Here are the news stories you might find interesting today regarding commercial real estate and business:
To view this week’s Costar Watch List, click here. There are a couple of articles discussing the capital markets and a recap of 2009.
Cal-Am Properties Purchases Two RV Resorts
| Cal-Am Properties of California acquired two RV Resorts in Mesa, AZ, from Continental Communities. The deal totals 2,318 RV spaces and an aggregate total of 84,355 square feet in improvements. Towerpoint RV Resort at 4860 E Main St., which consists… |
Morgan Park Sells for $18.5M
| Northwind Properties purchased the Morgan Park apartment community in Phoenix for $18.5 million, or approximately $43,200 per unit. The 428-unit multifamily complex at 8902 N. 19th Ave. is 90 percent occupied and is in a highly desirable location at… |
UA Science & Research Building Sells for $9.9M
| The University of Arizona purchased the UA Science & Research building located at 714 E. Van Buren St. in Phoenix, for $9.85 million, or about $300 per square foot. The 33,000-square-foot office building was vacant at the time of sale. It was purchased… |
Fat Cat restaurant to open in 98 South’s Chandler spot
A popular downtown Chandler restaurant that abruptly closed in December is re-opening next month with new owners, a new name and the same chef.
Freddy’s owners say Gilbert restaurant thrives
In the midst of a recession that has killed off more than a few restaurants, Freddy’s Frozen Custard & Steakburgers opened its Gilbert franchise last August and has seen business take off like a rocket.
Analysis: Is the Glass Half Full or Half Empty?
Looking at the responses from Greater Phoenix Blue Chip Forecast panelists this quarter, the question becomes, “Is the glass half full or half empty?” If the glass is half empty there will be no quick recovery. If the glass is half full — at least in the residential market (single-family permits) — it is moving in the right direction. One would have to be seeing the world through rose colored glasses, however, to be feeling good about the results.
Podcast: Transition Year Ahead For Phoenix Real Estate Market
2009 was a record year for real estate transactions in the Phoenix metro market. In fact there were 2,000 more transactions last year than in the previous record-setting year, which was 2005
Valley foreclosures set record in 2009
| Last year was a record year for residential foreclosures in the Valley, according to a report from the W.P. Carey School of Business at Arizona State University. |
UA researchers part of $44B biofuel program
| Several University of Arizona researchers are part of a consortium that received a $44 million U.S. Department of Energy grant to bring algae-based biofuels to market. |
Valley in running for World Cup
The Valley is among 18 cities selected to be part of the United States’ quest to host a World Cup.
215 workers could lose jobs under Tempe budget proposal
As many as 215 people could lose their jobs if Tempe’s City Council approves a budget proposal that calls for the first layoffs in the city’s 115-year history.About half of the workers facing layoffs are sworn police officers.
Cities optimistic for spring training’s economic impact
Just as holiday decorations are being put away, city officials across the Valley are turning their thoughts to another lucrative season: spring training.
Industrial Market Recovery Will Come Before Other Sectors
A new report by Jones Lang LaSalle based in Chicago indicates that the industrial sector is projected to recover a few quarters ahead of the office sector toward the end of 2010.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.