Here are the news articles you might find interesting today for commercial real estate and business:
LINCOLN PROPERTY VENTURE SPENDS $23.9 MILLION FOR 340,646 SQ. FT. OF INDUSTRIAL SPACE Two companies formed by Lincoln Property Co. in Phoenix paid a combined $23.9 million ($70.16 per foot) to acquire 340,646 sq. ft. of industrial space in two properties located in the Deer Valley area of Phoenix. The sellers were companies formed by Cornerstone Real Estate Funds in Irvine, Calif. (Terry Roussel, CEO). The purchase included 180,985 sq. ft. of industrial space in a 127,183-square-foot structure at 21430 N. 15th Lane and a 53,802-square-foot building at 21420 N. 15th Lane, and a 158,976-square-foot, three-building project at 23040 N. 11th Avenue. View article…
Glendale apartment complex sells for $5.7 million LWH Glenridge LP, a Delaware limited partnership based out of Westmount, Quebec, Canada, purchased the Glenridge apartment community in Glendale for $5.73 million, or $42,444 per residence. The 135-unit complex is located at 13610 N. 51st Ave., and was developed by Lincoln Property Co. in 1985. View article…
Whole Foods coming to Town & Country shopping center in Phoenix By this time next year, shoppers in central Phoenix likely will be watching with great anticipation as Whole Foods puts its finishing touches on a new store at the iconic Town & Country shopping center at 20th Street and Camelback Road. At least, that’s what Whole Foods is saying. RED Development, part owner of the shopping center, isn’t saying anything. View article…
Phoenix Chase bank to open at 7th, Camelback in February A Chase bank branch going up at Seventh Street and Camelback Road is on track to open in early February, according to bank and development officials. Construction began in early October and will likely be complete sometime in January, according to Shane Alexander, president of Alexander Building Co., the firm overseeing the project. View article…
Phoenix’s Select Top Industrial Sales for Q3 2011 Tallying industrial building sales of 15,000 square feet or larger, Phoenix industrial sales figures rose during the second quarter 2011 in terms of dollar volume compared to the first quarter of 2011. In the second quarter, 43 industrial transactions closed with a total volume of $124,554,732. The 43 buildings totaled 2,558,266 square feet and the average price per square foot equated to $48.69 per square foot. That compares to 30 transactions totaling $84,665,716 in the first quarter. The total square footage was 1,860,121 for an average price per square foot of $45.52. View article…
Scottsdale casts eyes on Papago Park parcel Scottsdale continues to consider the possibility of annexing a piece of Papago Park in Phoenix, a move that likely would give the city a bigger stake in the park but has raised questions about future development. Scottsdale would annex the northernmost butte of the park near McDowell Road and 64th Street. Don Hadder, principal planner for Scottsdale, said the move is a symbolic gesture to give the city a greater presence and role in the park’s future. View article…
Vestar launches $250M fund to buy retail properties Vestar Development Co., the retail development company that owns Tempe Marketplace and Desert Ridge Marketplace in Phoenix, is looking to raise $250 million for a new investment fund to buy retail properties and shopping centers. Phoenix-based Vestar announced this morning the launch of the new Vestar Strategic Retail Partners. Vestar wants to raise $250 million in equity capital for the new fund by the middle of next year. View article…
Retailers show sales strong in November Retailers in the U.S. reported strong sales gains as Thanksgiving weekend activity and consumers in a buying mood led to increases. The Associated Press reported that $52.4 billion over the weekend pushed retailers higher, and that businesses from Macy’s Inc. to Limited Brands Inc. saw sales that beat Wall Street estimates. View article…
Mandated lower fees for developers will impact Glendale Glendale will charge developers lower fees to build in the city in order to abide by a new state law, the City Council agreed at a recent council meeting. The changes to impact fees under Senate Bill 1525 mean cities across Arizona are bracing for steep financial losses. Public Works Executive Director Stuart Kent estimated Glendale could lose as much as 80 percent of the money that goes to pay for roads, parks and libraries in new neighborhoods. He said the city’s $2.2 million impact-fee collection last fiscal year could decline to about $450,000 under the new fee schedule. View article…
HOUSING:
ARMLS says number of distressed properties is declining New data from the Arizona Regional Multiple Listing Service is showing that the housing market is showing some signs of life. Positive numbers are keeping housing experts hopeful that things are finally turning around. There are over 26,000 thousand active listings on the market today, 12,000 of which are considered distressed properties. Distressed properties include foreclosures, short sales, HUD or lender owned. CEO of the ARMLS, Bob Bemis says the number of distressed properties continues to decline. View article…
Opinion: Infill projects make sense in current economy For years, people would purchase the largest home that money could buy. Because land was less expensive on the outskirts of the Southeast Valley and beyond, the desire for affordable mini-mansions fueled urban sprawl and created pockets of empty land in municipal centers. The recession has reversed the trend. Today, prospective homebuyers want amenities and the convenience that comes from living closer to town. To meet the demand, homebuilders are buying up those pockets of empty land, known as infill property, and distressed subdivisions, such as Stratland Estates at Higley and Germann roads in Gilbert. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate! Investment, multi-tenant retail center. For a brochure, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale (CALL FOR OFFERS-DEADLINE 12/1/2011) For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
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.