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Daily News for Commercial Real Estate & Business – April 5, 2012

Here are the news articles you might find interesting today for commercial real estate and business:

To view this weeks Costar Watchlist, click here…

Weidner Investment Services Acquires 332-Unit Alta Phoenix for $59M Making its first core commercial real estate buy, aggressive multifamily property investor Weidner Investment Services acquired the three-year-old, 332-unit Alta Phoenix Lofts for $59.5 million. The Kirkland, WA-based buyer beat out offers from institutional investors to acquire the class A, high-end CBD asset from its developer, Wood Partners of Atlanta, GA. View article…

Norwood Village Apts Trade for $2.5M A joint venture of Gorman & Company, Inc. and the City of Glendale has purchased the 115-unit Norwood Village Apartments at 6738 N. 45th Ave. in Glendale, AZ. The property sold for $2.53 million, or $22,000 per unit. The property was foreclosed on in June 2010 by Fannie Mae, and will be converted to low-income housing. It was originally built in 1971 on 5.2 acres in the Northwest Phoenix submarket of Maricopa County. View article…

Tempe City Center Sells for $9M Presson Corporation purchased the Tempe City Center located at 1400 – 1470 E. Southern Ave. in Tempe, AZ from Wells Fargo Bank for $9 million in an all-cash transaction. The purchase included a 10-story, 128,598-square-foot office building, two freestanding office buildings and three freestanding retail buildings totaling 33,676 square feet. The office tower was about 62 percent leased and the freestanding structures were 70 percent leased. The complex was constructed in 1985. View article…

Grand Canyon airport planning new terminal Plans are under way for upgrades to the Grand Canyon National Park Airport, according to its owner and operator, theArizona Department of Transportation. Plans are in the works to create a new terminal, and ADOT officials are performing an environmental assessment for the upcoming project. View article…

Rezoning advances for Encanto eatery The Encanto Village Planning Committee on Monday voted unanimously to approve a rezoning request to allow for a restaurant at the southeastern corner of Flower and Third streets. The request seeks to change the parcel’s zoning designation from C-O, “commercial office,” to C-2, “intermediate commercial.” View article…

Bullard Avenue investment zone pursued in Goodyear Goodyear is eyeing the transformation of sleepy Bullard Avenue to create a high-paying jobs and manufacturing corridor along a road that is now lined mainly with farm and untended fields. The corridor would be anchored on the north by the proposed Estrella Falls regional mall and on the southern end by the Phoenix Goodyear Airport. View article…

A Hale & Hearty First Quarter for Health Care REIT Financings REITs investing in health-care related real estate posted a strong quarter of fundraising and financing activity, pulling in more than $6 billion. Long Beach, CA-based HCP was one of the big winners pricing of a public offering of 9 million shares of its common stock, pulling in $295.5 million of the proceeds. It used those proceeds to pay down debt. View article…

FASB Alternatives Could Lessen Lease Accounting Impact While the fate of lease accounting standards has not yet been determined, the benefits and drawbacks of the revised proposal set forth by the Financial Accounting Standards Board and International Accounting Standards Board were debated by panelists at ALM Real Estate Media Group’s 2012 RealShare Net Lease conference on Tuesday afternoon. 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…

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.