Here are the news articles you might find interesting today for commercial real estate and business:
Archway Holdings buys medical office buildings for $14.5M Archway Holdings Corp. of Beverly Hills, Calif. purchased three medical office buildings in the Phoenix metro area for a combined $14.5 million. In the first deal, Archway purchased the 101 Medical Office Center at 9250 W. Thomas Road for $8.6 million. The seller was the original developer, McShane Corp. of Chicago. Archway paid cash and renamed the 80,815-square-foot property Estrella Health Center. It was built in 2009. View article…
WESTWARD LOOK RESORT IN TUCSON SOLD TO FLORIDA INVESTOR FOR $31.6 MILLION Westward Look Resort LLC in Tampa, Fla. (Dr. Kiran Patel, M.D., principal) paid $31.6 million to purchase the 244-room Westward Look Resort located at the base of the Santa Catalina Foothills at 245 E. Ina Road in Tucson. The seller was APHM Westward Look LLC, a company formed by American Property Hospitality in San Diego, Calif. The historic Westward Look Resort, which grew from a hacienda-style home and was built in phases starting in 1912, is now being called Westward Look Wyndham Grand Resort & Spa. The buyer acquired the property by assuming a $31.5 million loan from Resource Real Estate Funding CDO 2007-1 Ltd. View article…
FORMER ROBB & STUCKY LOCATION BEING CONSIDERED FOR REDEVELOPMENT AS APARTMENTS A prime parcel at the northwest corner of Scottsdale Road and Kierland Boulevard in Phoenix that was once home to the Robb & Stucky furniture store is being targeted for redevelopment as a 360-unit upscale apartment community. JLB Partners L.P. in Irving, Tex. (James Bosler, chairman) is under contract to acquire the 6.4-acre site in a deal that is contingent upon the land being approved for multi-family use. The property, which is occupied by a 113,071-square-foot retail showroom that was previously leased to the furniture retailer Robb & Stucky, is owned by C & H Arizona-Stucky LLC in Walnut Creek, Calif. (Basil Christopoulos, principal). View article…
HARVARD INVESTMENTS PAYS $3.874+ MILLION TO BUY 309 LOTS FROM CENTEX HOMES Metro Trailside I LLC, a company formed by Harvard Investments Inc. in Scottsdale (Paul Hill, Craig Krumwiede, Chris Cacheris, principals), paid just over $3.874 million to buy 309 finished and partially developed lots within the Trailside Point community in southwest Phoenix. The 496-acre Trailside Point community is located north of the northwest corner of 75th Avenue and Baseline Road. The seller in the cash sale was Centex Homes, a Valley home builder that was acquired in 2009 by Pulte Corp. of Bloomfield Hills, Mich. View article…
Chandler expands Innovations incubator The City of Chandler has leased an additional 25,297 square feet at the San Tan Tech Center, 145 S. 79th St. in Chandler, to expand its Innovations incubator. Financial terms of the 12-year lease were not disclosed. The landlord is Capital Commercial Investments Inc. of Austin. View article…
LVM Systems expanding in Mesa LVM Systems Inc., a provider of call center software for the health care industry, is nearly doubling its space. Construction started last week on a 7,000-square-foot structure just north of its existing 10,000-square-foot headquarters in Mesa. View article…
Auto-repair firm expands in Scottsdale Greulich’s Automotive announced the opening Friday of its newest Scottsdale facility at 15055 N. Hayden Road. The new service center with more than a dozen full-time employees includes 16 service bays, owner Chris Greulichsaid. Scottsdale-based Greulich’s has been in operation in the Valley since 1977. It has 15 locations and more than 200 employees. View article…
Scottsdale Jean Co. relocates to Gainey Village The Scottsdale Jean Co. has moved its store from the Scottsdale Airpark to the Shops at Gainey Village, southeast of Scottsdale and Doubletree Ranch roads. The 8,000-square-foot store at 8787 N. Scottsdale Road, Suite 124, was scheduled to open on Thursday The store at Northsight Boulevard and Raintree Drive closed this week. View article…
Ulthera to hire 100 for Mesa manufacturing plant Ulthera Inc. plans to hire 100 workers for its new manufacturing facility in Mesa scheduled to open later this year. The company will manufacture its FDA-approved ultrasound technology for eyebrow lifts. Plans call for leasing a 35,000-square-foot building in Mesa that will house its new manufacturing facility, as well as its global headquarters. View article…
Home Values Declined 1.1 Percent in Fourth Quarter Zillow forecasts home values will be on the decline through December 2012, but the decrease will be smaller than in 2011. Home values in the U.S. fell in the fourth quarter, with the Zillow Home Value Index (ZHVI) sinking 1.1 percent after a less significant decline for the two previous quarters. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – (BACK ON MARKET) Investment, multi-tenant retail center. For a brochure, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. 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…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.