HTA Agrees to Buy Nine MOBs for $197M Healthcare Trust of America Inc. has inked an agreement to acquire a portfolio of nine medical office buildings for $196.6 million. The class A buildings, located in Florida, Massachusetts and New York, total 960,000 square feet. View article…
$15M Marriott sets date for Gilbert Construction will begin on a Residence Inn by Marriott in early 2011 at the Superstition Freeway and Higley Road. Paul and Brian Welker, principals of Sunridge Properties in Mesa, are the owners of the new Marriott as well as a portfolio of other hotel properties in several western states. View article…
2 new projects to bring more than 80 jobs to Glendale Glendale leaders this week trumpeted more jobs coming to the city with the green lighting of two new projects downtown and near the city airport. “In a very short meeting lasting about an hour, you have seen more than 150 new jobs come into the city of Glendale,” Mayor Elaine Scruggs said at Tuesday’s meeting. “The city of Glendale is still moving forward.” View article…
Tempe plans streetcar line on Mill, Ash avenues Tempe will build a streetcar line along Ash and Mill avenues if the city’s requests for federal funding are approved next year. The city is touting it as a way of attracting development to long-neglected parts of downtown. View article…
Clothes Cabin relocates to Alma School, Ray The Clothes Cabin, a volunteer-run Chandler charity that gives free garments and bedding to the poor opened at its new location this week in a mostly vacant shopping center on the northwestern corner of Alma School and Ray roads. It’s the group’s second move in two years. View article…
Party planned for Cityscape opening in Phoenix In four days, the $900 million CityScape development in downtown Phoenix will celebrate its grand opening. Mayor Phil Gordon kicks off four days of festivities on Thursday with his annual State of Downtown speech, which will be followed by concerts, wine and food tastings and entertainment. View article…
Tribal casinos record 1st profit in 10 quarters Arizona’s 22 Indian casinos posted their first winning quarter in 2 1/2 years as gamblers shook off the economic gloom and returned to the blackjack tables, poker rooms and slot machines. View article…
Q3 Results Showing Signs of Life As more public companies report their third-quarter results, the news is revealing signs of life that a turnaround could soon be in the offing for the commercial real estate industry. Early last week, the world’s largest service provider, CB Richard Ellis (NYSE:CBG), reported a 24% jump in revenue for the third quarter, totaling $1.3 billion. That was the strongest year-over-year quarterly revenue growth since the fourth quarter of 2007. View article…
Fitch Says 7M Homes in the Shadows Will Take 40 Months to Clear New figures released by Fitch Ratings put the industry’s shadow inventory at 7 million homes. The agency defines the shadow supply of properties as loans that are delinquent, in foreclosure, or real-estate-owned (REO) by the servicer, and Fitch says based on recent liquidation trends, it will take more than 40 months to clear this existing distressed inventory. View article…
Capital Economics Warns of Another Dip Ahead The analysts at Capital Economics say that dreaded double-dip is already underway, in both housing activity and residential property prices. “It is becoming clear that the housing market cannot stand on its own two feet,” said Paul Dales, U.S. economist for the international research firm. View article…
Emerging Markets Exit the Recession with Confidence and Credibility Large, rapidly developing countries, including Mexico, China, India and Brazil, are all expected to benefit from increasing international investment as the global economy recovers. While previous recessions often left developing nations grasping for financial stability, these four countries are poised to exit the Great Recession with increased economic confidence and credibility. View article…
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