I hope you have a Merry Christmas with your family and friends this weekend!
Here are the news articles you might find interesting today for commercial real estate and business:
VJ Properties Pays $2M for REO One Deer Valley VJ Properties acquired the REO three-building, 47,911-square-foot One Deer Valley. The Scottsdale, AZ buyer paid JPMorgan Chase a little more than $2 million in cash to take possession of the multi-tenant office and general industrial asset. According to buyer representative Matt Hobaica with Lee & Associates, the 1980s asset at 1 W. Deer Valley Rd. last traded hands in October, 2005, for just under $5 million. “The owner ran into problems with it and Chase Bank foreclosed on it in August of this past year,” Hobaica adds. Colliers Interntional’s Eric Bell and Michael Ciosek represented the seller. View article…
Triyar to transform Scottsdale bar district Triyar Entertainment is unveiling two new plans to transform downtown Scottsdale’s entertainment district with high-end apartments, street-level retail and a relocated and redesigned beach club with additional restaurants and bars. In addition, the company has revised a previous plan for a new beach club in the district. All three proposals would be located within close proximity. View article…
‘Flight to Quality’ Highlights 2011 Phoenix Office Market Examining various numbers for Phoenix’s office market in recent months, the trends are similar though the specific numbers differ. The trends? Absorption is up; vacancies are up and rental rates are down. In sharing their end-of-year thoughts about the past year and offering up crystal-ball predictions for 2012, experts tell Globest.com that 2011 seemed to represent a kind of demarcation point when it came to office leasing. View article…
Sole Sports running store strides into Glendale market A specialty running store debuted this month at the southeastern corner of 59th Avenue and Union Hills Drive in Glendale. It is Sole Sports’ third shop in the Valley. The Tempe store opened nearly five years ago, the Scottsdale shop two years ago. “It was a prime spot,” said Clint “Flash” Santoro, an employee. “The West Valley was really in need of a running store and we have been looking out there for a while.” View article…
Make-A-Wish gets own wish granted: Renovated offices At 30, Tru-Line Painting owner Randy Truselo still considers himself “a big kid.” So when a board member from the Arizona chapter of the Make-A-Wish Foundation reached out to him for help renovating the non-profit’s Phoenix “wish house” for seriously ill children, it was a perfect fit, he said. Truselo and a long list of volunteers and businesses from throughout the Valley helped remodel the wish house at 711 E. Northern Ave., which is used by both “wish kids” and employees. View article…
Mayo Hospital led 2011 expansion in northeast Phoenix Take the Mayo Hospital out of the equation, and 2011 turned out to be a year of little growth in northeast Phoenix, which at one time was the new frontier for expansion in the city. The hospital continued to add pieces, including completion of a conference center and the start of a new cancer-treatment facility. But apart from the hospital, not much new has happened. View article…
Phoenix unemployment rate midpack among major metros The Phoenix-area’s unemployment rate of 8.1 percent ranks it in the middle of the pack among the 100 largest U.S. metros. New research from On Numbers shows that Phoenix ranked 51st in the nation for its unemployment rate in October. View article…
HOUSING:
FHFA: Home Prices Decline 0.2% in October Home prices in the U.S. decreased 0.2 percent on a seasonally adjusted basis in October, according to the Federal Housing Finance Agency’s (FHFA) House Price Index released Thursday. On a yearly basis, prices declined 2.8 percent in October. This slight decrease brings prices to levels seen in February 2004. View article…
Yearly Home Values Decline Nearly $700B, But Rate of Decline Slows As 2011 comes to a close, Zillow anticipates home value declines for the year will total more than $681 billion. The rate of depreciation, however, is slowing. The $681 billion decline this year is 35 percent less than last year’s $1.1 trillion drop in value. Additionally, much of this year’s decline occurred during the first half of the year. 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.