Here are the news stories you might find interesting today regarding commercial real estate and business:
To view the latest issue of Apartment Finance Today, click here. The article title, “Forecast For Distress,” is worth a quick read.
HSL Pays $13M for Cabrillo
Less than a month after buying Casa Santa Fe from Fairfield Residential LLC, HSL Properties Inc. closed on its neighbor, Cabrillo Apartments. Much like Casa Santa Fe, Cabrillo Apartments had undergone extensive renovation by Fairfield Residential, which declared Chapter 11 in late 2009. View article…
Cartel Coffee Lab preps for grand opening
Cartel Coffee Lab will mark its downtown arrival with a grand opening party on Friday. There will actually be two parties, one for morning coffee drinkers and one for the evening crowds. View article…
Fisher to close troubled Phoenix asphalt plant
Under intense legal, government and community pressure, a Tempe firm announced Thursday that it would shut down a controversial south Phoenix asphalt batch plant effective immediately. Fisher Sand & Gravel Co. has been hit with a blizzard of environmental violations, criminal and civil citations from state and local agencies. Residents have pressed Phoenix to shut down the asphalt plant at 3828 S. 28th St., which they say spews dust, smoke and a hot rubber odor. View article…
10 MVD offices in Arizona to close by Friday
Time is running out to conduct business at some Motor Vehicle Division branches across the state. Budget cuts have forced the closure of branches from Ajo to Williams. Friday is the last day six branches will be open. The Fredonia office closed Monday; Ajo and Kearny closed Wednesday. View article…
Mesa‘s municipal court moving into new building
After years of anticipation, it’s moving day for Mesa’s municipal court. Actually, it’s moving week. The old courthouse at 245 W. Second St. closed for good on Thursday. Employees and movers will spend all next week setting up shop in the new facility at 250 E. First Ave., which will open to the public for the first time at 7 a.m. Feb. 22. View article…
Chandler medical center expansion to add 200 jobs
Construction is expected to begin this year on the first of two major expansion projects at Chandler Regional Medical Center. The hospital plans a five-story tower containing 100 beds, a nearly 50 percent increase in size for the 225-bed hospital. View article…
RealtyTrac: Arizona second in foreclosures
Arizona ranked second in foreclosures for January behind only Nevada, which has held the top spot for 37 months running, according to a RealtyTrac report released Thursday. One in every 129 Arizona housing units was hit by foreclosure proceedings during the month, a 4 percent increase over January 2009. That rate translates to 21,048 homes. View article…
ASU report: Foreclosures still impacting sales
Close to half of the existing home sales in the Phoenix metro area last month were foreclosed properties exhibiting continued struggles in the housing market, according to an Arizona University report released Thursday. View article…
Urban 7 touts California chef’s cuisine
Frank & Lupe’s owner Teddy Bernal and his wife, Diana Prieto-Bernal, have created a multi-cultural dining venue called Urban 7 for downtown Phoenix. “It’s blend of American cuisine with different ethnic flavors (Latin American and Asian) in a comfortable urban setting. I want to make our new restaurant inviting to the surrounding art community here in the arts district. I would like Urban 7 to be a hip, fun hang-out,” Teddy Bernal said in a statement. View article…
W.L. Gore gets financing for $130M complex in Phoenix
W.L. Gore & Associates Inc. plans to build a $130 million manufacturing facility in Phoenix that initially will employ 500 people and potentially 1,000 at build-out. The project is part of an expansion of the Newark company’s medical products division in Flagstaff. The construction project is expected to employ an additional 1,800 workers. View article…
Special Servicers Get Creative
In the multifamily industry, many eyes will be on special servicers this year. And it’s easy to see why. These firms could potentially provide abundant source of acquisition opportunities. But, if an emerging trend provides any guidance, the buyers of these CMBS assets may not just be getting the apartment. They could be getting some of the debt along with it. View article…
Shameless plug – My wife, Tiffany, is going through Tempe Leadership as a member of a Class 25. They have identified a project to help the homeless in Tempe. There project is called Shower Power (www.showerpower.org). They have raised over $15,000 and are down to the last few thousand to make the project a success. Please visit the website and if you have a few extra dollars, please help her out! Thank you.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.