I will be attending the CCIM/IREM Economic Forecast today. Be looking for my summary in the next day or two of the event!
Here are the news articles you might find interesting today for commercial real estate and business:
CROSSROADS OF TEMPE RETAIL CENTER SELLS FOR $1.3M The retail portion of the three-building Crossroads of Tempe development has sold to a single-asset entity of Westwood Financial Corp. for $1.3 million. The sellers, a joint venture between ViaWest Group and Southwest Value Partners, originally purchased the three assets in July 2011 for $4,055,000. The just-sold retail portion contains a 15,460-square-foot retail center located at 7707 S. Kyrene Road. It was built in 2006 and is currently 54 percent leased. View article…
Developer pays $5.3M for apartment parcel 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…
Phoenix Premium Outlets slated for Gila River Indian Community A new 360,000-square-foot outlet mall is taking another step forward in the East Valley. Simon Property Group will ink a lease later this week with the Gila River Indian Community to construct the Phoenix Premium Outlets. View article…
Phoenix’s Select Top Office Sales for Q4 2011 The following is an account of the Phoenix market’s select top five office sale transactions for fourth quarter 2011. Ventas, Inc. acquired Deer Valley Medical Office I & II at 19636-19646 N 27th Ave. and Edward Medical Plaza at 1300 N 12th St. in Phoenix for a combined $47.25 million. The buyer also purchased a three-story parking garage that serves the Deer Valley Medical office buildings for $7 million. Universal Health Realty Income Trust was the seller. View article…
Phoenix Christown Spectrum Mall changes loom Vestar Development Co. has taken over management of the landmark Christown Spectrum Mall in central Phoenix with plans to bring new vitality and increased traffic to the 51-year-old shopping center. “It’s one of the most storied retail properties in Phoenix, and we couldn’t be more excited to be involved,” said Patrick McGinley, vice president of property management for Phoenix-based Vestar. View article…
Old Town Peoria eyes entertainment zoning If Old Town Peoria is designated an entertainment district, it might soon be home to new businesses, including a microbrewery. The City Council could vote on the proposal Tuesday. Several residents spoke at a recent council subcommittee meeting, largely supportive of such a designation, which advocates hope breathes energy and vibrancy into Old Town, said Chris Jacques, Peoria’s planning director. View article…
Nextiva plans to hire 100 in Scottsdale Nextiva Inc. – a Scottsdale-based Voice over Internet Protocol communications firm – plans on hiring 100 new workers as it ups its marketing and sales outreach to small and medium-sized businesses. Nextiva already has 120 workers at its Scottsdale base. View article…
Fannie Mae Predicts ‘Moderate Growth’ in 2012 The U.S. economy is projected to grow 2.3 percent for the year, according to Fannie Mae’s Economics & Mortgage Market Analysis Group. Growth will be affected by “fiscal policy issues and political economic uncertainty,” according to Fannie Mae. View article…
The Allure of Apartments Apartment fundamentals have improved significantly and are outpacing the recovery of other property types. After peaking at 8.0 percent in the first quarter of 2010, the national apartment vacancy rate declined 240 basis points to 5.6 percent as of the third quarter of 2011, according to Reis. 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.