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Here are the news articles you might find interesting today for commercial real estate and business:
To view this weeks Costar Watch List, click here.
Seattle company buys Phoenix apartments for $22.6 million Weidner Apartment Homes in Seattle has purchased the Hampton Square Apartments in Phoenix for $22.6 million, or about $75,923 per unit. The complex at 7205 W. McDowell Road has 298 units and was 93 percent occupied at the time of closing. Weidner has been an active buyer in Arizona, having acquired more than 6,000 units in the Valley and Tucson during the past 18 months. View article…
Mountain View Apartments Sell for $5.4M Federal Home Loan Mortgage Corp. sold the 150-unit Mountain View apartment complex located at 333 E. Van Buren St. in Phoenix, AZ to Crown Realty & Development, Inc. for $5.4 million, or $36,000 per unit. The 88,694-square-foot multifamily property consists of 18 studios, 108 one-bedroom, and 24 two-bedroom units. It was built in 1984 and was approximately 85 percent occupied at closing. View article…
Phoenix apartments near Sky Harbor sell for $8.3 million Summit Equity Investments Inc. of Los Angeles purchased Fountain Oaks, a 224-unit apartment complex at 1225 N. 40th St. in Phoenix for $8.3 million, or about $37,054 per unit. View article…
Closed Loop Refining Leases 126,975 in Phoenix Closed Loop Refining and Recovery, Inc., a glass recycling operation, signed a 39-month lease for 126,975 square feet in the warehouse building at 107 S. 41st Ave. in Phoenix, AZ. The single-story building totals 223,944 square feet in the Mack Commerce Center. Reywest Properties developed Building 18 in 1984, and it is currently owned by RREEF America LLC. View article…
Phoenix office complex owner gets entry, lot, but space preserved After months of clashes between the newest owner of prominent Phoenix office complex Anchor Centre and longtime residents concerned about his intentions for development, the Phoenix City Council last week approved a modified site plan that includes victories for both sides. Residents familiar with Anchor Centre, an expansive, two-building property at 2201 and 2231 E. Camelback Road…View article…
Bowman Consulting buys Phoenix-based DEI Professional Services Virginia-based Bowman Consulting Group Ltd. has acquired a second Phoenix-area firm, DEI Professional Services LLC in Phoenix. Bowman also purchased Tempe-based Vantage Resources LLC several months ago. View article…
Moody’s: U.S. CMBS Loan Delinquencies Decline to 9.01% The delinquency rate on loans held in U.S. commercial mortgage-backed securities (CMBS) fell 23 basis points in August to 9.01 percent, according to Moody’s Investors Service. Based on the New York-based agencies market assessment, the rate of loans in special servicing also declined last month, falling 7 basis points to 12.23 percent. View article…
OPPORTUNITIES:
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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.