Here are the news articles you might find interesting today for commercial real estate and business:
SOUTHWEST VALUE PARTNERS ADDS TO CHANDLER HOLDINGS . . . DROPS $4.4+ MILLION FOR 34 ACRES A company formed by Southwest Value Partners in San Diego, Calif. (Robert Sarver, Mark Schlossberg, partners) paid $4.415 million to buy a 34-acre parcel located north of the Ocotillo community at the northwest corner of Dobson and Queen Creek roads in Chandler. The seller was Starpointe Metropointe Developments LLLP in Scottsdale (Robert Lyles, Patricia Watts, partners). View article…
GREENLAW PARTNERS MAKES FIRST BUY IN VALLEY . . . SNARES CAMELBACK ROAD OFFICE A company formed by Greenlaw Partners in Newport Beach, Calif. (Wilbur Smith, principal) paid $7.5 million ($98.31 per foot) to buy a 76,286-square-foot office building at 2929 E. Camelback Road in Phoenix. The seller was Stoughton Plaza LLC, a company formed by Orsett Properties Ltd. of Wellesley, Mass. (Curt Feuer, principal). View article…
WESTPORT CAPITAL PARTNERS SPENDS $9.393 MILLION FOR DEER VALLEY AREA FLEX PROJECT A company formed by Westport Capital Partners in Wilton, Ct. (Russel Bernard, et al., principals) paid $9.393 million ($76.03 per foot) to buy a 123,541-square-foot flex industrial park located in the Deer Valley area at 1125 W. Pinnacle Peak Road in Phoenix. The seller was JVK Holdings LLC in Phoenix (Jack Kucera, principal). Sources say the original developer of the project, Jeff LaPour of LaPour Partners in Las Vegas, Nev., put the deal together. The four-building complex, called Pinnacle Peak Business Center, is about 75 percent occupied. Roughly 26,000 sq. ft. is in gray shell condition. View article…
Sycamore Square sold in Mesa for $6.25M A California business has purchased the Sycamore Square Apartments in Mesa for $6.25 million. The 120-unit complex is located at 1120 S. Sycamore St. near Fiesta Mall. It was purchased by RND6 LLC of Irvine, Calif. The seller was Orion Pacific Note Investors LLC. View article…
Tempe City Council approves big business development (If you would like the see the proposed site plan, email me!) Last week, the Tempe City Council approved a massive development, near Elliot Road and Loop 101, that has one of the largest sites for corporate businesses to locate in the city. Phoenix-based Wentworth Property Company and business partner Northwood Investors aim for the Discovery Business Campus to compete with Chandler’s Price (Road) Corridor, which has attracted Intel, Amkor Technology, Bank of America and Toyota Financial Services. View article…
Scottsdale Quarter development could include apartments, hotel, retail Further development of the Scottsdale Quarter could include apartments, a hotel and additional retail on the eastern side of the property. Glimcher Realty Trust has picked the Zaremba Group LLC of Cleveland to build 350 luxury apartments on the 28-acre site southeast of Scottsdale Road and Greenway-Hayden Loop, said Kent Chantung of Zaremba. An $80 million third phase of development would include ground-floor commercial space with an unidentified retail anchor, he said. View article…
Phoenix Optima condo developer set for 3rd effort The developer of two luxury-condominium projects in the Phoenix area said it has secured land and financing to develop a new project near Scottsdale Fashion Square. The project will be called Optima Sonoran Village and will be located on nearly 10 acres at the northeastern corner of Camelback Road and 68th Street in Scottsdale, according to co-developers Optima Inc. of Glencoe, Ill., and DeBartolo Development LLC of Tampa. Like its sister project, Optima Camelview Village, 7177 E. Rancho Vista Drive in Scottsdale, Optima Sonoran Village will be a multiphase residential project made up of tiered levels covered with greenery, the developers said. View article…
Peoria renegotiating contract with Theater Works Peoria is renegotiating its contract with a West Valley theater group to retain it as a tenant at a city-owned theater and sustain the arts in a region that has seen many cultural institutions crumble in the recession. Arts advocates say it’s imperative that leaders realize such groups add to the quality of life and to the local economy. View article…
Developer land returned to farming in Maricopa and Pinal counties On a late November afternoon, tractors with side chutes harvest sorghum from a small roadside farm, spitting it into a truck riding along. The grain is milled and sold as feed to a nearby dairy. About a year ago, this land was set for development. But the owner went bankrupt, and another developer bought it at auction and leased it to farmer Jason Perry. View article…
