Here are the news articles you might find interesting today for commercial real estate and business:
To view the March/April 2012 edition of Apartment Finance, click here…
UPSCALE SENIOR HOUSING FACILITY IN NORTH SCOTTSDALE SET FOR TRUSTEE’s SALE A company formed by Avenir Group of Cos. in Scottsdale and Vancouver, B.C., Canada (David “Les” Craik, pres.)has been noticed for trustee’s sale after defaulting on a loan secured by a 170-unit senior housing project in Scottsdale called Art. That three-story complex, located at the northeast corner of 114th Street and Via Linda, opened year-end 2009. According to Ion Data, a Mesa-based provider of real estate data, the community is set to be sold at a trustee’s sale on July 5. The project is collateral on a loan with a original balance of $36.25 million. View article…
MULLER FACING FORECLOSURE ON SQUAW PEAK OFFICE PROJECT . . . $50 MILLION LOAN IN DEFAULT A 432,096-square-foot office project located within the Pointe At Squaw Peak community in Phoenix is scheduled to be sold at a trustee’s sale on July 11. The property is collateral on a loan that is past due with an original principal balance of $50 million. The three-building complex, called The Plaza at Squaw Peak, is comprised of a 158,092-square-foot structure at 7500 N. Dreamy Draw, a 160,343-square-foot building at 7600 N. 16th Street and a 113,661-square-foot office at 7600 N. 15th Street. Michelle Ghidotti of Assured Lender Services Inc. in Tustin, Calif. is the trustee on the pending foreclosure. View article…
WEIDNER KEEPS FOOT ON THE PEDAL . . . PICKS UP ANOTHER 399 APARTMENT UNITS IN VALLEY Even though the company long ago reached its goal of owning 5,000 multi-family units in the Valley, Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) continues to ramp up its apartment inventory in the Phoenix area. In its most recent acquisition, Steele Park Apartments LLC (the Weidner entity) paid just over $36.067 million ($90,395 per unit) to buy the 399-unit Steele Park apartments at 411 E. Indian School Road in Phoenix. The seller was DMARC 2006-CD2 Indian School LLC, a company formed by LNR Partners Inc. in Miami Beach, Fla. View article…
Doctors buy McCormick Ranch office building A two-story McCormick Ranch office building has sold for $2.14 million or $102 per square foot. Colliers International negotiated the sale of the 20,980-square-foot building at 8630 E. Via de Ventura. The seller, 8630 Ventura Holdings Inc. of Scottsdale, was represented by Greg Hopley of Colliers. View article…
2 more Arizona Best Buy stores to close Two more Best Buy locations in Arizona will close next month as part of the distressed retailer’s plans to shutter 50 stores nationwide this year, company officials said Saturday morning. The Best Buy stores in Casa Grande, located off the Interstate 10 and Florence Boulevard, and in Lake Pleasant, near Happy Valley Road and Lake Pleasant Parkway, will permanently shut down May 12 and employees were notified of the decision Saturday, said Kelly Groehler, a company spokesman, in a statement. View article…
Del Frisco’s Grille replacing Houston’s at Esplanade, to host job fair A new restaurant set to replace the former Houston’s at The Esplanade development in Phoenix will host a job fair in preparation for a summer opening. Del Frisco’s Grille is hosting the job fair from 10 a.m. to 6 p.m. on Saturday, April 14 at The Esplanade, located at the southeast corner of 24th Street and Camelback Road. View article…
Phoenix could overpay in land deal near Sky Harbor Phoenix officials are poised to spend $1 million more than the appraised value on a piece of contaminated land north of Sky Harbor International Airport that would be used for an employee parking lot. This is the second time in six months that Aviation Department officials have asked the City Council to approve a deal for the 11.58-acre property at 215 S. 41st St. Under the proposal, the city would pay $4.5 million for the site, which was once home to a fertilizer plant and now is owned by Laveen investor John Silva under his JSF Airpark LLC. View article…
Westcor faces deadline on payment to state for mall site Westcor is facing a payment deadline April 30 on its lease of state trust land for a long-planned shopping mall at Scottsdale Road and Loop 101. The Valley mall developer has deferred lease payments to the Arizona State Land Department for the 112-acre mall site. Westcor owes $2.2 million to the state agency by April 30 on lease payments for last year and this year, said Vanessa Hickman, deputy state land commissioner. View article…
High office vacancy rates persist outside of downtown Phoenix More than 27 percent of the Phoenix region’s office space and another 13.8 percent of its industrial space is vacant, as the commercial real estate market tries to claw its way back from its tumble. Downtown Phoenix is faring the best in terms of vacancy rates among various Valley submarkets, according to first-quarter data from Jones Lang LaSalle. Downtown has a vacancy rate of 16 percent. View article…
Grant to help development of blighted land in Phoenix On a breezy, pleasant Wednesday afternoon, Lindsey Hendricks was preparing to teach a dozen preteen children at the Nina Mason Pulliam Rio Salado Audubon Center about the insects, plants, birds and mammals that inhabit the Phoenix riparian area around the center. Hendricks said the Rio Salado Habitat is an astounding scene when considering that 12 years ago, this flourishing, 600-acre ecosystem in downtown Phoenix’s backyard did not exist. View article…
Homebuilders busy again in corners of metro Phoenix Homebuilding, metro Phoenix’s biggest industry before the housing crash, is on the rise again. Unlike in the past, this burst in the region’s homebuilding isn’t being driven by buyers going farther and farther out to find a house they can afford or investors looking for bargains. 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.