orion-investment-real-estate-logo

nick@nickminer.com  480-612-0384

Daily News for Commercial Real Estate & Business – February 14, 2012

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

To view the February 2012 Commercial Property Executive magazine, click here.

Parkway Fund Buys 300,000-SF Hayden Ferry II for $86M Less than a year after adding Hayden Ferry Lakeside I to its portfolio, Orlando, FL-based Parkway Properties Inc., through its Parkway Properties Office Fund II LP, acquired its neighbor, the 300,000-square-foot Hayden Ferry II, paying $86 million for the 300,000-square-foot office property. The transaction also completes Parkway’s investment of the $750 million Fund II, of which it has a 30% stake. View article…

Westwood Unloads 88,000-SF Retail Center for $6M Westwood Financial Corp. closed on its first area commercial real estate transaction of 2012, selling the 88,225-square-foot Olive Square to a partnership controlled by North American Development Group. The buyer, headquartered in Canada, paid $6.3 million for the asset, which is anchored by aFry’s Food & Drug store. View article…

HealthSouth planning 40-bed rehab hospital in Phoenix Birmingham, Ala.-based HealthSouth Corp. plans to build a 40-bed rehabilitation hospital at the northwest corner of 91st and Pinchot avenues in Phoenix. Plans call for building a 48,000-square-foot inpatient rehab hospital on 6.9 acres of land the company recently purchased. View article…

Phoenix CityNorth foresees more tenants CityNorth has seen its share of businesses leave since opening in 2008, but there are several signs that the trend could reverse this year for the northeast Phoenix development. The latest indicator is this month’s opening of Almond Tree Wedding Boutique, a wedding gown consignment shop. Mellow Mushroom, a gourmet pizzeria, is expected to open in May or June. View article…

Schaffer’s Bridal expanding into Scottsdale The former Robb & Stucky Patio retail store in north Scottsdale will become a Schaffer’s Bridal store. Schaffer’s has been based in Des Moines, Iowa, since 1950, and the new store will be its first outside of that state. The 10,400-square-foot building is located at the northwest corner of Scottsdale Road and Kierland Boulevard. View article…

Mesa takes a new look at fate of city-owned site Mesa has wrestled for years over the fate of a city-owned building at 51-55 E. Main St., but the wrestling may not go on much longer. The City Council agreed this week that the unusual structure probably will make way in a few years for something that is not only taller but that meshes with the next-door arts center and other transit-oriented downtown architecture. View article…

Phoenix starts work on 2nd housing project Just one week after Phoenix officials broke ground on the Encanto Pointe homeless-housing project, they had their shovels back in the dirt right across the road. The city on Thursday morning celebrated the groundbreaking of Madison Pointe, the first multifamily affordable-housing project in Phoenix with a dedicated veterans’ initiative, at 4150 N. Ninth St. View article…

MBA Sees “Robust” Commercial Sector, But Skeptics Raise Doubt With what it calls a “relatively robust supply of capital” hunting for the right real estate deal, the Mortgage Bankers Association (MBA) is projecting a 17 percent increase in commercial real estate loan originations this year to nearly $230 billion. MBA economists also are expecting the volume of income property lending to increase steadily in the following three years, to $290 billion by 2015, they said at the group’s annual commercial real estate/multifamily housing convention in Atlanta. View article…

Tally Rises to Nine With Two More Bank Failures A bank in Indiana and another in Illinois closed Friday, February 10, increasing the tally for FDIC-insured banks closed this year to nine. Shelby County Bank (SCB) of Shelbyville, Indiana shut its doors and was acquired by First Merchants Bank of Muncie, Indiana. The FDIC and First Merchants Bank reached an agreement to purchase $117 million of loans and assume $136 million of deposits from SCB. 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.