Here are the news articles you might find interesting today for commercial real estate and business:
74 downtown Phoenix condos purchased A California real-estate investment group has purchased 74 unsold condominium units in the high-profile Summit at Copper Square project in downtown Phoenix for $12.7 million. That works out to about $171,000 each for the units that initially were listed for between $300,000 and $1.2 million. Still, Hadden Schifman, whose Scottsdale firm Vizzda tracks the commercial real- estate market in metro Phoenix, called the sales price “fairly strong.” He noted that some documents pegged the liquidation value of the unsold units at $7.3 million. View article…
Target store could transform downtown Phoenix Downtown Phoenix could be on the verge of a major development milestone. Across the top of Page 1 in today’s print edition of the Phoenix Business Journal is a story about Target possibly locating a two-story store in the heart of downtown. View article…
THE ALTER GROUP AND JOHN F. LONG PROPERTIES TO JOINTLY DEVELOP MORE THAN 1,500 ACRES IN WEST PHOENIX John F. Long Properties LLLP (JFL) of Phoenix and The Alter Group, Ltd. (TAG) (www.altergroup.com) of Chicago will jointly develop three major business parks in West Phoenix totaling in excess of 1,500 acres. The parks will offer virtually every type of commercial space and are expected to drive economic expansion for West Phoenix for several decades. Projections estimate up to 65,000 people being employed in these parks when they are fully built. View article…
Whole Foods closing airpark store, opening spot on Camelback Whole Foods Market Inc. announced this week that it will close its Scottsdale Airpark store in early 2013. The natural foods supermarket northwest of Raintree Drive and Loop 101 will be replaced by a 35,000-square-foot store at 20th Street and Camelback Road in a former Linens ‘n Things store. The Raintree location will remain open until the Phoenix store is ready for business in about 13 months. View article…
P.F. Chang’s to open new concept P.F. Chang’s China Bistro Inc. plans to open an even more limited-service and pared-down-menu version of its fast-casual Pei Wei Asian Diner in Phoenix next April, executives said Friday. Called Pei Wei Asian Market, the new test restaurant will take over an existing Diner unit in Phoenix, said K.C. Moylan, president of the 173-unit Asian Diner division. The division is also looking for three to five additional locations around the country. View article…
Power Road project expected to begin by late December One of the Southeast Valley’s most crucial road projects is likely to begin by late December. The Mesa City Council is expected on Monday night to approve a $2.6 million contract with Haydon Building Corp. for the first phase of a nearly 3-mile project to rebuild Power Road from Loop 202 to Pecos Road. View article…
Price Road property value now a tax-break ‘slum’ The Chandler City Council has declared a prime 24-acre commercial site along the Price Road corridor a “slum” to reduce the property’s value and save the developer millions in property taxes. Thursday night’s vote came a week after the city celebrated an announcement by Arizona State University that it will locate its newest W.P. Carey MBA programs in this future executive park “slum” site near Chandler Boulevard and Loop 101. View article…
Top 10 Multifamily Developers of 2011 What goes up must come down. That’s the tale of monthly multifamily housing unit starts, which have traditionally shown volatility due to seasonality and the long-term nature of obtaining permitting and approval for apartment communities. Today, the National Association of Home Builders (NAHB) announced an 8.3 percent decline in multifamily starts in October, following an “unsustainably large gain” of 51.3 percent in August. View article…
HOUSING:
Fitch Sees Further Price Declines on the Horizon Prices have fallen 7 percent over the past year, according to second quarter data from Fitch. This brings the nation’s total price decline from its peak to 38 percent. While prices declined annually in the second quarter, they posted a 3 percent increase quarterly. Fitch warns this is typical for the second quarter because homebuyers often re-enter the market after the winter. View article…
Past Due Mortgages = 6,298,000 There were 6,298,000 mortgages going unpaid in the United States as of the end of October, according to Lender Processing Services (LPS). It’s a daunting number, but the data show that it’s actually been on a fairly steady decline for nearly two years now. View article…
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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.