Here are the news articles you might find interesting today for commercial real estate and business:
CROW HOLDINGS SPENDS $24.525 MILLION FOR 400,000 SQ. FT. OF INDUSTRIAL SPACE IN WEST PHOENIX A company formed by Crow Holdings in Dallas, Tex. (Harlan Crow, chairman) paid $24.525 million ($60.23 per foot) to acquire a 407,204-square-foot industrial project in Phoenix. The seller was Granite Mountain West LLC, a company formed by BlackRock Realty Advisors Inc. in Newport Beach, Calif. View article…
BEVERLY HILLS TIC INVESTOR MAKES FIRST VALLEY APARTMENT ACQUISITION IN SIX YEARS Companies formed by FSC Realty Inc. in Beverly Hills, Calif. (Stanley Fimberg, Albert Baril, principals) have made its first apartment investment in the Valley after sitting on the sidelines for the past six years. Public record shows FSC Alanza Place Apartments LLC, (the FSC Realty entity formed by 31 Tenant-In-Common investors), paid $38.5 million ($106,944 per unit) to buy the 360-unit Alanza Place apartments at 1121 N. 44th Street in Phoenix. The seller was Passco Alanza H LLC, et al., a company formed by PASSCO Cos. LLC in Irvine, Calif. (William Passo, pres.). View article…
MOUNTAIN SHADOWS RESORT NOTICED FOR TRUSTEE’s SALE The Mountain Shadows Resort hotel and golf club in Paradise Valley has been noticed for a trustees’s sale after the owner of the landmark property defaulted on a mortgage that is secured by the real estate. According to Ion Data, a Mesa-based provider of real estate data, the Mountain Shadows Resort property is scheduled to be sold at a trustee’s sale on July 26. The 68-acre property is located along the south side of Lincoln Drive and both sides of 56th Street. The 337-room hotel has been closed since September 2004. The resort also features a par 56 executive golf course that is still operating. The resort and 3,081-yard golf course are collateral on a loan with an original balance of $32 million that is owed to the Federal Deposit Insurance Corp. (FDIC). The borrowers or trustors are MTS Golf LLC and MTS Land LLC. View article…
New fashion technology coming to Paradise Valley Mall Paradise Valley Mall soon will be sporting the latest fashion technology. The Me-Ality Size-Matching Station will launch May 2 to help men and women find brands of clothing that will fit their individual body shape and size. View article…
Mellow Mushroom at CityNorth looks to hire 85 The soon-to-open Mellow Mushroom at CityNorth will hire 85 full- and part-time workers to staff the North Phoenix restaurant. The restaurant will open on May 21 in the CityCenter part of CityNorth., and is hiring through May 4 to staff the eatery. View article…
Mesa City Council approves deal for Westminster College The Mesa City Council voted unanimously at a special meeting this morning to approve the start of negotiations to bring Westminster College to the city’s downtown. The council approved a memorandum of understanding to begin negotiations on a five-year lease so that classes can begin in the fall 2013 semester. View article…
More pedestrians afoot in downtown Tempe The amount of foot traffic in downtown Tempe – an important measure of the pedestrian-friendly area’s health – is on the uptick. The Downtown Tempe Community credits new businesses and increasing light rail ridership with the jump in the number of visitors the last three months of 2011. About 21 percent more pedestrians passed through compared with the same period in 2010. View article…
HOUSING:
Phoenix-area Housing Market Update: Prices Up, New-Home Sales Coming Back Foreclosures are dramatically down in the Phoenix-area housing market. This means fewer cheap homes coming onto the market, prices rising for the sixth month in a row as a result, and many buyers finally starting to turn their attention from bargain resale homes to new-home sales. A new report from the W. P. Carey School of Business at Arizona State University reveals some trends for Maricopa and Pinal counties, as of March:
- The number of foreclosures completed this March was down a huge 60 percent from March 2011.
- The median single-family-home price went up more than 20 percent from last March.
- New-home sales rose 35 percent in the same time period. View article…
CoreLogic: Foreclosure rate drops in Phoenix Foreclosure rates in the Phoenix area decreased in February compared with the same month last year, according to new data from CoreLogic. The rate of Phoenix-Mesa-Glendale-area foreclosures among outstanding mortgage loans was 2.95 percent for the month of February, a decrease of 1.63 percentage points compared with February of 2011, when the rate was 4.58 percent. Foreclosure activity in Phoenix area is lower than the national foreclosure rate, which was 3.41 percent for February 2012. 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.