Here are the news articles you might find interesting today for commercial real estate and business:
TIC FORMED BY HAMILTON ZANZE PURCHASES 336-UNIT APARTMENT COMPLEX IN PHOENIX Three separate companies formed by a group of tenant-in-common investors led by Mark Hamilton, Anthony Zanze and Kurt Houtkooper of Hamilton Zanze & Co. in San Francisco, Calif. paid $29.75 million ($88,542 per unit) to purchase the 336-unit Greenspoint at Paradise Village apartments at 4202 E. Cactus Road in Phoenix. The seller was Century Properties Fund XIX L.P., a limited partnership formed by AIMCO in Denver, Colo. (Terry Considine, CEO). County records show the buying entities were HZ Greenspoint Apartments LLC, HZF Greenspoint LLC and LM Greenspoint LLC. Those companies acquired the apartment community with a $22.2 million Fannie Mae loan issued by Prudential Multifamily Mortgage LLC. Greenspoint was built in 1985. View article…
MARK-TAYLOR BUILDING 300-UNIT APARTMENT COMPLEX IN GILBERT Mark-Taylor Inc. in Scottsdale (Jeff Mark, Scott Taylor, principals) plans to develop a 300-unit apartment complex at the northwest corner of Pecos and Val Vista roads in Gilbert. MT Spectrum LLC (Mark-Taylor entity) paid $4 million to purchase the 15.4-acre site. The seller was Pecos Vacant Land LLC, a company formed by the David J. McHenry Family Trust in Phoenix (David McHenry, trustee). View article…
COLE ENTITY PAYS $54.58 MILLION FOR RETAIL SPACE AT SANTAN VILLAGE . . . MORE TO COME A company formed by Cole Real Estate Investments in Phoenix (Chris Cole, principal) paid $54.58 million to purchase roughly 250,000 sq. ft. of retail space surrounding the SanTan Village mall in Gilbert. Records show Cole MT Gilbert (San Tan AZ) LLC paid cash for the properties, which are south of Williams Field Road along Market Street and San Tan Village Parkway. The seller was Macerich Santan Phase 2 SPE LLC, a company formed by The Macerich Co. in Santa Monica, Calif. (NYSE: MAC). Sources say the sale between Cole and Macerich is just the tip of the iceberg and those two companies have a deal in the works that will result in Cole paying Macerich roughly $230 million for retail space in several other Valley retail developments. Sources say Borgota of Scottsdale, Hilton Village and retail buildings surrounding the Chandler Fashion Center are among the properties Macerich may be selling to Cole. View article…
Mesa’s light-rail construction timetable may accelerate Mesa’s transportation portfolio may be on the verge of a dramatic expansion. Over the past two weeks, local and regional transit officials have offered numerous glimpses of a future in which getting around town and to other parts of the Valley may be easier than ever. View article…
Star Buffet Inc. files Chapter 11 reorganization plans A Scottsdale-based restaurant firm has filed a plan for reorganization as part of its Chapter 11 bankruptcy filing. Star Buffet Inc., 1312 N. Scottsdale Road, filed for bankruptcy protection last year and on Thursday announced that it had filed a plan of reorganization. If approved by the bankruptcy court, the plan could result in the firm emerging from Chapter 11. The firm operates 30 restaurants in seven states, including Arizona. In Arizona the firm operates HomeTown Buffets in Scottsdale, Tucson and Yuma. View article…
Arizonans spending nearly 10% of income on gas Arizonans spent about 9 percent of their income on fuel in March, according to AAA Arizona. The last time fuel spending totaled 9 percent of an Arizonan’s household budget was May 2008. It was July 2008 when Arizona hit its all-time fuel price high of $4.09 per gallon. AAA Arizona said that fuel prices statewide are averaging $3.89 per gallon this week, a drop of a penny from a week ago. 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.