Here are the news stories you might find interesting today:
|Dog Days, Part II: Investors Still Reluctant to Buy Into Stormy Distressed Market|
|Steven Aberman, senior acquisition manager for WBS Properties in Boca Raton, FL, has watched the 43-acre lakefront development of Grand Oaks in Avon Park evolve from raw land that sold for $2.5 million three ago into finished lots. The turnkey gated community now consists of 127 lots, with 25 premium lakefront sites featuring unobstructed views of 280-acre Lake Damon in Central Florida. Aberman just bought the property last month. “We purchased it fully developed, roads completed…|
HSL PROPERTIES CLOSES ON THREE VALLEY APARTMENT PROJECTS . . . PAYS $40.5 MILLION
Gilbert/Mesa/Phoenix – Companies formed by HSL Properties Inc. in Tucson (Humberto Lopez, principal) paid $40.5 million to acquire three Valley apartment properties totaling 592 units. The seller in three separate transactions were companies formed by Wachovia Bank.
SO. CAL. REIT ENTERS VALLEY MARKET WITH PURCHASE OF 200 ACRES IN BUCKEYE
Buckeye – After chasing deals in the Valley for the past 18 months, Shopoff Properties Trust in Irvine, Calif. (William Shopoff, CEO) completed its first investment in the Phoenix area. The publicly traded REIT acquired a 200-acre parcel in Buckeye that is platted and engineered for 739 lots.
SANTA BARBARA-BASED INVESTOR STRIKES AGAIN . . . SPENDS $29 MILLION FOR 316 APARTMENTS
ottsdale – A company formed by Nevins, Adams, Lewbel and Schell in Santa Barbara, Calif. (Henry Nevins, Mike Schell, principals) paid $29 million ($91,772 per unit) to buy the 316-unit San Tropez apartments at 2600 N. Hayden Road in Scottsdale. The seller was a company formed by Equity Residential Trust in Chicago
Scottsdale apartment complex sells for $29M
|A large luxury apartment complex in Scottsdale has been sold to a real estate investment firm from California. The 316-unit San Tropez community sold for $29 million.|
Light rail ridership shows summer decline
|Ridership on the Metro light rail system dropped in July to 750,551 boardings, the lowest monthly passenger count since the system began operating in late December 2008.|
Federal Reserve places restrictions on Arizona Bancshares
|Arizona Bancshares Inc., the holding company for First State Bank, has signed a written agreement with the Federal Reserve Bank of San Francisco that severely limits its business activity and operations.|
Every time Standard & Poor’s (S&P) clarifies its approach to commercial mortgage-backed securities (CMBS), the marketplace grows a little more confused.
Fiserv Stays Put With 100,000-SF Lease
|PHOENIX-The financial services technology provider renews its current lease for 5.5 more years.|
Recession declared over in France, Germany
|LONDON — Government programs to support the auto industry helped Germany and France return to economic growth in the second quarter, rebounds that stoked hopes the recession in the wider 16-country euro area may also end sooner than thought.|
Retail sales dip; jobless claims rise
|WASHINGTON — Retail sales disappointed in July and the number of newly laid-off workers filing claims for unemployment benefits rose unexpectedly last week. The latest government reports reinforced concerns about how quickly consumers will be able to contribute to a broad economic recovery.|
Arizona foreclosures surge, 3rd in nation
|Thousands of homeowners across Arizona moved closer to losing their homes last month.|
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