I hope you and your family have a wonderful Thanksgiving together tomorrow! I will pick the daily news back up on Monday.
NAR Commercial: Lease Accounting – Issue Summary The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) proposed lease accounting changes may be detrimental to our nation’s economy by reducing the overall borrowing capacity of many commercial real estate lessees and lessors. View article…
Angelo, Gordon & Co Pays $52M for Anchor Centre Angelo, Gordon & Co, a privately-held registered investment advisor dedicated to alternative investing, acquired the two-building office park at Anchor Centre, located at 2201 and 2231 E. Camelback Rd. in Phoenix, AZ, for $52 million, or about $154 per square foot. View article…
Sorrento Apartments sold for $9.7M Sorrento Apartments, a 226-unit multifamily property located at 901 S. Dobson Road in Mesa, was sold to Hamilton Zanze & Co. in San Francisco for $9.7 million or $42,920 per unit. View article…
Phoenix population steady at No. 5 he city of Phoenix continues to hold the No. 5 spot in population having edged ahead of Philadelphia a few years ago. But with today’s count of 1,638,283, it still ranks well behind No. 4 ranked Houston with 2.31 million residents, according to an estimate for Nov. 22 derived from U.S. Census figures. View article…
ASU building in Phoenix wins design award A downtown Phoenix building has won a national design award. It’s Arizona State University’s College of Nursing & Health Innovation Phase II building, which is owned by the city of Phoenix. The Design-Build Institute of America gave the building its national award for an education facility costing more than $25 million. View article…
Walmart breaks ground in Cave Creek About 100 people turned out to witness the groundbreaking of Cave Creek’s soon-to-be biggest retailer. The groundbreaking last week was the next major step toward bringing the town its first Walmart store. View article…
Southeast Valley malls have prepped for holidays for months The big shopping season of the year is about to get under way, and the big Southeast Valley malls have been preparing for months. View article…
Ranks of trouble banks grow, AZ betters bottom line The number of troubled banks grew nationally to 860 during the third quarter as Arizona institutions improved their bottom lines despite most remaining in the red, according to the FDIC. That is the highest number of troubled banks since 1993 and up from 829 in the second quarter. View article…
Berkadia Adds CMBS Loans to Commercial Real Estate Financing Berkadia Commercial Mortgage, a special, master, and primary servicer based in Horsham, Pennsylvania, is expanding its commercial real estate financing options offered through its nationwide mortgage banking network. View article…
If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.
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