Ordinance would focus on rules for downtown development The City Council will consider an ordinance aimed at providing a clearer set of guidelines for future development in downtown Scottsdale. In 2009, the council adopted the Downtown Character Area Plan and appointed the 15-member Downtown Task Force to provide recommendations for its implementation. It examined zoning, parking, pedestrian amenities, transit and other downtown-related matters. View article…
Central Phoenix Office Buildings List No. 1: Arizona Center This week’s edition of the Phoenix Business Journal, due out today, is ranking the largest Central Phoenix office buildings by rentable square feet. First on the list was the Arizona Center. View article…
Will Political Uncertainty Cast a Shadow Over Commercial Real Estate? “The bottom line is that the world is a mess. … I worry about how all of these events play together and the challenges it will have for all of us in the commercial real estate business, the service sector and the global economy.” View article…
Traditional Lenders Continue to Finance Retail, But Focus on Top Product Banks and life insurance companies stepped up lending on commercial properties in the third quarter of this year, according to the most recent survey from the Mortgage Bankers Association (MBA), an industry trade group. And retail was among the more favored asset classes, with the MBA’s origination volume index for retail properties increasing 164 percent from the third quarter of 2010. View article…
HOUSING:
Industry’s Shadows Continue to Shrink That ominous shadow inventory of repossessed and soon-to-be repossessed homes is getting smaller. Standard and Poor’s (S&P) has released its third-quarter shadow inventory update, which shows both the volume of distressed assets and the amount of time it’d take to liquidate these properties is contracting. View article…
Investors Increase Market Share, Especially in Distressed Sector Investors are making up an increasing share of home purchase transactions, especially in the distressed sector, according to a HousingPulse Tracking Survey released Tuesday by Campbell Surveys and Inside Mortgage Finance. In October, investor purchases accounted for 22.3 percent of transactions, in keeping with the last three months during which the rate has remained above 20 percent. View article…
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Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.
SOUTHWEST VALUE PARTNERS ADDS TO CHANDLER HOLDINGS . . . DROPS $4.4+ MILLION FOR 34 ACRES A company formed by Southwest Value Partners in San Diego, Calif. (Robert Sarver, Mark Schlossberg, partners) paid $4.415 million to buy a 34-acre parcel located north of the Ocotillo community at the northwest corner of Dobson and Queen Creek roads in Chandler. The seller was Starpointe Metropointe Developments LLLP in Scottsdale (Robert Lyles, Patricia Watts, partners). View article…
GREENLAW PARTNERS MAKES FIRST BUY IN VALLEY . . . SNARES CAMELBACK ROAD OFFICE A company formed by Greenlaw Partners in Newport Beach, Calif. (Wilbur Smith, principal) paid $7.5 million ($98.31 per foot) to buy a 76,286-square-foot office building at 2929 E. Camelback Road in Phoenix. The seller was Stoughton Plaza LLC, a company formed by Orsett Properties Ltd. of Wellesley, Mass. (Curt Feuer, principal). View article…
WESTPORT CAPITAL PARTNERS SPENDS $9.393 MILLION FOR DEER VALLEY AREA FLEX PROJECT A company formed by Westport Capital Partners in Wilton, Ct. (Russel Bernard, et al., principals) paid $9.393 million ($76.03 per foot) to buy a 123,541-square-foot flex industrial park located in the Deer Valley area at 1125 W. Pinnacle Peak Road in Phoenix. The seller was JVK Holdings LLC in Phoenix (Jack Kucera, principal). Sources say the original developer of the project, Jeff LaPour of LaPour Partners in Las Vegas, Nev., put the deal together. The four-building complex, called Pinnacle Peak Business Center, is about 75 percent occupied. Roughly 26,000 sq. ft. is in gray shell condition. View article…
Sycamore Square sold in Mesa for $6.25M A California business has purchased the Sycamore Square Apartments in Mesa for $6.25 million. The 120-unit complex is located at 1120 S. Sycamore St. near Fiesta Mall. It was purchased by RND6 LLC of Irvine, Calif. The seller was Orion Pacific Note Investors LLC. View article…
Tempe City Council approves big business development (If you would like the see the proposed site plan, email me!) Last week, the Tempe City Council approved a massive development, near Elliot Road and Loop 101, that has one of the largest sites for corporate businesses to locate in the city. Phoenix-based Wentworth Property Company and business partner Northwood Investors aim for the Discovery Business Campus to compete with Chandler’s Price (Road) Corridor, which has attracted Intel, Amkor Technology, Bank of America and Toyota Financial Services. View article…
