Home Price Gains Are Unsustainable While some read recent home price gains as a sign of an improving market, Radar Logic warns the recent gains are “unsustainable” and may actually be dampening market recovery. Radar Logic attributes recent house price gains to anomalous factors it considers temporary, including low interest rates and elevated investor demand. “None of these drivers are likely to last, particularly as housing prices increase,” RadarLogic stated in its December RPX Monthly Housing Market Report. View article…
Report: Why High-Priced Homes Are Leaders in the Recovery Historically, higher-priced homes are a leading indicator of the real estate market and tend to lead the market during times of recovery, according to the Home Value Forecast (HVF) report jointly released by Pro Teck Valuation Services and Collateral Analytics. View article…