Here are the news articles you might find interesting today for commercial real estate and business:
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Senior apartment community opens for hearing impaired and deaf in Tempe (This is an update on the project that I have been involved in since 2003!) A new senior living development for the deaf and hearing impaired officially opens in Tempe Friday. The city says it is the first of its kind in Arizona. Apache ASL Trails Apartments is located near the light rail at 2428 E. Apache Boulevard. There are 75 units and will, eventually, include retail shops and a medical facility. View article…
Total Wine & More to open Goodyear store Total Wine & More will open its sixth Phoenix-area superstore in Goodyear July 21. The new store will employ about 30 people. The 28,000-square-foot store at 1416 North Litchfield Road will carry 8,000 varieties of wine, 3,000 brands of spirits and 2,500 beers. View article…
SwapSmart opens in Chandler, hopes to engage lagging businesses t’s probably the only place in the Southeast Valley where you can buy homemade bath salts, a dog leash with a water-ski grip handle, a meatball marinara sub and a fake package of chewing gum that delivers shocks when touched. SwapSmart, an indoor weekend marketplace, quietly opened in Chandler on Friday at 240 W. Warner Road where Food 4 Less used to be. View article…
Coach outlet store coming to Phoenix Metro Phoenix is getting its first Coach outlets. Outlets at Anthem will be getting a Coach outlet store and a Coach Men’s Outlet this fall, said center General Manager Sara Zappia. View article…
Trampoline center to open at Scottsdale Airpark Trampoline entertainment center AZ Air Time will open its first Valley location this month at Scottsdale Airpark. “AZ Air Time is the next evolution in family entertainment,” said Barry Jenkins, co-owner of AZ Air Time. “Trampolines offer endless fun for families of all sizes, and AZ Air Time offers a great new option for families looking for affordable and active family activities.” View article…
Aguilar Elementary to reopen with new building When classes start next month, the school year won’t be the only thing that’s new at Aguilar Elementary School. The culmination of a yearlong renovation project means Principal JoLyn Gibbons won’t have to enter classrooms without solid walls and portable buildings that did too good of a job at keeping the heat in. View article…
Gilbert considers large apartment complex near SanTan Village A Southern California developer’s plans for a 382-unit apartment complex near SanTan Village would give Gilbert its first new multifamily housing in several years. If approved, SanTan Village Apartments would rank as the fourth-largest complex in Gilbert and could bring 1,000 new residents to town. View article…
Phoenix real estate market starting to stage a comeback When will the Phoenix real estate markets return to normal? Either 2013 or 2014, according to several residential and commercial real estate experts who presented their opinions at Real Estate Forward, a forum sponsored by the Arizona Regional Multiple Listing Service in conjunction with the Phoenix Business Journal. View article…
Cole Obtains $700M Credit Facility The operating partnership of Cole Credit Property Trust III Inc. has entered into a $700 million senior unsecured credit facility. The facility, which replaces an existing $100 million revolving credit agreement, includes a $200 million term loan and a $500 million revolving line of credit. It may be increased up to a maximum of $950 million. View article…
CoStar’s CCRSI Index Posts an Increase in Retail Sales CoStar released the latest results from its Commercial Repeat Sale Index (CCRSI), which shows that May was a very good month for commercial investment sales transactions. Overall sale pair dollar volume rose 150 percent year-over-year, with retail sales increasing 23 percent. The index tracks repeat sales of properties as a base. In May, CoStar recorded 829 repeat sale transactions. View article…
HOUSING:
Mortgage Delinquency Rate Climbs, Foreclosure Numbers Head Higher Lender Processing Services (LPS) says data it’s collected through the end of June show an abrupt increase in the industry’s mortgage delinquency rate and a smaller uptick in the national foreclosure inventory. View article…
Realtors: Existing-home sales fall in June Existing home sales across the country fell 0.8 percent to an annualized rate of 4.77 million between May and June, despite increased sales in the South and Midwest. According to the National Association of Realtors, completed transactions involving single-family homes, townhomes, condominiums and co-ops in June increased by 0.5 percent in the South compared to May. The annual rate of existing home sales in the region was 1.86 million in June. View article…
Opinion: Census data shows definition of family is changing If an initial release of 2010 census data this spring showed how we’ve grown, a second, more detailed set of data released Thursday explains how we live. Based on the statistics, life has changed for many of us since 2000. More people are renting. Every Southeast Valley city now has a higher percentage of vacant housing units and a lower percentage of owner-occupied homes than in 2000 – no surprise, given the housing-market crash and the high number of foreclosures that have plagued the area. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.