Here are the news stories you might find interesting today:
Fed holds key interest rate steady Move signals a vote of confidence in economy.
Pro’s Ranch Buys Retail Bldg. for $1.7M
|Pro’s Ranch Markets purchased the retail building at 6702 W. Camelback Road in Glendale, AZ, for $1.7 million, or $240 per square foot. The 7,091-square-foot retail building was renovated back in 2000. It is a multi-tenant property and had a high vacancy…
Scottsdale Industrial Sells for $3.1M
|Randy Shell of Shell Commercial sold the warehouse building at 7360 E. Acoma Drive in Scottsdale, AZ, to a private investor for $3.1 million, or about $80 per square foot The 39,489-square-foot industrial building was constructed in 1975 in the Scottsdale…
JB’s Restaurant Sells for $1.2M
|The Luds Investment Group LLC purchased the JB’s Family Restaurant at 310 N. Litchfield Rd. in Goodyear, AZ, from Glenhalden Inc. for $1.25 million, or $226 per square foot. The capitalization rate was 8.58 percent. The retail building measures 5,500…
HSL Pays $40M for 592 Distressed Units
|PHOENIX-The Tucson, AZ buyer snags three area properties on which Wachovia NA foreclosed late last year.
Despite strong evidence that the severe U.S. recession is receding, the problems in commercial real estate continue to mount. Real gross domestic product (GDP) contracted at an annualized rate of 1% in the second quarter, much improved over the 6.4% pullback in the first quarter. But continued job losses coupled with a pullback in consumer and business spending have led to considerably weakened property fundamentals.
Are banks and other financial institutions playing a game of hide the pea with their troubled commercial real estate properties? Douglas Wilson, a self-described serial developer turned workout specialist and receiver, believes that is indeed the case.
Fed sees signs of recovery; slows Treasury purchases
|Federal Reserve policy makers ended their two-day meeting on interest rates leaving rates unchanged, indicating that they will stay low for awhile longer, and say they will slow the pace of the program to buy $300 billion in U.S. Treasuries.
Washington, D.C.–The apartment market continues to struggle, but shows early signs of possibly stabilizing, according to the National Multi Housing Council’s latest Quarterly Survey of Apartment Market Conditions.
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