Here are the news articles you might find interesting today for commercial real estate and business:
Gelt Makes Second Area Buy; Acquires Waterstone from Auction.com Less than a year after entering the region with its buy of the Ferntree and Colonnade Gardens apartment complexes, Gelt Inc. added the 269-unit Waterstone Apartments to its Phoenix area portfolio. The California buyer acquired the multifamily property through Auction.com, paying $11.3 million for the class B, 85%-occupied Waterstone. View article…
EASTGROUP BUYS 10.5-ACRE SITE FROM RYAN . . . TO DEVELOP DISTRIBUTION FACILITY EastGroup Properties L.P. in Phoenix plans to develop a distribution facility in Chandler of at least 120,000 sq. ft. The 10.5-acre site is located just south of the 202 Freeway and east of 56th Street. EastGroup Properties paid $1.509 million to purchase the parcel. The seller was Ryan/Pilgrim Investments Chandler Freeways LLC, a company formed by Ryan Cos. US Inc. in Minneapolis, Minn. View article…
EL DORADO HOLDINGS BOLSTERS MULTI-FAMILY PORTFOLIO . . . PAYS $25.85 MILLION FOR 332 UNITS Camelback Cortesian LLC, a company formed by El Dorado Holdings Inc. in Phoenix (Mike Ingram, chairman), paid $25.85 million ($77,861 per unit) to buy The Cortesian, a 332-unit apartment project at 7749 E. Camelback Road in Scottsdale. The seller was Holualoa Cortesian LLC, company formed by Holualoa Arizona Inc. in Tucson (Mike Kasser, principal). View article…
MASS MUTUAL AFFILIATE DROPS $26.1 MILLION FOR COMMERCE PARK A company formed by Cornerstone Real Estate Advisers in Santa Monica, Calif. paid $26.1 million ($77.53 per foot) to buy 336,665 sq. ft. of industrial space in phase two of the Lincoln Commerce Park in Phoenix. The four-building complex is at 2115, 2125, 2135 and 2145 S. 11th Avenue. Records show the buying entity in the cash transaction was CREF LCP LLC. The seller was Lincoln Commerce Park II Limited Partnership. That joint venture was formed by Lincoln Property Co. in Phoenix, and INVESCO Realty Advisors in Dallas, Tex. View article…
Old Town Group opening new cantina in North Scottsdale Scottsdale-based Old Town Group will open its newest concept, El Santo Cantina + Patio Bar + Restaurant, on May 4. The restaurant is built around a Mexican style resort pool and features a cantina and extensive patio in a casual atmosphere. It is located at the former Jilly’s American Club on Scottsdale Road, just south of the Scottsdale Quarter development at 7301 E. Butherus Drive in Scottsdale. View article…
VA picks Gilbert for new regional health care clinic The U.S. Department of Veterans Affairs will build a 60,000-square-foot health care clinic in Gilbert, town officials said today. The two-story center, to be built on the northeast corner of S. Val Vista Drive and Market Street, is expected to open in 2014. View article…
Phoenix VA breaks ground on $9M mental health facility The Veterans Administration is breaking ground today on a $9.3 million mental health facility on the Phoenix VA Health Care System campus near Seventh Street and Indian School Road. The three-story, 40,000-square-foot structure is expected to be completed by June 2013. View article…
Proposed Solis property slated for trustee sale A vacant downtown Scottsdale property that was cleared for a luxury hotel and condominiums is scheduled for a trustee sale next week. A development group headed by Mark Madkour of Scottsdale Canal Development had plans to build the 240-room Solis Scottsdale hotel and 140 condominiums on the 10.57-acre property. But the lender foreclosed on the property and Scottsdale Canal Development filed for Chapter 11 bankruptcy last fall. View article…
Safeway takeover speculation rises in options market Speculation that Pleasanton-based Safeway is a takeover target got a further boost this week as options trading signaled a buyout is imminent. Call options priced 10 percent above Safeway’s share price hit the highest level on record this month vs. put options on three-month contracts, Bloomberg News reported Wednesday. View article…
Arizona sees strong job growth in March Arizona saw its strongest job growth in March since 2006, adding nearly 19,000 nonfarm jobs statewide. This job growth of 18,900 was much higher than the most recent ten-year average for March of 12,300, according to the Arizona Department of Administration. It also beat out the monthly pre-recession average attained from 1998 to 2007 of 18,000. View article…
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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.