Scottsdale Quarter development could include apartments, hotel, retail Further development of the Scottsdale Quarter could include apartments, a hotel and additional retail on the eastern side of the property. Glimcher Realty Trust has picked the Zaremba Group LLC of Cleveland to build 350 luxury apartments on the 28-acre site southeast of Scottsdale Road and Greenway-Hayden Loop, said Kent Chantung of Zaremba. An $80 million third phase of development would include ground-floor commercial space with an unidentified retail anchor, he said. View article…
Phoenix Optima condo developer set for 3rd effort The developer of two luxury-condominium projects in the Phoenix area said it has secured land and financing to develop a new project near Scottsdale Fashion Square. The project will be called Optima Sonoran Village and will be located on nearly 10 acres at the northeastern corner of Camelback Road and 68th Street in Scottsdale, according to co-developers Optima Inc. of Glencoe, Ill., and DeBartolo Development LLC of Tampa. Like its sister project, Optima Camelview Village, 7177 E. Rancho Vista Drive in Scottsdale, Optima Sonoran Village will be a multiphase residential project made up of tiered levels covered with greenery, the developers said. View article…
Peoria renegotiating contract with Theater Works Peoria is renegotiating its contract with a West Valley theater group to retain it as a tenant at a city-owned theater and sustain the arts in a region that has seen many cultural institutions crumble in the recession. Arts advocates say it’s imperative that leaders realize such groups add to the quality of life and to the local economy. View article…
Developer land returned to farming in Maricopa and Pinal counties On a late November afternoon, tractors with side chutes harvest sorghum from a small roadside farm, spitting it into a truck riding along. The grain is milled and sold as feed to a nearby dairy. About a year ago, this land was set for development. But the owner went bankrupt, and another developer bought it at auction and leased it to farmer Jason Perry. View article…
Ordinance would focus on rules for downtown development The City Council will consider an ordinance aimed at providing a clearer set of guidelines for future development in downtown Scottsdale. In 2009, the council adopted the Downtown Character Area Plan and appointed the 15-member Downtown Task Force to provide recommendations for its implementation. It examined zoning, parking, pedestrian amenities, transit and other downtown-related matters. View article…
Central Phoenix Office Buildings List No. 1: Arizona Center This week’s edition of the Phoenix Business Journal, due out today, is ranking the largest Central Phoenix office buildings by rentable square feet. First on the list was the Arizona Center. View article…
Will Political Uncertainty Cast a Shadow Over Commercial Real Estate? “The bottom line is that the world is a mess. … I worry about how all of these events play together and the challenges it will have for all of us in the commercial real estate business, the service sector and the global economy.” View article…
Traditional Lenders Continue to Finance Retail, But Focus on Top Product Banks and life insurance companies stepped up lending on commercial properties in the third quarter of this year, according to the most recent survey from the Mortgage Bankers Association (MBA), an industry trade group. And retail was among the more favored asset classes, with the MBA’s origination volume index for retail properties increasing 164 percent from the third quarter of 2010. View article…
HOUSING:
Industry’s Shadows Continue to Shrink That ominous shadow inventory of repossessed and soon-to-be repossessed homes is getting smaller. Standard and Poor’s (S&P) has released its third-quarter shadow inventory update, which shows both the volume of distressed assets and the amount of time it’d take to liquidate these properties is contracting. View article…
Investors Increase Market Share, Especially in Distressed Sector Investors are making up an increasing share of home purchase transactions, especially in the distressed sector, according to a HousingPulse Tracking Survey released Tuesday by Campbell Surveys and Inside Mortgage Finance. In October, investor purchases accounted for 22.3 percent of transactions, in keeping with the last three months during which the rate has remained above 20 percent. View article…