Here are the news articles you might find interesting today for commercial real estate and business:
Macerich Gains AZ Centers for $75M Plus Property Swap In a complicated property swap and cash deal, The Macerich Company has gained complete control of Arrowhead Towne Center and Superstition Springs Center, two regional malls located in Phoenix metro area. The Santa Monica, CA-based REIT bought out General Growth Properties Inc.’s one-third ownership interest in both properties for $75 million in cash plus six-big box anchor locations in Arizona, California, Illinois and Utah. View article…
LINCOLN PROPERTY, OAKTREE-MANAGED FUND BUY CAMELBACK EXECUTIVE PARK The 172,690-square-foot Camelback Executive Park has been purchased by Lincoln Property Company and a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. The three-story building is located at 6991 E. Camelback Rd. in Scottsdale, AZ. Lincoln Property will act as the property and construction manager for Camelback Executive Park. View article…
Tallwave grows at new Scottsdale office Growth has been on the lips of Tallwave LLC executives this year. Tallwave, which takes a hands-on in helping companies reach the next level of growth, has seen revenue jump more than 200 percent since around January, the firm said this week. Co-founder and CEO Jeffrey Pruitt said the company was hiring more employees over the last few weeks. View article…
Peoria City Council requests details on incubator proposal The Peoria City Council has asked city staff to produce details on spending nearly $12 million to attract medical-device innovators and companies. But several council members also requested more details on a proposed medical-device incubator, including where the millions of dollars would come from. Peoria has had to shed $3.7 million from its budget for the upcoming fiscal year. View article…
Pita Jungle’s recipe for growth a success A passion for healthy food that tastes good and the patience for slow, methodical growth have proved a recipe for success at Scottsdale-based Pita Jungle. Since opening its first restaurant in Tempe in 1994, Pita Jungle has grown into a thriving chain of 13 Arizona restaurants with 340 employees. View article…
Ecotality rolls out commercial electric vehicle charging systems in Phoenix Ecotality Inc. has begun rolling out commercial charging stations for electric vehicles in the Phoenix area as it hopes to install a network of stops across the region. The company and several local officials celebrated the release of the publicly available charging network at Monti’s La Casa Vieja. View article…
Phoenix lost 172K jobs in past three years Every corner of America still feels the pain of the Great Recession, and Phoenix continues to be one of the hardest-hit cities. All of the nation’s 100 biggest labor markets have fewer private-sector jobs today than they did three years ago, according to a new On Numbers analysis of the latest data from the U.S. Bureau of Labor Statistics. View article…
Institutional Investors Lead 2011 Retail, Office Buying Wave As we approach the halfway mark of 2011, institutional investors have increased their appetite for commercial real estate, overtaking publicly traded real estate investment trusts (REITs) as the leading purchasers of retail and office properties in the first quarter of 2011. Institutions pumped nearly $14 billion into the retail sector from January through April of this year, according to New York-based real estate research firm Real Capital Analytics. That compares to just $3.2 billion invested in retail properties for all of 2010. View article…
HOUSING:
Want to see the data from ARMLS on the Phoenix Home Market? Click here. Look at the charts at the bottom showing the number of sales. Then compare that to the price point and the fact that majority of the transactions are all cash.
Firms Partner to Provide Loans for Trustee Sale Buyers in Arizona Sharp Equity, a trustee sale auction service in Arizona, and the Legacy Group, a mortgage lender, recently announced a partnership to offer bridge loans to finance foreclosure properties bought at trustee sales. View article…
Harvard Study: Over 9 Million Homeowners “Cost-Burdened” The Great Recession has exacerbated the housing affordability challenges that had been building for a half-century, according to researchers at the Joint Center for Housing Studies of Harvard University. The Center says its last measure of home-cost challenges showed that 9.3 million homeowners paid more than half their income on their mortgage – and that was in 2009. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.