Here are the news articles you might find interesting today for commercial real estate and business:
DDR Acquires 710,000-SF Tucson Spectrum DDR Corp. acquired the 709,811-square-foot Tucson Spectrum, paying $125 million for ownership rights. In addition to obtaining the regional retail power center from an affiliate of the Barclay Group (based in Phoenix) and Canadian company Creswin Properties Inc. the buyer receives seven finished retail pads of Phase I and II. View article…
PILLAR PURCHASES GILBERT APARTMENTS FOR $46.3 MILLION . . . THAT’s $146,984 PER UNIT A company formed by Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal) paid $46.3 million ($146,984 per unit) to purchase the 315-unitIronwood at SanTan apartments at 2910 S. Greenfield Road in Gilbert. The seller was Archstone SanTan LP, a company formed by Archstone in Englewood, Colo. (Scot Sellers, CEO). View article…
OLIVERMCMILLAN DEVELOPING 258-UNIT APARTMENT COMMUNITY AT TEMPE TOWN LAKE OliverMcMillan in San Diego, Calif. (Dene Oliver, James McMillan, principals) plans to develop a 258-unit apartment community along the south side of Tempe Town Lake and just north of Arizona State University in Tempe. The company is buying the 3.69- acre site from a venture formed by Sunbelt holdings LLC in Scottsdale (John Graham, pres.). No word on purchase price, but sources say that number will be north of $5 million. The sale, which is contingent on zoning approval and is expected to close around year-end, is being negotiated by Michael Lieb of Michael A. Lieb Ltd. in Phoenix. View article…
$23+ MILLION GENERATED FROM SALE OF 569 LOTS TO SIX BUILDERS AT BRIDGES COMMUNITY Six Valley builders have taken control of 569 lots within the Bridges at Gilbert community in the southeast Valley in deals totaling $23+ million. With two remaining transactions set to close by year-end, the joint venture that took over the community stands to earn a profit of $16 million in an investment that, from start to finish, will take less than two years. In April 2011, BREW reported companies formed by JEN Partners in New York City, N.Y. (Reuben Leibowitz, principal) and Terra West Management Co. LLC in Phoenix (Mike Jesberger, principal) paying a combined $23 million to buy the 298-acre planned community. A company formed by Larry Miller of Miller Holdings Inc. in Scottsdale started the development, but lost the property to foreclosure. The project is located at the southeast corner of Queen Creek and Higley roads. View article…
Dwindling warehouse space in EV triggers first new buildings since 2008 Some of the Valley’s first new industrial buildings constructed since the recession’s onset are coming out of the ground in Tempe as the East Valley’s warehouse vacancy rate continues to fall. Two buildings totaling 316,000-square feet are in response to vacancy rates falling below 8 percent for warehouse distribution centers in the East Valley. View article…
ASU opens Lake Havasu City campus For years, Lake Havasu City has been a popular spring-break spot for Arizona State University students. Now, ASU students have a reason to stay there year-round. Beginning today, classes start at ASU’s new satellite campus in Lake Havasu City, the first of what ASU officials hope will be a series of lower-cost colleges around the state. View article…
Grocery Chains Buy Up Shopping Centers in a Defensive Play As more grocery-anchored center owners decide to put their properties on the market to take advantage of strong investor demand, grocery chains are stepping in and claiming the centers they anchor to avoid risking the uncertainty of a new owner. “In many cases, grocery chains have the first right of refusal when a property is for sale, and when they want to control their destiny, they’ll take advantage of the opportunity to purchase the center,” says Kris J. Cooper, managing director of capital markets in Jones Lang LaSalle’s Atlanta office. View article…
HOUSING:
Shea Homes to build nearly 250 Phoenix-area homes Shea Homes is slated to kick off construction on two Phoenix-area communities by year’s end, eventually delivering almost 250 new homes to the market at a time when demand for such new product is on the rise nationwide. View article…
Phoenix foreclosure rate down 34 percent from a year ago The ongoing tussle between lenders and struggling local homeowners continues to wane this summer, as metro Phoenix’s foreclosure rate in June tumbled roughly 34 percent from a year ago, according to the latest housing report released Thursday by CoreLogic. View article…
Nearly Half of Borrowers Under 40 Sitting Underwater: Zillow The share of homeowners with underwater mortgages continued its decline in the second quarter, according to the Zillow Negative Equity Report. About 15.3 million homeowners with a mortgage were underwater, or 30.9 percent, a drop from 15.7 million or 31.4 percent. View article…
Signs of Revival, Slight but Sure, for Home Sales Analysts are hailing the beginnings of a recovery in the nation’s housing market. But to beleaguered homeowners, it will not feel like much of one for many months to come. View article…
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CURRENT FOR SALE OPPORTUNITIES:
Former SunTykes Property in Tempe Arizona – Owner/User Opportunity. For more information, click here…
Freestanding Auto in Mesa, Arizona – Owner/User Opportunity. For more information, click here…
+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…
1 Industrial Condos in Bahia Business Park (UNIT 104-SOLD – 105 Still available) Owner/User opportunity to purchase 1 industrial condos. For more information, 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…
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.