Here are the news stories you might find interesting today regarding commercial real estate and business:
ELLMAN COS. NOTICED FOR TRUSTEE’s SALE ON HUGE TRACT NEAR FOUNTAIN HILLS Maricopa County – A company formed by The Ellman Cos. of Phoenix (Steve Ellman, principal) is facing foreclosure on 2,450-acre tract located east of Fountain Hills in Maricopa County that is called The Preserve at Goldfield Ranch. According to Ion Data, a Mesa-based provider of real estate information, Goldfield Preserve Development LLC (Ellman’s company) is in default on a $177.092 million loan that is secured by The Preserve at Goldfield Ranch. View article…
NEVINS ADAMS SPENDS $12.96 MILLION TO PURCHASE 216 APARTMENT UNITS IN DEER VALLEY AREA Phoenix – A company formed by Nevins, Adams, Lewbel and Schell in Santa Barbara, Calif. (Henry Nevins, Mike Schell, principals) paid $12.76 million ($60,000 per unit) to buy the 216-unit Ridge Gate apartments located at 2811 W. Deer Valley Road in Phoenix. The seller was Ridge Gate Apartments LLC, a company formed by Verde Property Investments LLC in Phoenix (Ernest “Ernie” Garcia, member). View article…
ICM Signs For 16,000 SF at Cotton Center Four ICM Document Solutions has leased 16,000 square feet at Carlson Cotton Center Four, at 4320 E. Cotton Center Blvd. The signing brings the 57,055-square-foot building to 100% leased. The Phoenix-based document management firm is relocating to the 280-acre Cotton business park, located one-half mile south of Interstate 10 at 40th Street, from a previous location at 36th Street and University. View article…
Healthcare Trust of America buys Pittsburgh medical building for $40.5M Healthcare Trust of America Inc., a Scottsdale-based real estate investment trust, has purchased the Federal North medical office building in Pittsburgh for about $40.5 million. View article…
Medical-office market buzzing from reform in health care News that the health-care overhaul could add as many as 30 million U.S. residents to insurance rolls may raise concerns for some. But it’s great news for medical-office developers and investors. The metro Phoenix medical-office market is severely overbuilt, with a slightly higher vacancy rate than the overall office market. View article…
Organizers push for incorporation of San Tan Valley Nearly five years after a failed attempt at incorporation, residents of a community beyond the southeastern fringes of the Valley are giving it another try. Petitions are circulating to put San Tan Valley incorporation to a public vote, possibly in November. If it succeeds, the referendum would create Pinal County’s largest city. View article…
Maricopa assessor is looking into tax rebates The Maricopa County Assessor’s Office is cracking down on property owners who may be improperly receiving tax rebates for rental homes and apartments. The crackdown was prompted by a May 2 Arizona Republic investigation that found the county provided at least $1.2 million in property-tax rebates last year to owners of multiple residences, including apartments and rental homes. View article…
Tech leaders foresee improved economic conditions this year Tech industry leaders nationwide are optimistic about the country’s economic direction and see 2010 as a year of improvement, according a study from DLA Piper. About 69 percent of those surveyed see the economic recovery building slowly as the year wears on, and 73 percent expect to see more companies partake of initial public offerings. View article…
Cashing In on a Real-Estate Boom Are you overlooking a commercial real-estate boom? If your definition of the category is limited to splashy office parks and shopping malls, both of which took a pounding during the financial crisis and haven’t fully recovered, then you probably are. But think a little smaller – like fast food-restaurants, convenience stores and gas stations – and the returns get bigger. Such ventures, known as triple-net-lease properties…View article…
Working with Lenders: A Game Plan for Troubled Borrowers When a property becomes distressed, borrower emotions may run the gamut from logical to a complete denial of reality. However, doing the same thing repeatedly and expecting a different result is Albert Einstein’s definition of insanity. View article…
US unemployment up despite addition of 290K jobs The U.S. economy added 290,000 jobs in April, but saw the unemployment rate tick up to 9.9 percent. The jobless rate in March was 9.7 percent, according to the U.S. Bureau of Labor Statistics. View article…
Four Banks fail on May 7: 75 Institutions Have Failed so Far in 2010 State and federal regulators closed four banks on Friday, May 7. These closings raise to 75 the number of failed institutions so far in 2010. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.