Here are the news articles you might find interesting today for commercial real estate and business:
Pacific West Land Acquires Vistancia Neighborhood Shopping Center Bruce Galloway, CEO of Pacific West Land, has acquired two adjacent shopping centers in the Vistancia neighborhood from their original developer for $25.75m or $195.53 per ft2. Pacific West Land paid $12.875m cash for the property and secured an additional $12.875m in debt with Meridian Bank. The larger of the two centers, both in terms of rentable square feet and acreage, is legally described as Lots 1-7 inclusive and Tract A of Vistancia Retail Subdivision, Parcel D9 and totals 94,119 ft2 on 10.691 gross acres, zoned PCD. It is anchored by a 57,888 ft2 Safeway and features 11,760 ft2 inline retail in two buildings occupied by several full service restaurants and a Great Clips barber shop as well as four retail pads totaling 24,030 ft2 and occupied by a Chase Bank and a Subway restaurant. View article…
CPI ANNOUNCES THE SALE OF A 32,674 SF MEDICAL PROPERTY IN GILBERT FOR $7.4M Commercial Properties Incorporated (CPI) announces the sale of a 32,674 square foot medical office building in Phase 1 of the Greenfield Medical Dental Center in Gilbert, Arizona. Chad Merwin of Commercial Properties Incorporated represented the buyer, Gilbert Medical 2012 LP. View article…
CBRE Completes Sale of Tibshraeny Plaza in Mesa CBRE has completed the sale of Tibshraeny Plaza, a 25,976-square-foot retail strip center located at 918, 930 and 932 W. Southern Ave. in Mesa, Ariz. Cam Stanton of CBRE’s Phoenix office represented the seller, Tibshraeny Companies Inc. of Mesa. The buyer, Dickenson-Phoenix LLC of Scottsdale, Ariz., was represented by Ron Finkel of AZ7 Real Estate in Phoenix. The purchase price was not disclosed. (However, I confirmed it was $1.5M) View article…
Stein Mart to open 2 Arizona stores this fall Stein Mart Inc. plans to open seven new stores this fall, with two of them coming to Arizona. The new stores will expand the company’s footprint to 263 locations nationwide. Four of the stores are new and three are relocations, according to a company news release. View article…
Cumulative CMBS Defaults Up But Slowed by New Issuances The cumulative default rate for commercial mortgage-backed securities (CMBS) in the U.S. rose over the third quarter, largely due to an increase in defaults among office loans, according to the latest data from Fitch Ratings. The rate rose from 13.2 percent in the second quarter of this year to 13.5 percent in the third quarter, according to Fitch. View article…
HOUSING:
Foreclosure Resales in Phoenix Drop to Lowest Level Since 2008 Foreclosure resales in the Phoenix area fell to the lowest level since January 2008 as fewer bank-owned properties are listed for sale, according to San Diego-based DataQuick. In September, foreclosure resales accounted for 19 percent of all homes that were resold, a decrease from 19.2 percent in August and 44.4 percent in September 2011. In March 2009, foreclosure resales peaked at 66.2 percent. View article…
Foreclosures Cost Nearly $2 Trillion in Home Equity: Report Foreclosures have drained nearly $2 trillion in home equity from neighborhoods across the United States, according to a report from the Center for Responsible Lending (CRL). In a report titled “Collateral Damage: The Spillover Costs of Foreclosures,” researchers Debbie Bocian, Wei Li, and Peter Smith conclude that, based on the 10.9 million loans that entered foreclosure between 2007 and 2011, approximately $1.95 trillion in property value has been lost or will be lost by residents who live close to foreclosed properties. View article…
Agents Suggest Banks May Be Holding onto REOs A sharp drop in distressed sales is one of the main drivers behind the steady rise in home prices seen in certain areas throughout the country, according to the monthly Campbell/Inside Mortgage Finance HousingPulse survey. The survey includes responses from about 2,500 real estate agents through the United States. In September, the HousingPulse Distressed Property Index (DPI), which measures the proportion of purchase transactions involving distressed properties, hit a record low of 38.6 percent based on a three-month moving average. View article…
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