Here are the news articles you might find interesting today for commercial real estate and business:
Metrocenter Mall Disposition VIZZDA, January 12, 2012: Douglas P. Wilson, court-appointed receiver for MetroCenter Mall, has sold 727,815 SF of that property – including a 12-screen movie theater but excluding all anchor tenants – for $12.2M or $16.76/SF. The acquiring entity, Carlyle ER Metro LLC, is a special investment vehicle managed by Carlyle Development Group, a New York City development company specializing in regional malls, regional and community shopping centers and multifamily development. The property was previously acquired by a joint venture between Macerich REIT & AEW Capital January on 12th, 2005 for $155,900,021 or $214.20/SF. This sale price represents a 92% total decrease in value from the prior sale, or a 15.3% annualized loss. View article…
Univ. of Phoenix moves in new Tempe office towers The nation’s largest for-profit university isn’t changing its familiar brand, but it is making its presence felt on a grander scale just outside its namesake city. Last week, the University of Phoenix moved into a significant amount of administrative and classroom space at the Fountainhead Corporate Park in Tempe, located between Southern Ave. and Broadway Road, and between Priest Road and Interstate 10 – just across the freeway from Tempe Diablo Stadium. View article…
Surgery Center of Gilbert Developer: Surgery Center of Gilbert. General contractor: Wespac Construction. Architect: Orcutt|Winslow. Location: SEC Recker and Baseline roads, Gilbert Size: 14,000 SF. When completed in 3Q 2012, this ambulatory surgery center in Gilbert will feature four state-of-the-art operating rooms with space to expand to five when needed. View article…
Multi-Family: Parcland Crossing Developer: Mark-Taylor/Kitchell. General contractor: Mark-Taylor Development. Architect: Whitneybell Perry, Inc. Location: South Loop 202 and Alma School Rd., Chandler Size: 383 units. The $44M luxury apartment community in Chandler will feature one-, two- and three-bedroom units ranging from 625-1,400 SF. Luxury amenities will include a resort-style pool and clubhouse. Expected completion is 4Q 2012. View article…
Consumer confidence up Consumer confidence rose more than forecast in January, reaching its highest level in eight months amid signs of an improving labor market. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment increased to 74 from 69.9 at the end of December. The median estimate in a Bloomberg News survey called for 71.5. The measure has increased 9.9 points in the last two months, the biggest such gain since April-May 2009. 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.