Here are the news articles you might find interesting today for commercial real estate and business:
WESTWOOD FINANCIAL ADDS CROSSROADS OF TEMPE, ADVANCES $100M VALUE-ADD PROGRAM Westwood Financial Corp. has moved one step closer to fulfilling its $100-million value-add program with the addition of the Crossroads of Tempe. The 24,452-square-foot shopping center was built in 2004 and is currently 45 percent leased. Tenants include Chase Bank, Massage Envy and AZ Bread Company. The property was purchased from CMBS Trust, which was represented by special servicer LNR Partners. Including this acquisition, Westwood now owns 16 properties in the Tempe/Phoenix market. “Crossroads of Tempe fits into our strategy to acquire distressed assets in these kinds of markets. This is the seventh such acquisition we’ve made in the past 12 months, as we continue seeking $1-million to $10-million strip centers in good locations,” said Joe Dykstra, Westwood’s executive vice president, in a statement.
COUNTRY CLUB VERANDAS SELLS FOR $13M The 348-unit Country Club Verandas in Mesa has sold to Country Club Verendas, LLC for $13 million. The apartment community was built in 1985 and consists of 312 one-bedroom and 36 two-bedroom units. The seller was Wells Fargo Bank, N.A. successor by consolidation to Wells Fargo Bank Minnesota, N.A. as Trustee for the Registered Certificateholders c/o Berkadia Commercial Mortgage LLC.
GSA Leases 38,565 SF in Chandler The U.S. General Services Administration (GSA) leased 38,565 square feet of office space in Chandler Midway Corporate Center at 5710 W. Chandler Blvd. in Chandler, AZ. Total consideration for the five-year deal was roughly $3.76 million. Built in 2008, the two-story office building totals 56,000 square feet on 4.5 acres. The property is now 70 percent leased as a result of the transaction. GSA plans to set up occupancy at the property in February 2012. View article…
Commonwealth Casualty sets grand opening in Phoenix As Commonwealth Casualty Co. opens its doors this week, the Phoenix company is looking to hire at least 50 people. On Saturday, the new automobile insurance company will host a grand opening event, starting with a ribbon-cutting ceremony at noon at its offices at 7080 N. 19th Ave., Phoenix. View article…
Educare Arizona Opens in the DT A new school aimed at improving the health and education of children living in proverty opens in the Discovery Triangle’s Balsz District. The public is welcome to tour the facility during Educare Arizona’s grand opening this Thursday. Educare Arizona is an $11.3 million, state-of-the-art school providing early care and education aimed at closing the achievement gap for children in poverty. View article…
Chandler businesses brace for months of traffic gridlock The pizza orders stopped. Hair stylists received no appointment calls. Restaurants couldn’t process credit card payments. For at least four days last week, utility relocation work at Alma School and Ray roads in Chandler wreaked havoc for business owners in a struggling shopping center on the northwestern corner. View article…
Fewer Distressed Sales Give Boost to Commercial Property Prices Commercial real estate prices in the U.S. rose 2.4 percent between July and August, Moody’s Investors Service reported Monday. That monthly boost pushes Moody’s index reading 15.3 percent above this cycle’s low set in April 2011. Although the agency’s Commercial Property Price Index (CPPI) has risen in each of the last four months, it remains close to its two-year average. View article…
Park-and-ride lot usage declines since 2008 At least twice a week, Arizona State University student Sara Sadeghi can be found at a park-and-ride lot in northeast Phoenix. The Scottsdale resident drives into Phoenix and pulls into the lot at Bell Road and Arizona 51. From there, a bus takes her downtown, dropping her off about 45 minutes later. View article…
Phoenix home prices flat in August, down from year ago Arizona continues to be among the national leaders in home price declines, according to new data from the 20-city Standard & Poor’s /Case Shiller Home Price Index. Arizona home values were down in August 7.7 percent from one year earlier, according to the index. 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:
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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.