Here are the news articles you might find interesting today for commercial real estate and business:
Retreat at the Raven Apartments Purchased by The Hudye Group for $22.565M a 192 unit apartment complex at 3606 E Baseline Rd in Phoenix was sold by Shahram Afshani of Los Angeles to The Hudye Group, represented by Bendict Hudye (CEO), for $22.565M with $6.1M down and $15,821,480 debt. The debt is an all inclusive deed of trust which rolls Afshani’s outstanding debt of $13,356,480 with Union Bank of California as a senior note and an additional $2,465,000 seller-carry debt into one debt structure with a schedule of payments maturing 11/1/18 with a final lump payment of $11,642,599. View article…
D.R. Horton Acquires 432 Density Lots in Vinsanto for $6.692m Geoffrey Fearns, CEO of Irvine, CA-based Tri Pacific Capital Advisors sold 432 density lots within Vinsanto for $6.692m or $15,490.74 per lot. The lots have a minimum size of 1,392 ft2 and a maximum size of 4,080 ft2 and represent the bulk of the partially developed 602 lot, 62.4 net acre subdivision. Located at the Southeast corner of 79th Avenue and Encanto Boulevard in Phoenix, the property was previously acquired by Tri Pacific Capital Advisors on January 13th, 2006 for $5,965,448 in an all cash transaction. View article…
NightRider Jewelry to boost production by 10 times with expansion NightRider Jewelry will start making its high-end bling in a new 15,000-square-foot production facility in Chandler starting next month. The move will allow the company to produce 10 times more to meet growing demand. NightRider is leaving a 1,200-square-foot space at Rural Road and U.S. 60 in Tempe. Officials declined to share the cost of the new facility, which will open Nov. 5 and is expected to create 50 jobs. View article…
Wild Horse Pass outlet mall preparing for spring debut Certain that everybody loves a bargain, Maura Eggan is building a promotional campaign for the new Phoenix Premium Outlets, adjacent to Wild Horse Pass Hotel & Casino at Interstate 10 just south of Loop 202, that will be opening in the spring. The center, just south of Ahwatukee and just west of Chandler, will be among roughly 60 such shopping centers in the U.S. and about a dozen more in Japan, Korea, Malaysia and Mexico. View article…
Goldwater Library and Archives to be constructed in Mesa Downtown Mesa will become home to the Barry and Peggy Goldwater Library and Archives under a formal announcement made Wednesday by the Goldwater family and city officials. The library will be constructed using private funds on land owned by the city at the southeast corner of Macdonald and First Avenue. The city and library board will work out an agreement for the land, officials said Wednesday. View article…
Neighbors band together to fight proposed car dealership in Scottsdale Neighbors are protesting against a proposed car dealership in Old Town Scottsdale. A businessman wants to open a Mercedes dealership on his property off Scottsdale Road and Highland Avenue, but neighbors in a town home complex next door are trying to get it stopped. View article…
Phoenix-area student body nears 1.2 million Nearly 1.2 million people in the Phoenix area are students, from preschoolers to doctoral students. New research from On Numbers shows 83 million Americans were attending school last year, according to newly released data from the U.S. Census Bureau’s American Community Survey. That dwarfs the 50.5 million workers in the next-largest group — the bureau’s occupational catch-all of management, business, science and arts. View article…
HOUSING:
Two-Thirds of the Largest Metros See Decline in Foreclosure Activity Foreclosure activity in a majority the nation’s largest metros slowed down in the third quarter, according to a foreclosure report from RealtyTrac. From the second quarter to the third quarter of this year, 62 percent of metropolitan areas with a population of 200,000 or more saw a decrease in foreclosure activity, or 134 out of 212 metro areas. View article…
Once-Invisible Inventory Can Be Seen on Zillow Instead of finding clever ways to chase shadow inventory, Zillow has decided to make things easy for thrill-seeking homebuyers and investors who are trying to track down unlisted, invisible inventory. The real estate data provider announced Thursday it is now providing information on 1.8 million pre-foreclosure and foreclosed properties at no cost. The homes provided through Zillow are not yet listed and apparently, are yet to be found on any Multiple Listing Service (MLS). View article…
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