Here are the news stories you might find interesting today regarding commercial real estate and business:
To view the March/April 2010 Apartment Finance Today, click here. “Survival of the Fittest,” is a good article to read.
Philosophy doubles distribution space Chandler cosmetics firm philosophy has more than doubled its distribution space after signing a long-term lease for 217,000 square feet at Buckeye Logistics Center in Phoenix. The term and value of the lease was not disclosed. View article…
Healthcare Trusts marks 13 1Q deals Scottsdale-based Healthcare Trust of America announced Monday that it acquired 13 medical office buildings during the first quarter of 2010 for a collective price of $146 million. The real estate investment trust has been acquiring properties rapidly since it transitioned to a self-management format in September 2009. View article…
$5.2 million lobby upgrade begins renovations at Science Center The Arizona Science Center is overhauling its entrance as part of its $25.2 million effort to update the landmark inside and out. As part of the $5.2 million project, crews will enclose its outdoor courtyard on the east side the building to create at 6,200-square-foot atrium. View article…
Phoenix, AZ still among growth spots Phoenix and Arizona may still be feeling fallout from the housing bust, but they’ve made a mark on U-Haul International’s latest survey of top destinations and growth markets. Houston ranked as the nation’s top destination last year, while Phoenix came in at No. 14 and Tucson at No. 31, according to the Phoenix-base do-it-yourself moving and self-storage giant. View article…
Pulte Homes: Changing name; Centex brand unchanged Pulte Homes Inc., which acquired Dallas-based builder Centex Corp. last year, is changing its name to PulteGroup Inc. to reflect the company’s new identity. The name PulteGroup is now the company’s corporate entity, but Bloomfield, Mich.-based PulteGroup says its consumer brand names – Centex, Del Webb (based in Arizona before its acquisition) and Pulte Homes – will remain unchanged. View article…
Calico Jack’s hiring for new Westgate location Calico Jack’s Cantina will open at Westgate City Center in Glendale April 29 filling the vacancy left last year when Bar Louie closed. The Tex-Mex restaurant and bar currently is hiring bar and wait staff. Calico’s is owned by the same restaurant company, East Coast Saloons LLC, that owns McFadden’s Restaurant and Saloon in Westgate. McFadden’s opened at the Glendale retail complex last year. Both restaurants are next to Jobing.com Arena. View article…
Legislation aims to address Arizona housing crisis Arizona is among the five states in the nation hit hardest by the nation’s housing crisis. The federal government will send additional money to help Arizona families facing foreclosure this summer. View article…
Smart Asset Allocation Requires Investors To Time Market Cycles The unraveling of the global economy has led to dramatic losses in commercial property values. Through 2009, the benchmark NCREIF Property Index (NPI) has declined by approximately 30%, the sharpest and deepest downturn in the 30-year history of the index. Limited financing options and stricter underwriting standards are adding to the market distress, as more than $1.1 trillion in real estate debt is scheduled to mature from 2010 through 2012. View article…
Stability Is Seen In Office Sector Landlords of office buildings continued to cut rental rates in the first quarter, although the size of the reductions slowed and seemed to indicate that commercial real estate was starting to steady after a brutal 2009. Average net rents nationwide in the office sector, the largest segment of commercial real estate, fell 0.8% in the January-to-March period compared with the prior quarter and were down 7.4% from the same period a year ago, according to Reis Inc., a New York research firm. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.