I hope you had a Merry Christmas with your family and friends this past weekend!
Here are the news articles you might find interesting today for commercial real estate and business:
Commercial parcels sold in Mesa, Gilbert Two newer commercial parcels in the East Valley have been sold. Pioneer Plaza, in the 600 block of East Main Street in Mesa, was sold to private investors Dickinson-Phoenix 1 for $845,000. The seller was Pacific Coast Banker’s Bank. The plaza was built in 2006 and had five of its seven retail units under lease at the time of sale. Also, Higley Village, a 44,484-square-foot plaza, was sold for $3.75 million. Queen Creek investor Jorde Hacienda Inc. bought the plaza from Meridian Bank. View article…
Glendale wants to purchase land adjacent to Municipal Airport runway Glendale could forcibly take two parcels of privately owned land near the municipal airport for safety concerns. The City Council voted 6-0 in a Tuesday special meeting to give the city attorney the authority to proceed if needed with with using eminent domain to obtain 42.6 acres owned by the Conair Corp. Councilwoman Norma Alvarez was absent. View article…
Mining company agrees to acquire Planet Ranch It was intended to augment Scottsdale’s future water needs but came up dry. Some called the $11.7 million Planet Ranch “water farm” a pipe dream or Scottsdale’s folly when the city bought the land in western Arizona in 1984. Now, after 27 years, Scottsdale has sold the 8,389-acre alfalfa farm to Freeport-McMoRan Copper & Gold Inc. View article…
Lucky Break Billiards Bar and Grill opening in Tempe A new entertainment venue called Lucky Break Billiards Bar and Grill is slated to open Dec. 26 in Tempe. The venue, which is aimed at both men and women, is a 6,000-square-foot facility that includes six 8-foot Spencer Marston billiard tables, an extensive sound and video system and flat screen TVs throughout. View article…
US Foods signs new lease for River Corporate Center US Foods has signed a new 12-year lease at River Corporate Center in Tempe. Terms of the deal were not disclosed. US Foods will lease 133,225 square feet tat the center, 8075 S. River Parkway in the Arizona State University Research Park. The Rosemont, Ill.-based food distributor will use the entire building and will have the option to expand the premises up to an additional 60,000 square feet. View article…
Microbrewery could be coming to Old Town Peoria A microbrewery in Old Town Peoria? It’s possible. Prospective investors have expressed interest in opening a microbrewery at the site of Peoria’s first fire station, 8307 W. Washington St., near City Hall. The establishment could include production, distribution and public tasting of microbrews. It would not include a restaurant. View article…
Industry experts forecast 2012 trends Nation’s Restaurant News asked some of the industry’s top trend-watchers to discuss what they expect in the year ahead. Here are their top predictions: Hudson Riehle, senior vice president, research, National Restaurant Association. There’s no economic rebound to prosperity, but it will continue to be a better environment than it was in 2008, 2009 and 2010. View article…
HOUSING:
Freddie Mac Expects Low Mortgage Rates Through Mid-2012 Mortgage rates will likely remain very low, at least through mid-2012, according to Freddie Mac. Rates on 30-year conforming mortgages have hovered around 4.0 percent or lower for the past quarter. The GSE says that in large part due to the Federal Reserve’s program for extending the maturity date for mortgage securities it holds. This program is expected to continue through the middle of next year. View article…
Study Finds 38% of Homes Purchased in 2011 Bought with Cash Despite record low mortgage rates, 2011 has seen a surprisingly high level of cash home purchases, according to the real estate research firm Hanley Wood Market Intelligence. Jonathan Dienhart and Ken Lee, two analysts with the company, say between tight lending standards and a desperate search for yield by investors, cash purchases of homes – particularly for distressed properties – became even more common in 2011 than last year. View article…
Economists Don’t Foresee Home Price Appreciation Until After 2013 Home prices in the U.S. are expected to post a decline of 1.57 percent for the fourth quarter of 2011, after falling 0.4 percent through September, according to more than 100 economists and housing experts surveyed by Zillow. Prices are forecast to decline until the market’s bottom is reached in late 2012 or early 2013. After 2013, the panelists expect a relatively steady annual appreciation rate of roughly 3 percent through 2016, which is slightly below appreciation rates experienced during the pre-bubble years. 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.