Here are the news articles you might find interesting today for commercial real estate and business:
Mercury Investment Unloads Mission Springs Apartments for $23m Adrian Goldstein of Gelt, Inc. and Warren Breslow of Goldrich & Kest have acquired Mission Springs Apartments in Tempe for $23m or $75,163.39 per unit. The purchase was financed with $17m new multifamily debt originated by CBRE Multifamily Capital and assigned to Fannie Mae. The 306-unit complex is 97% occupied and consists of 27 one and two story buildings totaling 227,481 ft2. View article…
Villa Contento Sells in Scottsdale Triton Properties, Inc. sold the 18-unit Villa Contento apartment complex located at 1550 N. 85th Pl. in Scottsdale, AZ to DSRM LLC for $4,275,000, or about $237,500 per unit. The sale included 18 fully-leased units along with 20 finished lots totaling 1.7 acres. The buyer plans on expanding the Villa Contento and developing the raw land included in the closing. View article…
Burlington Coat Factory, Hooters, Buffalo Wild Wings coming to Scottsdale Pavilions Burlington Coat Factory will open a new store next year at the Pavilions at Talking Stick shopping center at Indian Bend Road and the Loop 101 freeway. It will be Burlington’s eighth Arizona store and will encompass 50,000 square feet at the Pavilions center. View article…
Chipotle, Arizona Republic headed to Westgate Glendale’s Westgate Entertainment District is picking up two new tenants. Fast casual restaurant Chipotle Mexican Grill is opening a new 2,550-square-foot restaurant at Westgate. Denver-based Chipotle has been steadily expanding its footprint in Arizona in recent years. View article…
Commercial Real Estate Vacancies Slowly Declining, Rents Rising Most of the major commercial real estate sectors show gradually improving fundamentals and are easily absorbing the relatively small amount of new space that is coming online, with a full recovery already in the multifamily market, according to the National Association of Realtors quarterly commercial real estate forecast. View article…
HOUSING:
Patchwork of Mortgage Laws Not Helping with Recovery: Why Different States Are Getting Out of the Housing Crisis Faster America’s housing market is finally starting to really recover from the Great Recession, but some areas of the country are fighting back faster than others. New research from the W. P. Carey School of Business at Arizona State University indicates one reason: Different states have dramatically different mortgage laws, and some make it easier to push through tough times. “The laws across states use different legal theories as the basis for mortgages, and they balance the rights of creditors and borrowers very differently,” explains Assistant Professor of Real Estate Andra Ghent of the W. P. Carey School of Business. “The variations started early in America’s history, and they’re not really based on economic reasons, but they’re still having a major influence on what’s happening now with the housing market.” View article…
More than 15% of Phoenix homes sitting vacant Nearly 16 percent of all the houses, condominiums and apartments in the Phoenix area are vacant — one of the highest rates in the nation. New research from On Numbers shows that as of 2011, the most recent year for which data is available, there were roughly 1.8 million housing units in the Phoenix area and about 283,000 were vacant. View article…