Here are the news articles you might find interesting today for commercial real estate and business:
To view this weeks Costar Watchlist, click here… In this issue, it makes mention of a couple banks locally that are struggling and the amount of bad commercial real estate debt on their books.
Phoenix’s Select Top Office Sales for Q1 2012 The following is an account of the Phoenix market’s select top 10 sale transactions for first quarter 2012. Parkway Properties, Inc. acquired Hayden Ferry Lakeside II at 60 E Rio Salado Parkway in Tempe for $86 million. Sumitomo Corporation of America was the seller. View article…
Phoenix’s Select Top Office Leases for Q1 2012 The following is an account of the Phoenix market’s top 10 office lease transactions for first quarter 2012. Rancho Solano Private School leased the entire 80,158-square-foot building in Pima Center at 9180 E. Via de Ventura in Scottsdale, AZ. View article…
DDR Acquires Partner’s Stake in 2 Shopping Centers DDR, the real estate investment trust based out of Beachwood, OH, announced it used the proceeds from the issuance of 4.8 million shares through its at-the-market common equity program to repay $104 million of mortgage debt. This enabled DDR to buyout a joint venture’s 50 percent stake in two high-performing shopping centers. View article…
Upside Potential Forms Basis of First JV CRE Buy In their first commercial real estate buy as partners, Cole Real Estate Investments and RED Development acquired 50% stakes in the 365,000-square-foot Chandler Festival and 130,000-square-foot Chandler Village Center. Though the centers have 90%-plus occupancy, the mid-term lease roll is offering good upside potential in what’s proving to be a high-growth submarket. View article…
Scottsdale’s SkySong set to lease two new buildings SkySong, the Arizona State University Scottsdale Innovation Center, this week kicks off pre-leasing for two office buildings that will be the only sizable office construction this year in south Scottsdale. SkySong now includes two multistory office buildings totaling about 300,000 square feet. The buildings are about 98 percent occupied and house a workforce of more than 1,000 people. View article…
Arizona to start taking marijuana dispensary applications in May The final revised Arizona Medical Marijuana rules have been approved by the Arizona Attorney General’s Office and filed with the Secretary of State. The state health department, which oversees the state’s medical marijuana program, will begin accepting applications for those interested in operating a dispensary between May 14 and May 25. Applications will not be accepted before or after that period. View article…
Liberty National Life Insurance expands to Phoenix, to hire 100 Liberty National Life Insurance Co. opened a Phoenix office this week and is looking to hire more than 100 sales agents and managers for its local operations. This is the first time McKinney, Texas-based Liberty National will have a presence in the Arizona market. View article…
Beige Book Cites Modest to Moderate Growth, Concerns About Gas Prices The economy continued to expand at a modest to moderate pace from mid-February through late March, the Federal Reserve said Wednesday in its periodic Beige Book, reporting solid and faster growth in Kansas City and Minneapolis, but “moderate” or “modest” growth in Boston, Atlanta, Chicago, Dallas, San Francisco, Cleveland, and St. Louis. View article…
Behind a bank failure Part 4: FNB case sets a precedent Richard Amoroso, an insurance attorney at Polsinelli Shughart LLC in Phoenix, said the FDIC is ultimately aiming to recover losses from the deposit insurance fund by going after directors’ and officers’ insurance policies, which tend to have deeper pockets than individuals. View article…
CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…
+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…
2 Industrial Condos in Bahia Business Park – Owner/User opportunity to purchase 1 or both industrial condos. For more information, click here…
Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale/Lease. For a brochure, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale. For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. For a brochure, click here…
3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise. 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.