Here are the news articles you might find interesting today for commercial real estate and business:
Scottsdale condos sell for $1.9 million Strategic Real Estate IV LLC of Gilbert has purchased 26 units of the Bella Vita condo conversion project at 5995 N. 78th Place in Scottsdale for $1.9 million, or $74,038 per unit. There are 226 units in the community. View article…
BlackRidge Buys Tempe Warehouses for $7.7M BlackRidge Real Estate Group, a full-service real estate investment firm, has purchased the two-building industrial warehouse at 1715 S. Holbrook Lane and 1895 S. Los Feiliz Drive in Tempe, AZ for $7.65 million, or about $55 per square foot. The 140,514-square-foot buildings were constructed in 1987 on 7.22 acres. The property has immediate access to the 101 Freeway. Known as the Normal Junction Tempe Distribution Center, the property was 86% leased at the time of sale. The sale marked a 1031-exchange for the seller. View article…
Scottsdale Airpark multifamily housing plans advance Three proposals that could bring more than 1,500 multifamily units to the Scottsdale Airpark area were endorsed by the Planning Commission this week. Commissioner Jay Petkunas stressed the need for housing in the Airpark area and said the three proposals would positively accommodate that growth. However, just last year, the council rejected the idea of including residential uses in the same area. View article…
Scottsdale residents invited to preview WestWorld expansion Residents are invited to a Thursday program where the city will preview plans for the expansion of the Tony Nelssen Equestrian Center at WestWorld. Learn about the $33 million project after remarks from city officials, who will name the center in honor of the late City Councilman Tony Nelssen. The project would make the center an indoor facility for year-round events. View article…
Arizona incomes down more than 6 percent since 2007 The average household in Arizona earns less than the national average, and incomes are moving lower each year. New research from CNNMoney.com shows that the median household income in Arizona last year was $46,798. That’s 7 percent lower than the national average of 50,046. View article…
Management Trust acquires Parker Finch Management Tustin, Calif.-based the Management Trust has acquired Parker Finch Management of Scottsdale, which manages about 70 community associations in the Valley. Parker Finch’s Denver and Las Vegas operations will be folded into the Management Trust’s existing offices in those cities. In July, the Management Trust acquired Phoenix-based Cuellar Realty Services. The company is expanding its presence in Phoenix, Denver and Las Vegas. View article…
AREA Properties Partners Acquires $215M in Defaulted Multifamily Debt AREA Properties Partners, a real estate investor and fund manager, and joint venture partner McDowell Properties, a real estate investment company, have acquired a portfolio of defaulted loans secured by 17 apartment complexes with 4,733 units located in four states. The property portfolio has its greatest concentration in Austin, Texas with seven properties. There are three other properties in Dallas, two properties in Phoenix, three in Tulsa, Okla. and one each in Tampa, Fla., and Jacksonville Fla. The overall occupancy rate for the portfolio is 84%, providing strong upside potential when leased to market occupancy. View article…
2 Banks Closed, 1 CU Conserved Two banks closed and one credit union was conserved Sept. 23 by state and federal banking regulators. These failures bring the year’s tally to 91 failed institutions. View article…
Arizona moving up population rankings The latest population projections show Arizona is poised to jump Indiana and become the 15th largest state in the U.S. Arizona’s population is expected to hit 6,553,719 on Oct. 1. That’s 161,702 more people than the official U.S. Census population figures from Oct. 1 of last year. View article…
New home sales down to 6-month low The housing market continues to struggle, particularly the market for new homes, with sales falling to a six-month low in August. The Commerce Department released the latest data in Washington Monday, showing sales of new houses were down 2.3 percent from July, though new home sales were 6.1 percent higher than a year earlier. View article…
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