Here are the news stories you might find interesting today regarding commercial real estate and business:
To view the November/December 2009 Affordable Housing Finance magazine online, click here.
Email me if you would like a copy of the pdf of the webinar that I listened to yesterday, “The Economy and its Effects on Commercial Real Estate-2010 & Beyond,” by Brian Beaulieu at Institute Trend Research. Some of the positives: the leading indicators are turning; interest rates should stay low. Some of the negatives: it could be 3-4 quarters before the bottom is reached in commercial real estate (marco level).
Southeast Valley Medical Group Renews in Mesa
| Southeast Valley Medical Group, a family physician’s office, renewed its 18,367-square-foot lease at Country Club Medical in Mesa, AZ. The ten-year lease is valued at approximately $4.67 million. The single-story medical office building at 1950 S…. |
Chompie’s Restaurant Coming to Chandler
| B&T Real Holdings LLC purchased the former Logan’s Roadhouse at 3481 W. Frye Road in Chandler, AZ, for $1.3 million, or about $160 per square foot. The restaurant totals 8,069 square feet and sits on 1.3 acres. It is an out parcel in the Chandler… |
Retail Bldg. Sells for $2.8M
| Private buyers purchased the retail building at 15600 N. Scottsdale Road in Scottsdale, AZ, for $2.8 million, or approximately $175 per square foot. The 16,000-square-foot retail building was built in 1999. The buyer plans to occupy the building at… |
Mondrian Scottsdale To Go Back to Lenders
| Morgans Hotel Group Co. said it has not been able to reach an acceptable agreement with its lenders on restructuring the loans on its Mondrian Scottsdale hotel in Scottsdale, AZ. As a result Morgans Hotel Group said it was prepared for the lenders to… |
Phoenix city council to consider tax deal for downtown hotel
| A move is under way to rebrand an existing downtown hotel in an effort to tap into more meetings business. |
Three properties sold in $38.2M deal
| A Caribbean company has purchased three retail centers that surround Paradise Valley Mall in north Phoenix for $38.2 million. |
DS Waters acquires local bottled water company
| OWaters LLC, owner of O Premium Waters of Mesa, has been acquired by the Sparkletts/Sierra Springs subsidiaries of DS Waters, company officials said Wednesday. |
Two major downtown Phoenix developments get go-ahead from city council
| Two new hotel brands now call Downtown Phoenix home, after Phoenix City Council approved separate development deals paving the way for the properties. |
Loop 202 could find a new path on Gila River tribal land
| Tribe considering proposal, which would would spare South Mountain, Ahwatukee. |
Scottsdale and Phoenix acquire trust land
Scottsdale and Phoenix each acquired hundreds of acres of state trust land Tuesday in separate auctions that generated more than $16 million for the Arizona State Land Department.
Retail Investors Will Re-Enter Market in 2010
CHICAGO-According to the Jones Lang LaSalle 2010 Retail Outlook, retail transactions and sales volumes are expected to increase as customer demand begins to gradually pick up. Additionally, investors looking to make a purchase when acquisition prices are at their lowest are likely to find value in class A trophy shopping malls in 2010.
Slow return expected for global CMBS market
LONDON (Reuters) – The market for commercial mortgage-back securities (CMBS) will take many years to return, and will be mostly be confined to simple structures as investors avoid risky deals, real estate executives said on Friday.
REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.
Wishing you a Merry Christmas and Happy New Year!