Here are the news articles you might find interesting today for commercial real estate and business:
Plinth Venture Prepares for $45M MF Development Investment Property Associates of Grand Haven, MI and local P.B. Bell & Associates have joined forces to build a second area project. The joint venture, Plinth Venture LLC, acquired 5.83 acres with plans to build a 240-unit high-end apartment complex at an all-in cost of $45 million. Plinth Venture plans to break ground on the as yet unnamed project near the corner of Scottsdale Road and Greenway Hayden Parkway during Q4 2012, with units coming online by late 2013. View article…
Apartment communities sell for a combined $36 million Marcus & Millichap in Phoenix announced two significant apartment sales. Mountainside Apartments LLC, a Delaware limited liability company, purchased the Mountainside community in Ahwatukee for $32 million or $111,111 per unit. Chandler Meadow Partners LLC, an Arizona limited liability company based in Los Angeles, purchased the Chandler Meadows community in Chandler for $12.6 million, or $63,000 per unit. View article…
Plastics General Expands in Tempe Plastics General Polymers, Inc. has expanded its manufacturing and distribution operation to 70,000 square feet and extended its lease at 455 W. Diamond Dr. in Tempe, AZ. The property is a 28-foot clear, 131,729-square-foot, front-loaded distribution facility built in the late 1980’s with numerous dock positions and ample power capacity. View article…
Ward school looks for place to expand Ward Traditional Academy is looking to expand and is eyeing one of Tempe Elementary School District’s vacant campuses to provide a home for the growth. The plan is to move the school’s sixth through eighth grades to the nearby Bustoz Elementary School campus, which was left vacant at the start of the school year after Bustoz merged onto the Fuller Elementary School campus. Grades K-5 will remain at Ward’s current facility. View article…
Flexible office space opens in Phoenix A flexible office space for professionals with small operations has opened near 24th Street and Camelback Road, the latest space of its kind in the Camelback area where businesses can lease small offices and share lounges with professionals from other companies and firms. Regus, an international company based in Luxembourg, sells memberships to business professionals that allow them to rent a small office, kitchenette and lounge. View article…
Food options expand at Scottsdale Airport Scottsdale Airport is gaining a restaurant. Zulu Caffe is set to open in late January, serving up wood-fired pizzas and lighter gourmet fare in the restaurant space that has sat vacant for two years. View article…
Hotel revenues expected to jump 6 percent in 2012 Revenue per available room at U.S. hotels is expected to increase 6.1 percent in 2012, according to a new forecast from PKF Hospitality Research. That prediction bodes well for the Phoenix-area economy, which is depends heavily on the annual influx of tourism dollars. View article…
Business owners in Phoenix expect rough 2012 Small- to medium-sized business owners in Arizona are subdued to downright pessimistic about the economy in 2012, according to a survey prepared by the law offices of Baird Williams & Greer LLP. Some 150 individuals participated in the survey, and most were members of the following chambers of commerce: Apache Junction, Tempe, Tucson, Scottsdale, Southwest Valley, Mesa, Chandler and Buckeye. View article…
IFA: Franchise growth expected in 2012 Franchise businesses show signs of recovery in 2012 after three years of stagnant growth during the recession, the International Franchise Association Educational Foundation forecasted Monday. The IFA report, compiled by the IHS Global Insight consultancy, forecasts franchised quick-service restaurant sales to increase 4.4 percent and franchised full-service restaurant sales to increase 4.2 percent in 2012. View article…
Fitch: CMBS Delinquency Declines Hit Month Four November marked the fourth straight month that Fitch Ratings has recorded a decline in the delinquency rate for loans held in U.S. commercial-backed mortgage securities (CMBS). CMBS late-pays fell by 15 basis points last month to 8.41 percent, down from 8.56 percent in October. New delinquencies totaling $1.8 billion were offset by $2.2 billion of resolutions, Fitch reports. 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. 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.