nick@nickminer.com  480-612-0384

Daily News for Commercial Real Estate & Business – October 17, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

TDI REAL ESTATE ENTERS VALLEY MARKET . . . TO DEVELOP 677 APARTMENTS AT ONE SCOTTSDALE TDI Real Estate Holdings LLC in Dallas, Tex. (Mark Bryant, CEO) is entering the Valley multi-family market with plans to build a 677-unit luxury apartment community within the One Scottsdale mixed-use development. That 100-acre planned project is at the northeast corner of the Loop 101 and Scottsdale Road in Scottsdale. One Scottsdale is being developed by a company formed by DMB Associates Inc. in Scottsdale (Drew Brown, Mark Sklar, Bennett Dorrance, principals). A venture formed by TDI Real Estate has agreed to purchase the 30+ acre site for the phased apartment project in two transactions. The first phase is expected to include 388 units on just under 17 acres. View article…

CENTRAL ARIZONA COLLEGE BUYS 208 ACRES FOR NEW CAMPUS IN PINAL COUNTY Central Arizona College plans to develop a college campus in what will be the school’s fifth location in Pinal County. The Pinal Community College District paid $8.647+ million to buy 208 acres located at the northwest corner of Bella Vista Road and the Union Pacific Railroad tracks. The seller was a company formed by Harvard Investments Inc. in Scottsdale (Paul Hill, Craig Krumwiede, Chris Cacheris, principals). View article…

EL DORADO HOLDINGS STRIKES AGAIN . . . PAYS $30.1 MILLION FOR 385 APARTMENTS IN PHOENIX A company formed by El Dorado Holdings Inc. in Phoenix (Mike Ingram, chairman) paid $30.1 million ($78,182 per unit) to acquire the 385-unit Villa Encanto apartments at 4315 E. Thunderbird Road in Phoenix. The seller was EQR-FANCAP 2000A Limited Partnership, a company formed by Equity Residential Trust in Chicago (NYSE:EQR). View article…

Phoenix distribution centers sell for $13 million Entities owned by a Southern California private equity group purchased two West Valley distribution and manufacturing buildings for nearly $13.3 million, or $54 per square foot. The properties are located at 4524 N. 44th Ave. and 5502 W. Buckeye Road in Phoenix. The were purchased by BC5 LLC and BC5 44 LLC. View article…

DPR Construction turns former sex shop into new sustainable headquarters DPR Construction unveiled its new sustainable Phoenix headquarters in what was a former sex boutique at the southwest corner of 44th and Van Buren streets. The company isn’t revealing the total value of its new ultra modern digs, but DPR regional manager Dave Elrod said the price was between $150 and $200 per square. View article…

Elevation Chander: Still a See-Through, No End in Sight More than six years after construction began on the hotel/luxury condominium development Elevation Chandle, and five years after developer Jeff Cline obtained a bridge loan to keep things going, the project remains a see-through. According to the Arizona Republic, Elevation Chandler’s continued sad state is the result of a damaged economy, a developer determined to hang onto the project at all costs, botched auctions and a case that keeps bouncing back and forth between various courts. View article…

Saint-Gobain Glass Leases 140,000 Square Feet of Manufacturing Space Saint-Gobain Glass Corp., an international manufacturer and distributor of flat glass and energy-efficient building materials, has signed a long-term lease for 140,817 square feet in what was once the Rubbermaid manufacturing plant. The French-headquartered company’s deal brings the 752,835-square-foot facility to full occupancy, with two other tenants already ensconced in the facility. View article…

Ayers Saint Gross to design student housing in downtown Phoenix Ayers Saint Gross, a planning and architecture firm, has been selected to design a student housing project being developed by Concord Eastridge in downtown Phoenix. Ayers Saint Gross has released renderings of the 325,000-square-foot facility, which will provide housing to students at Arizona State University’s downtown campus and the University of Arizona College of MedicinePhoenix. View article…

Oakville Grocery booted by Phoenix CityScape had trail of financial woes Barely 3 1/2 months ago, Oakville Grocery Co. at CityScape in downtown Phoenix welcomed its first customers, who walked through its doors hungry for lunch, snacks, gourmet groceries, coffee and pastries. But the successful launch apparently masked behind-the-scenes financial turmoil. The grocery store’s owner and operator, Michael A. Webb, recently was booted by CityScape’s developer, RED Development LLC, which has taken over the grocery. View article…

Eddie V’s Restaurants sold to Olive Garden parent Eddie V’s Restaurants Inc. has been sold to Darden Restaurants Inc.executives announced Wednesday. Darden Restaurants Inc.(NYSE: DRI) is an Orlando, Fla.-based restaurant firm that owns a range of brands including Red Lobster, The Olive Garden, Longhorn Steakhouse, The Capital Grille, Bahama Breeze and Seasons 52. View article…

New businesses, activities give downtowns big boost Valet parking begins tonight in downtown Chandler. Valets from Tempe-based Go Green Valet will be serving guests of Inspirador, a party venue and art gallery on Boston Street just east of Arizona Avenue. It’s among several new aspects that are reinvigorating downtown Chandler, which is getting a new restaurant in addition to other new businesses. View article…

Market Trend: Phoenix’s Office Vacancy Decreases to 21.1% The Phoenix Office market ended the third quarter 2011 with a vacancy rate of 21.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 882,680 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 1,255,442 square feet. View article…

HOUSING:
Big Drop in Phoenix-area Housing Market Activity Partly Because Foreclosure Rate Is Down
The amount of activity in the Phoenix-area housing market dropped significantly last month. A new report from the W. P. Carey School of Business at Arizona State University reveals the decrease and explains that it’s largely due to a decline in foreclosures. “When you look at the drop in the number of transactions from August to September, 43 percent of that decline is due to a decrease in foreclosure activity,” says W. P. Carey School of Business Professor Emeritus Jay Butler, who wrote the report. “At the same time, though, the overall housing market is not strong enough to make up the decline in activity with traditional sales.” View article…

Barclays Expects ‘Triple-Dip’ With Another 7% Drop in Home Prices The analysts at Barclays Capital say a “triple-dip” in home prices will likely materialize by early next year. The term “triple-dip” emerged in a Clear Capital report a couple of weeks ago, and Barclays says its analysis corroborates the idea. View article…

Phoenix-area home sales fall in September Foreclosure homes sales in the Phoenix area dropped significantly last month, but so have traditional home sales. That’s the conclusion of a new study conducted by the Arizona State University’s W.P. Carey School of Business. There were fewer than 8,000 existing home sales in September as compared with 9,250 sales in August and a little more than 9,000 sales in September 2010. View article…

Middle-class homeownership dream may be slipping away One thing most middle-class families have always had in common is a belief in the American dream: homeownership. But the housing crash and Great Recession dashed that dream for many, and shook to its core the idea that homeownership is a defining element of the middle-class lifestyle. For generations, the financial stability of middle-class families has been intertwined with the financial benefits of owning a home. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center –
Investment, multi-tenant retail center. For a brochure, click here…

5051 E Thomas Road – Former Dentist Office For Sale/Lease (Price Just Reduced) For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor (New to market) For a brochure, click here…

Community:
I’m Participating in MDA Lock-Up! Please Help! A “friend” signed me up! Now, I need your help! The goal is $2,400! Please help me achieve my goal before November 9, 2011! Click here to donate! Thank you!

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.