Here are the news articles you might find interesting today for commercial real estate and business:
To view the CPI Industrial Market Report for Q3 2011, click here.
MICHIGAN-BASED FIRM SPENDS $10.4 MILLION FOR PRIME PARCEL IN AHWATUKEE A company formed by Investment Property Associates LLC, a Grand Haven-based, Mich.-based real estate development firm, paid $10.4 million to purchase a 35-acre parcel in the Ahwatukee area of Phoenix that is planned for a mixed-use project. The prime real estate is at the southeast corner of Chandler Boulevard and 50th Street. The seller in the cash sale was ML Manager in Peoria, as successor to the defunct Mortgages Ltd. in Phoenix. Montages Ltd. foreclosed on the previous owner of the Ahwatukee property. View article…
VICTORIA LUND FOUNDATION PICKS UP 15-ACRE MIXED-USE SITE IN GILBERT FOR $4 MILLION The Victoria Lund Foundation in Paradise Valley (Sherry Lund, trustee) paid $4 million to purchase a 15-acre parcel located just south of Mercy Gilbert Medical Center in Gilbert that is targeted for future development as a mixed-use project. The seller was FNBN Properties LLC, a company formed by Sorenson Group Management in Salt Lake City, Utah (James Sorenson, principal). View article…
WOLFSWINKEL TEAMS UP WITH DOBSON TO PURCHASE 1,231 ACRES IN PINAL COUNTY Investor Conley Wolfswinkel in Tempe has teamed up with the Dobson family in Mesa (H. Clifford Dobson, Jr., principal) to acquire a 1,231-acre parcel in Pinal County called Santa Cruz Ranch. The seller was Meridian Land LLC, a company formed by Meridian Bank in Scottsdale. View article…
Phoenix’s Select Top Industrial Leases for Q3 2011 The following is an account of the Phoenix market’s select top 10 industrial lease transactions for third quarter 2011. Home Depot leased the entire 400,000-square-foot property at 7200 W Buckeye Road in Phoenix. View article…
Venture is floated by downtown groups Two downtown Phoenix business groups with similar missions are considering a new partnership to share resources. Martin Shultz, chairman of the Phoenix Community Alliance, wants the alliance and the tax-funded Downtown Phoenix Partnership under the umbrella of a holding company. This would enable them to share some functions, such as marketing the downtown area or staff. View article…
CMBS Issues Drove Down Retail Sales Volume in Third Quarter Troubles in the CMBS market ended up affecting investment sales activity in the third quarter, with retail real estate investors turning their attention back to core assets in primary markets. During the third quarter, sales of retail properties totaled $8.2 billion, down 46 percent from about $15.2 billion in the second quarter, according to Real Capital Analytics (RCA), a New York City-based research firm. The figure was still ahead of the $6.6 billion in sales closed during the same period a year ago. View article…
Emerging Trends 2012: A Long Grind Awaits The outlook has dimmed for commercial real estate, according to the Emerging Trends in Real Estate 2012 report released by PwC and the Urban Land Institute at the ULI Fall Conference in Los Angeles. The research, the product of 950 surveys and interviews with commercial real estate investors, reveals more caution in the industry compared with a year ago. Last year, the report talked of an industry recovery playing out in an “era of less,” which presented its own challenges. View article…
Arizona quickly shedding professional services jobs Arizona has lost a larger percentage of its professional and business services jobs over the past four years than any state in the nation. These typically high-paying jobs, such as accountants, ad execs, architects or lawyers, are critical to growing a healthy economy. Arizona has shed nearly 17 percent of these jobs between September of 2007 and September of this year. View article…
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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.