Here are the news stories you might find interesting today:
Bavarian restaurant transplanted to Surprise
Specialty toy store opens in Mesa
U.S. economy contracted less than expected
NEW YORK INVESTOR GETS IN ON LAND BUYING SPREE . . . NABS BRIDGES AT GILBERT PROPERTY
Gilbert – A company formed by Angelo, Gordon & Co. in New York City, N.Y. (John Angelo, Michael Gordon, partners) paid $21.3 million to buy 339 partially finished lots and 318 acres of residential land within a community called The Bridges at Gilbert. The seller was a company formed by AmTrust Bank in Cleveland, Ohio. Records show the buyer acquired the property with a down payment of $9.555 million. The seller carried back $11.745 million of the purchase price.
USAA VENTURE TO DEVELOP BUILD-TO-SUIT IN TEMPE FOR UNIVERSITY OF PHOENIX
Tempe – A venture formed by USAA Real Estate Co. and Metro Commercial Properties in Tempe (Pat Althoff, principal) plans to develop a 400,000-square-foot office building in Tempe that will be occupied by the University of Phoenix. The venture, called US Real Estate Limited Partnership, paid just under $7.033 million in cash to acquire the site for the planned office project. The seller was Park Corners LLC, a company formed by Principal Financial Group Inc. (NYSE:PFG) in Des Moines, Iowa. The property, located east of Interstate 10 at 1601 and 1625 W. Fountainhead Parkway, is now occupied by two office structures that will be razed in favor of the new building. Representatives of USAA Real Estate and Metro Commercial Properties declined to comment on the planned development. Sources say the venture could go six to eight stories high with the building, which will have a structured parking facility. The site is just under 11.33 acres.
49 of 50 states lose manufacturing jobs
| Arizona and every other state but Alaska lost manufacturing jobs during the past 12 months. |
Retail Cap Rates Shoot Through the Roof’ as Fundamentals Slide
Just when it seemed that retail fundamentals had hit historical lows and might begin leveling off, a second-quarter report by New York-based research firm Reis projects that neighborhood and community center vacancies will rise to 12% next year while capitalization rates are expected to continue climbing. (The higher the cap rate, the lower the purchase price of properties).
Mesa Hispanic supermarket opening delayed
| The opening of the Hispanic-themed Mi Pueblo Supermercado at Main Street and Dobson Road in Mesa might be delayed six to eight weeks so its opening can be coordinated with other grocery stores the company plans to open in Phoenix, said Luis Granda, Mi Pueblo marketing manager. |
Dispute delays opening of Chavez restaurant
| Fans of boxing great Julio Csar Chavez will have to wait a little longer to see him at the grand opening of his new restaurant in Mesa.The $4.5 million project at Southern Avenue and Country Club Drive has been delayed for at least a month by a legal dispute. |
MC COMPANIES CLOSES ON 226-UNIT WICKERTREE APARTMENTS
PHOENIX – Scottsdale, Ariz.-based MC Companies recently closed on the acquisition of Wickertree Apartments in Phoenix. The 226-unit multifamily property sold for an undisclosed price. The acquisition brings the company’s management portfolio total to 6,472 units. Additional information regarding the transaction was not disclosed.
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