Here are the news articles you might find interesting today for commercial real estate and business:
BARON PROPERTIES DROPS $26.9 MILLION FOR 240 APARTMENT UNITS IN PEORIA Enclave Apts LLC, a company formed by Baron Properties in Greenwood Village, Colo. (J. Jeffrey Riggs, Scott Fisher, T.J. Tarbell, principals), paid $26.9 million ($112,083 per unit) to buy the 240-unit Enclave at Paradise Lane apartments located at 8092 W. Paradise Lane in Peoria. The sellers were four funds managed by Benjamin E. Sherman & Sons Inc. in Deerfield, Ill. (David Sherman, chairman). View article…
CORNERSTONE-MANAGED ENTITY SPENDS $32 MILLION FOR 288 APARTMENTS IN PHOENIX A company managed by Cornerstone Real Estate Advisers LLC in Santa Monica, Calif. paid $32 million ($111,111 per unit) to buy the 288-unit Mountainside apartments located at 3625 E. Ray Road. Records show Mountainside Apartments LLC (the Cornerstone entity) paid cash for Mountainside. The seller was Phoenix Commercial Investments LLC, a company formed by Property Reserve Inc. on behalf of The Church of Jesus Christ of Latter-Day Saints in Salt Lake City, Utah. View article…
VENTAS CLOSES ON 297,370 SQ. FT. OF MEDICAL OFFICES IN PORTFOLIO DEAL WITH UNIVERSAL HEALTH Companies formed by Ventas Healthcare Properties Inc. in Chicago, Ill. paid a combined $47.25 million to acquire 297,370 sq. ft. of medical office space and a parking garage in Phoenix. The acquisitions represent the first closings of a portfolio of 8 medical office properties located in the Valley and one medical office in Globe and one in Fontana, Calif. The remaining property sales are expected to close nest week. The sellers in 10 separate sales are ventures formed by Universal Health Realty Income Trust of King of Prussia, Penn. (NYSE:UHT). Ensemble Healthcare Properties LLC in Phoenix (Randy McGrane, Kambiz Baboff, Michael Moskowitz, principals) has a minority ownership interest in the medical properties. View article…
IPA/P.B. BELL VENTURE TO DEVELOP 240-UNIT APARTMENT COMPLEX AT FORMER BARCELONA SITE A joint venture formed by Investment Property Associates LLC in Grand Haven, Mich. (Scott Brooks, James Brooks, Patrick Gaughan, Robert Diamond, managers) and P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals) plans to develop a 240-unit apartment community on a site once partly occupied by the Barcelona restaurant/nightclub in Scottsdale. In a deal set to close at press time, Plinth Venture LLC (the IPA/P.B. Bell entity) was expected to pay $10.25 million to acquire the 5.83-acre site. The seller is Scottsdale Place LLC, a company formed by Jeffrey Newburg in Phoenix. View article…
BoomBozz Taphouse opens in Gilbert Town Square Gilbert is home to another notable restaurateur who offers award-winning pizzas. Tony Palombino, chef and owner of Louisville, Ky.-based BoomBozz Taphouse, has opened a new branch of the restaurant in Gilbert. It is his third. The pizzeria replaces former Boston’s Pizza near the entrance of Gilbert Town Square on Gilbert Road, just south of Warner Road. View article…
Power Road realignment plan criticized by nearby landowners Plans for a major realignment of Power Road near Arizona State University’s Polytechnic campus will hinder economic development in the area and cost taxpayers $4 million more than a simpler, less-invasive design, two prominent landowners say. Jeff Cooley and Joanne Muscarello, whose families combined own several hundred acres near the intersection of Power and Williams Field roads, say they object to the town’s “dual-corridor” design, which splits Power Road in two, separating northbound and southbound traffic by about 400 feet. View article…
West USA Realty to open in northeast Phoenix West USA Realty has moved its Scottsdale location to northeast Phoenix. The real-estate company hopes to open its doors at its new office after the new year. Clay and Dianna Fouts of One K Investments LLC paid $1.1 million for the 7,700 square-foot office at 7077 E. Marilyn Road. Clay Fouts, president of West USA Realty, closed on the building just before Thanksgiving, said Jeffrey Smith, vice president of West USA Realty. View article…
Push to spin off ASU Polytechnic campus on hold A key lawmaker behind recent efforts to turn Arizona State University’s Polytechnic campus in Mesa into an independent university is backing off that plan only weeks before the start of a new legislative session. “I think it’s not going to happen,” state Senate Majority Leader Andy Biggs, R-Gilbert, said at a Republic editorial forum last week. View article…
Scottsdale Healthcare Osborn eyes future upward expansion Nearly 50 years ago, City Hospital opened in downtown Scottsdale with 120 patient beds, an emergency room, operating rooms, laboratory, pediatric, obstetric and two patient units. The one-story hospital included 55 physicians and 200 employees. The following year, Western Baptist Hospital Association purchased the hospital, changed the name to Baptist Hospital of Scottsdale, and initiated numerous expansions. View article…
2012 Forecast: More of the Same ChainLinks Retail Advisors, a retail-only real estate services firm, has just released its U.S. National Retail Report 2012 Forecast, which predicts another slow year ahead for the sector. According to the report, there will be fewer retail bankruptcies in 2012 than there were in 2011 and the national vacancy rate will go down. But many of the retailers that propelled the sector’s growth in the past few years, including chains like TJ Maxx, Marshall’s and Ross Dress For Less, might slow down expansion next year. Most of the growth will come from the dollar stores, fast food restaurants and fast casual chains. View article…
Arizona foreclosure filings up in November Arizona’s foreclosure activity in November increased from the same month a year ago for the first time in more than a year as lenders stepped up their efforts to deal with delinquent borrowers, foreclosure tracking firm RealtyTrac said in a report being released Thursday. Nearly 11,000 homes across the state had at least one foreclosure filing last month, RealtyTrac’s Daren Blomquist said. View article…
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5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…
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7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.