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Here are the news articles you might find interesting today for commercial real estate and business:
To view the October 2011 Commercial Edition of Scotsman Guide, click here.
Contractor’s Yard Sold for $1.5M in REO Sale Wolfcor LLC and Hawker’s LLC purchased 1985 W. Tremaine Drive in Gilbert, AZ for $1.475 million, or about $268 per square foot, from First Citizens Bank & Trust Company in an REO sale. The buyer will occupy the property, doing business as Alliance Refuse Trucks, a company that refurbishes, rebuilds and recycles garbage trucks and trash trucks. The 5,500-square-foot industrial building is located on 6.6 acres including a paved storage yard, and was originally completed in 1990 before undergoing a renovation in 2006. View article…
Scottsdale retail center sells for $2.6 million A multi-tenant retail property in Scottsdale has been purchased by KT 777 LLC, an investor from Wisconsin, for nearly $2.6 million. Plaza 777 is at 2945-3025 N. Scottsdale Road. View article…
California Investor Takes Flex Building for $85/SF Redwood Real Estate Partners LLC, a privately-owned real estate investment company in Rancho Santa Margarita, CA, purchased 20601 N. 19th Ave. in Phoenix for $4.9 million, or nearly $85 per square foot. The property was 70 percent leased at the time of sale to multiple tenants. Located in the 19th Avenue Corporate Center, the 57,731-square-foot flex building completed construction in 2000 and can accommodate office, medical, or flex users. View article…
Thirsty Lion Pub and Grill coming to Tempe Marketplace A new Portland, Ore.-based eatery is opening its first location in Arizona this fall at Tempe Marketplace. Called the Thirsty Lion Pub and Grill, the restaurant is expected to open in November in the former location of Maria, Maria, the Carlos Santana-backed restaurant that closed almost a year ago. View article…
California security firm announces move to Scottsdale AT Security Service of Irvine, Calif., has moved its headquarters to Scottsdale, bringing 100 jobs initially and another 100 within three years. The relocation was announced late Monday by the Arizona Commerce Authority, Greater Phoenix Economic Council and city of Scottsdale. “Relocating our corporate headquarters to Scottsdale will allow AT Security the chance to save on cost and increase its ability to put people and military veterans back to work,” Jacques Davis, AT Security president and CEO said in a news release. View article…
Developers seek rezoning OK for former Republic park in Phoenix A half-century-long gathering spot for employees and their families of The Arizona Republic and the former Phoenix Gazette could soon become a gathering spot for residents of the Arcadia neighborhood. MidFirst Bank and Oklahoma-based Arcadia Development, LLC want to rezone the 12-acre property known as R&G Ranch from residential to commercial. Phoenix City Council will vote on the rezoning Wednesday. View article…
St. Luke’s wants to bring group therapy to industrial park The state’s oldest behavioral-health provider wants to serve the Southeast Valley’s alcoholics, drug addicts and chronically mentally ill out of a Chandler industrial park. St. Luke’s Behavioral Health is seeking a use permit at Wednesday’s Planning and Zoning Commission meeting to hold group therapy sessions in Chandler Commerce Plaza southeast of Arizona Avenue and Elliot Road. View article…
Gila Bend center to provide resources for families Families in the Gila Bend area will soon have a one-stop connection to community resources at the Care1st Gila Bend Resource Center. The center is being created through a partnership among First Things First, Care1st Health Plan Arizona and Gila Bend. It’s modeled after the successful Care1st Avondale Resource and Housing Center, which won a Best of the West 2010 award from Westmarc, a coalition of West Valley cities and businesses. View article…
Cinderella Story: How Decrepit, Dangerous Student Housing Became Desirable Though the National Multi Housing Council’s Student Housing Conference & Exposition has brought together an esteemed group of speakers to highly trends and issues in student housing, one of the more compelling panels covered an anatomy of an actual REO deal. The panel entitled “Analysis of a Recently Closed Deal: Buyer and Seller Discuss What Happened” brought together the seller of a distressed student housing asset, head of the company that bought the asset, and the broker who arranged it all. View article…
Despite Uptick in CMBS Delinquencies, Trepp Sees Signs of Stabilization After two very sharp moves over the previous two months – a huge jump in July and a big dip in August – delinquent loans held in commercial mortgage-backed securities (CMBS) stabilized in September, according to Trepp LLC. The New York-based research and analytics firm says for at least one month, the reading reverted to its pattern from earlier in the year when modest bumps in the rate were the norm. View article…
OPPORTUNITIES:
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…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.