Here are the news articles you might find interesting today for commercial real estate and business:
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Healthcare Trust pays $32.8 million for Desert Ridge Medical Campus Healthcare Trust of America is buying the Desert Ridge Medical Campus for $32.8 million. The Desert Ridge Medical Campus in the master-planned community of Desert Ridge in north Phoenix. It includes two three-story Class A office buildings with a combined space of square feet. View article…
West Valley Properties Acquires Tatum Point Shopping Center for $30M West Valley Properties, a Los Altos, CA-based acquisition, management and leasing company, purchased Tatum Point Shopping Center in Phoenix, AZ. The property was purchased for $30 million, or about $173 per square foot. The 173,529-square-foot retail property is located at 4727 E. Bell Rd. on a 19.8-acre site, and was constructed in 1992. Tenants at the center include Discount Tire Company, Wendy’s, Rubio’s and Lakeshore Learning Materials Company. View article…
Arizona Opera to occupy building on Central A former corporate office of Walsh Brothers Furniture will soon be the new home of the Arizona Opera. The 16,800-square-foot building at 1636 N. Central Ave. was purchased by the city of Phoenix through voter-approved bonds and will house the opera. View article…
Downtown Phoenix parcel set for housing A Scottsdale-based developer has bought a downtown Phoenix parcel that has stood vacant for years and hopes to build a residential-retail project designed for the growing student and employee population at the Phoenix Biomedical and Arizona State University downtown campuses. Concord Eastridge recently paid $3.1 million for the 2.89 acres of land on the southeastern corner of Third and Roosevelt streets. View article…
Biltmore residents concerned about open space Residents in the Biltmore area have appealed a Phoenix hearing officer’s approval of plans that would change the look of two properties on Camelback Road. Their concern, removing requirements, called stipulations, for open space, greenbelts and specific conformance for Town & Country and Anchor Centre, will prevent neighborhood input on future development. View article…
Phoenix rolls out green construction code The city of Phoenix is using a new green construction code, making it one of the first cities in the U.S. to implement such a code. The voluntary codes took effect July 1 and have a number of different innovations from using vegetation in order to mitigate urban heat island effects to green roofs and energy-saving features. View article…
National Financial Partners buys Lapre Scali & Co. National Financial Partners Corp. has acquired Scottsdale-based Lapre Scali & Co. Insurance Services LLC in a move to diversify its business. Terms of the deal were not disclosed. Founded in 2006, Lapre Scali is a property and casualty insurance brokerage that generates $21 million in annual revenue. Its CEO, Terrence Scali, will serve as CEO of NFP’s property and casualty division and executive vice president of NFP. View article…
Crexendo to lay off workers, focusing on growing in Arizona Crexendo Inc. is laying off about 30 percent of its workforce, primarily in Utah, as the telecommunications and web marketing firm still plans to expand in Arizona. Steve Mihaylo, the company’s CEO, said Tempe-based Crexendo (AMEX: EXE) is restructuring its StoresOnline subsidiary responsible for sales and developing seminars around the company’s products and services. View article…
Retail Recovery As the economy recovers, an enduring shift is taking place in the retail landscape. Hard-hit by the severe economic downturn, the huge baby boomer generation is not likely to lead a spending revival the way it did after previous recessions. Instead, the more important demographic will be generation Y. Learn the surprising impact this could have for a much maligned format-the enclosed mall. View article…
Commercial/Retail Outlook: What’s Next for the Sector? Five commercial/retail development experts discuss the sector, examining the near-term prospects for development and financing, strategies for making retail centers thrive, and the impact of online retailers and social media. Read where current growth is in the sector, and how big-box facilities are being reconfigured to meet the shift in demand. View article…
Loan Liquidations Send CMBS Delinquency Rate Plummeting For the first time since the credit crisis began in 2008, the delinquency rate on loans held in commercial mortgage-backed securities (CMBS) has fallen for two consecutive months, according to the research firm Trepp LLC. After a modest reduction in May, Trepp’s data show the delinquency rate fell sharply in June. Unfortunately, the company says, the rate reduction was driven primarily by a sharp spike in loans being resolved with losses, rather than delinquent loans actually curing. View article…
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