In honor of Dr. Martin Luther King, Jr, here is a link to his famous speech, “I have a dream.” To listen, click here.
Here are the news articles you might find interesting today for commercial real estate and business:
Valencia Cross apartments purchased for $15.5M ROC AZ Valencia LLC has purchased the Valencia Cross apartment community in Mesa for $15.5 million in an all-cash deal. Located at 111 N. Gilbert Road, the 396-unit complex was built in 1984. ROC AZ Valencia is based in Murray, Utah. View article…
Developer pays $5.3M for apartment parcel near SanTan Village Mall Southern California developer LWI Properties has purchased 17 acres near SanTan Village Mall for $5.3 million and will build 382 apartment units. The property is south of the southwest corner of SanTan Village Parkway and Ray Road. The seller was Arizona-based LeSueur Investments III. View article…
Prada may land at Scottsdale Fashion Square Can it be true that more fashion coming to Phoenix? There are rumors that a Prada store is coming to Scottsdale Fashion Square. If true, Prada will join high-end retailers Barneys New York, Neiman Marcus, Nordstrom, 7 For All Mankind, and Jimmy Choo for top fashion, designers and accessories at the mall. View article…
Scottsdale planning panel recommends hospital expansion Scottsdale Healthcare on Wednesday received favorable recommendations from the city Planning Commission on two requests to accommodate future growth of its Osborn Medical Center campus. Last year, the City Council agreed to sell a 1.7-acre parcel of city-owned property at the southwestern corner of Second Street and Drinkwater Boulevard to Scottsdale Healthcare. It includes a four-building complex that houses an adult daycare center. View article…
GM PROVING GROUNDS SITE TO BOOST AREA WITH 800 PLANNED NEW HOMES Jan 13, 2012 (East Valley Tribune – McClatchy-Tribune Information Services via COMTEX) — A massive development that stalled in the recession will come to life next year, starting with 800 homes and the first stage of a mile-long park on the site of the former General Motors Proving Grounds in Mesa. DMB Associates anticipates an improving economy and dwindling number of foreclosures will create demand for housing at the site of the former test facilty, located in east Mesa. View article…
Metro light rail tops 13M passengers for 2011 The Metro light rail system saw its traffic rise 4 percent in 2011 to 13.2 million passengers, making it the busiest year since its opening. The 20-mile system, which runs from northwest Phoenix to Mesa with stops in downtown Phoenix and at Arizona State University, had 12.6 million passengers in 2010. Metro light rail opened in December 2008. View article…
Land of Opportunity It’s no secret that commercial real estate in the U.S. has had its fair share of struggles as the economy gets back on track. But when compared to other parts of the world such as Europe, which is experiencing sovereign debt crises and economic angst, the U.S. is still one of the most attractive options for foreign investors with capital to spend. View article…
2012 Expectations and Realities “Relatively stable” sounds pretty good these days, and commercial real estate’s back-to-basics investment approach is why, for generations, individuals, institutions, and funds have invested in this asset class. There are few opportunities that involve little risk, but commercial real estate generally offers relatively reasonable returns for the amount of risk involved. View article…
Shelter From the Storm Now that we are several years past the credit crisis of 2008, the world is still in turmoil. The European debt crisis and unrest in the Middle East – these global circumstances set the tenor for U.S. economic concerns. Gross domestic product grew 2.0 percent in 3Q11, but the federal debt grew to $15 trillion in 4Q11. Unemployment remains at 9.0 percent, home prices are still declining, and although the nation has dealt with many of its financial issues, the political climate is the worst we have seen in recent history as attested by Standard & Poor’s downgrading of U.S. credit to AA+. View article…
Resizing or Right-Sizing? Corporations around the globe have been holding on to office space in anticipation of a market rebound, but that’s about to change. “A growing number of corporate property owners say they have up to 50 percent excess leased office space,” according to Jim Young, CEO of RealComm, a commercial real estate and technology advisory firm. “Their goal over the next five to seven years is to eliminate that excess space.” That “50 percent” figure might be shocking, until you reflect on recent changes affecting corporate office space usage. View article…
New Year for the Euro: What Could Happen & Why Americans Should Be Concerned Despite a slowly improving U.S. economy, Americans have watched the stock market continue on its roller coaster ride, in large part because of uncertainty about the economic future of European countries, such as Greece, Portugal, Ireland, Spain and Italy, experiencing well-publicized problems. An international finance expert from the W. P. Carey School of Business at Arizona State University explains what we can expect as we enter the New Year in the future of the Eurozone. “Plan to see ongoing high volatility and deteriorating credit ratings for countries in the Eurozone for 2012, which will keep influencing the American economy,” says Professor Werner Bonadurer, a Swiss native who served as a former board member and global head of trading and sales at financial giant UBS, and who was nominated a Global Leader of Tomorrow at the World Economic Forum in Geneva in the mid-1990s. “Our financial markets are interconnected and now generally moving in the same directions at the same times, following the same risk-on/risk-off patterns.” View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate (In Escrow) 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.