Here are the news articles you might find interesting today for commercial real estate and business:
Kiowa Village Closes for $3.1M (I represented the buyer on this transaction) Mesa – AT Kinetic Kiowa AZ, LLC a venture between Kinetic Companies (Joel Moyes, Jeff Hawke Principals) and Arciterra both of Phoenix, paid $3.1 million ($67.93 per foot) to buy a 46,595-square-foot retail building located at 2235 S. Power Road in Mesa. View article…
ORSETT BACK IN THE HUNT . . . BUYS NORTH CENTRAL PHOENIX OFFICES FOR $15 MILLION A company formed by Orsett Properties Ltd. in Phoenix (Curt Feuer, Mike Freret, principals) paid $15 million ($84.57 per foot) to buy a 177,375-square-foot office project located at the southeast corner of 16th Street and Missouri Avenue in Phoenix. The seller was Trust Realty Advisors Inc. in Scottsdale as court appointed receiver. View article…
REIT SPENDS $32 MILLION FOR OFFICE PROJECT IN TUCSON LEASED TO TEXAS INSTRUMENTS A company formed by American Realty Capital in Jenkintown, Pa. (Nicholas Schorsch, CEO) paid $32 million ($256 per foot) to purchase a 125,000-square-foot office-research and development project at 5411 E. Williams Boulevard in Tucson. The seller was a company formed by Bourn Cos. LLC in Tucson (Don Bourn, principal). View article…
Planned Tanger outlet mall in West Valley appears dead A proposal to build a Tanger outlet mall in the West Valley has been withdrawn from the City of Phoenix Planning and Zoning Commission, effectively killing the deal. According to Phoenix Planning and Zoning Commission Spokesman Michael Hammett, the project was slated to appear in front of the Maryvale Village Planning Committee Wednesday night. It would have sought to rezone about 50 acres of land near 99th Avenue and Campbell Avenue, but developers pulled the rezoning application. View article…
Phoenix Industrial Absorption Delights Locals The Valley’s office and retail markets may still be struggling, but the industrial sector is well on its way to recovery. In fact, first quarter industrial absorption as reported by Cassidy Turley’s just-released market report has local brokers and owners smiling. View article…
Borders Looking To Cut Rent Deals or Cancel Leases With bankruptcy court approval to close 226 superstores in an attempt to return to profitability, Borders has begun filing lease cancellation requests on a number of additional properties. The bookstore retailer has filed 12 such requests in the last three weeks, and is seeking to cancel leases on more than 50 locations. View article…
Fountain Hills proposes $85 mil in 5-year projects The Fountain Hills Town Council got its first look Tuesday at the town’s proposed five-year capital-improvement plan, which includes a “wish list” of projects totaling $85 million – $17 million more than anticipated available funding. It represents a $14.7 million increase over the prior five-year plan. View article…
Arizona jobless rate drops in March The state’s jobless rate slid a tenth of a point last month, to a seasonally adjusted 9.5 percent. And there may be two words for that. Oh, Canada! More than two-thirds of the 9,900 jobs added in March were in the leisure and hospitality industry. And the majority of those are the result of hiring by bars and restaurants. View article…
Arizona unemployment rate falls slightly in March The unemployment rate in Arizona is declined slightly last month, dropping from 9.6 percent in February to 9.5 percent in March, according to the Arizona Workforce Employment Report released today. Monthly employment gains were seen in the leisure and hospitality sector with 6,700 new jobs. Most of those were in restaurants and bars — with 5,500 new jobs there. View article…
Arizona No. 2 in foreclosures, repossessions up 26 percent Arizona is the No. 2 state in the nation for home foreclosures, according to RealtyTrac, and bank repossessions increased 26 percent in Arizona from February to March. Irvine, Calif.-based RealtyTrac, an online marketplace for foreclosure properties, said one in every 191 U.S. housing units received a foreclosure filing during the first quarter. View article…
Real estate industry worries about Obama, Ryan, flat tax assaults on mortgage deductions President Barack Obama tends to be galaxies apart from Republican budget guru Paul Ryan and Arizona conservatives when it comes to tax policy, but they might have something in common – getting rid of or limiting mortgage interest deductions that are treasured by homeowners and the real estate industry. View article…
Moody’s: U.S. CMBS Loan Delinquencies Slip to 9.16% The delinquency rate on loans included in U.S. commercial mortgage-backed securities (CMBS) conduit/fusion transactions inched down 2 basis points in March to 9.16 percent, Moody’s Investors Service reported Thursday. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.