Here are the news articles you might find interesting today for commercial real estate and business:
AZ Investors Pay $30.1M for Villa Encanto Apartments Equity Residential, an Illinois-based REIT, sold the 385-unit Villa Encanto Apartments in Phoenix, AZ to El Dorado Holdings for $30.1 million, or approximately $78,000 per unit. The 313,842-square-foot apartment community consists of studios, one-, two-, and three-bedroom units in 26 buildings. It was built in 1983 and situated 20 acres in the North Paradise Valley submarket of Northeast Phoenix. The complex was 95% occupied at the time of sale. View article…
Tenant Stays Put; Renews 105,000 Square Feet Long-time tenant Total System Services Inc. has decided to stay put at Warner Crossing Business Park for another 12 years. The credit company renewed its 104,836-square-foot lease through a triple-net deal. Though financial information about the deal at 8320 S. Hardy Dr. wasn’t available, sources familiar with the deal believe the tenant got the space at below-market rates. Total System Services, headquartered in Columbus, GA, has been at Warner Business Park since the late 1990s when the building first came online. View article…
CONTINENTAL APTS SELLS FOR $1.2M The 48-unit Continental Apartments in Phoenix has sold to FRI Continental LLC for $1.25 million. The apartment community is located at 1030 N. Third Street. View article…
W.P. Carey School of Business breaks ground on new building To keep up with its growing student population, the W.P Carey School of Business at Arizona State University will add a 129,000-square-foot building to its current structures in Tempe. The new, environmentally friendly building will provide more classroom space, technologically advanced team study rooms, a new career center, outdoor assembly areas and world-class conference facilities, putting the school in line with the other top business schools in the nation. View article…
Massive West Valley development to launch Two Phoenix-area developers, John F. Long Properties and the Alter Group, are planning a massive mixed-use commercial development in the West Valley that will span Phoenix, Avondale and Glendale. The project is made up of three separate parcels totaling 1,500 acres and likely will take decades to complete, the developers said. Long Properties has owned much of the land involved in the project for years but did not create specific development plans for it until recently. View article…
Peoria considers industrial development deal with farm family Peoria is working with a prominent West Valley farming family to support plans to develop an industrial park on 328 acres spread over the city and Maricopa County. For that to happen, the city would have to support the family’s plan to build a rail spur, an extension from the main Burlington Northern Santa Fe line along Grand Avenue, near Northern and 75th avenues. View article…
$1.6 billion Prasada project stays on track in Surprise Surprise has a number of goals when it comes to Prasada, a mammoth commercial and residential center that will straddle Loop 303 in the decades ahead. City officials want to see thousands of new jobs, new homebuyers and a healthy new stream of sales-tax revenue. City Council members were eager to revise a development agreement with Prasada developer Westcor recently, largely because it would help them reach the most important goal of all. View article…
A rebound for retail in the Phoenix area From Metrocenter to central Phoenix to long-established areas of Scottsdale, a mini building boom is under way as retailers and restaurants scramble to take advantage of real-estate bargains that will enhance their visibility and expand their market presence. View article…
Deco Communities putting $3M into Tempe apartments A newly formed company named Deco Communities has invested $3 million in the Cabana at McClintock apartments, a redevelopment of a 181-unit complex that is nearly 50 years old. “The investment that Deco is making in our community not only is improving our neighborhoods, the company is providing an affordable option for people who wish to live in Tempe,” said Tempe Mayor Hugh Hallman. View article…
Arizona job market among hardest hit in recession While Arizona’s unemployment rate fell to 9.1 percent in September, it’s still more than double the rate of where it was the Great Recession began four years ago. Newly released figures from the U.S. Bureau of Labor Statistics show that Arizona’s unemployment rate rose from 3.8 percent in Sept. of 2007 to 9.1 percent last month. View article…
4 Banks Closed Oct. 21 Four banks were closed this weekend by state and federal banking regulators. These failures bring the year’s tally to 102 failed institutions. 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.