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Here are the news articles you might find interesting today for commercial real estate and business:
Chandler site will host Arizona State University classes Arizona State University plans to locate its newest W.P. Carey Evening MBA and Custom Corporate MBA programs at a big executive office park to be built at Chandler Boulevard and Loop 101. The site, a 24-acre office park announced at a news conference Monday at Chandler City Hall, will be developed by New York-based Rockefeller Group. Three eight- to 10-story office towers, a two-story office building, restaurants and retail will cover 844,000 square feet. A 3,000-vehicle parking structure is also planned. View article…
Cartel Coffee Lab to add brewery If all goes as smooth as a rich cup of java, Cartel Coffee Lab owner Jason Silberschlag will have a new kind of brewing going on in the new year. The Tempe businessman plans to add a microbrewery adjacent to the popular coffee house’s original location near Ash Avenue and University Drive. Silberschlag said his first two beers, an IPA and Amber-style ale, are on track to be brewed and sold to customers at his Tempe location by next March. View article…
3 New Restaurants Opening at CityScape In a little over a year, CityScape has become a magnet for local culinary A-listers and beloved national restaurant chains. The strength of the mixed-use development’s pull has never been more evident than with the imminent openings of three more eateries. Popular Old Town Scottsdale breakfast and lunch spot The Breakfast Club will open across from Gold’s Gym Elite, between Tilted Kilt and the under construction Kimpton Palomar Hotel, on Nov. 14. In addition to the gargantuan waffles, pancakes, and omelets, The Breakfast Club will also serve up specialty coffee drinks from an adjoining barrista bar. View article…
The Have and Have-Not World of Retail While other property types, like multifamily and office, have shown consistent signs of recovery, retail has yet to do so. Why is retail recovery lagging, and are there specific retail subsectors that are bucking the trend and posting gains? It doesn’t matter which property types are examined: National numbers imply vacancies moored at levels unseen in at least a decade. Neighborhood and community center vacancy rates have been stuck at 11 percent for the last two quarters, just 10 basis points shy of the 11.1 percent all-time high record last observed in 1990. View article…
Phoenix down 210,000 jobs in past four years Only five of the 100 largest metro areas in the country have lost more jobs than Phoenix during the past four years. New research from On Numbers shows the Phoenix area lost nearly 210,000 jobs between September of 2007 and September of this year. View article…
Chase Bank looks to hire 310 in Tempe JPMorgan Chase & Co. (NYSE:JPM) is holding a Veterans Day job fair to hire 310 full-time employees in the Phoenix area for mortgage operations in downtown Tempe. “We continue to grow in Arizona, where we already employ more than 11,000 employees,” said Joe Stewart, chairman of Chase in Arizona. View article…
What’s Your Exit Strategy? There are many factors to consider when entering into a fixed-rate commercial real estate loan; what’s often forgotten is how to get out. Negotiating a solid exit strategy should be a critical aspect of all fixed-rate loan originations. Proactive borrowers who invest the time to plan an exit strategy upon origination may find that they can minimize penalties later. When looking to extinguish fixed-rate debt, borrowers have two alternatives: yield maintenance or defeasance. View article…
HOUSING:
Rising Negative Equity Puts More Than One in Four Underwater After declining between the first and second quarters of this year, Zillow says negative equity rose again in the third, reclaiming all of the previous quarter’s decline and then some. Zillow’s latest market analysis indicates 28.6 percent of American homeowners with a mortgage owed more on the loan than their home was worth as of the end of September. That’s up from 26.8 percent in the second quarter and 28.4 percent in the first quarter. View article…
Past-Due Mortgages Up for First Time Since 2009: Report The national mortgage delinquency rate edged up during the third quarter of 2011, marking the first increase in nearly two years, according to TransUnion. The Chicago-based credit bureau calculates the mortgage delinquency rate as the percentage of borrowers 60 or more days behind on their payments, excluding those that are already in foreclosure. The rate increased to 5.88 percent as of the end of the third quarter. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale (CALL FOR OFFERS-DEADLINE 12/1/2011) For a brochure, click here…
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.