Here are the news articles you might find interesting today for commercial real estate and business:
To view this weeks Costar Watchlist, click here.
The Praedium Group Sells 34,325 SF in Chandler Five Sons Furniture AZ LLC, a shell corporation for Pruitt’s Furniture, has purchased the anchor retail space in Chandler Market Place at 1200 N. Alma School Rd. in Chandler, AZ from The Praedium Group LLC for $2.36 million, or about $69 per square foot. The 34,325-square-foot former Albertson’s grocery space is located in the Chandler Market Place, a retail center constructed in 1996 and located on the Northwest corner of W. Ray Road and N. Alma School Rd. in Maricopa County. View article…
Mark-Taylor, Archstone planning new north Phoenix apartments Scottsdale-based Mark-Taylor is joining forces with national apartment developer Archstone to build a 388-unit community dubbed San Norterra near the intersection of Norterra Parkway and North Valley Parkway in North Phoenix. The joint venture has broken ground on the 19-acre development site, which Mark-Taylor purchased in 2007. The first units are scheduled to be delivered in November with the community completed in late 2013. View article…
Scottsdale looks for first SkySong payment in 2014 Scottsdale could receive its first payment, around $130,000, in 2014 from the Arizona State University Foundation for its investment in SkySong, ASU’s Scottsdale Innovation Center. The City Council on Feb. 7 is scheduled to consider an amended ground-lease agreement with the foundation that would establish an annual fixed-rate payment based on lease revenue instead of profit. View article…
Zulu Caffe opening gives Scottsdale Airport new dining life Scottsdale Airport’s restaurant space, which has been vacant for two years, has finally come to life again with this week’s opening of Zulu Caffe. The restaurant is a concept developed by DeeDee Mazaand Vicki Beaudoin, who own Ciao Baby Catering next door. The two were able to secure a lease for the city-owned restaurant space because of their extensive food-service experience and established relationships with area businesses developed through Ciao Baby, according to a City Council report. View article…
Phoenix’s Select Top Retail Leases for Q4 2011 The following is an account of the Phoenix market’s select top 10 retail lease transactions for the fourth quarter 2011. Emblem Entertainment signed a 10-year lease for 48,573 square feet in Vista del Oro at 4874-4902 S Val Vista Drive in Gilbert. View article…
Downtown Occupancy Strong In 2012 The start of 2012 brought welcome news that office vacancy in Downtown Phoenix is the lowest in years with Cassidy Turley reporting a 16 percent rate in the Fourth Quarter of 2011. The news for the Downtown core business district is even better with Class A office vacancy at 13 percent as major tenants such as the Phoenix School of Law and United Healthcare have joined the Downtown community. Despite recent economic challenges, the outlook for the Downtown office market looks bright as tenants look to take advantage of affordable rates and unique amenity packages. View article…
CRE Price Index Rises for Seventh Consecutive Month The CoStar National Composite Index of commercial real estate pricing rose for the seventh straight month since last spring as investment-grade sales made solid pricing gains in November 2011, and the level of distressed sale transactions continued to decline during the month. The composite index rose 0.6% in November from the previous month, with prices now an average 1.8% higher compared to the same period a year ago, according to this month’s release of the CoStar Commercial Repeat Sale Index (CCRSI), which tracks sale pair transaction data through Nov. 30. View article…
The Potential Impact of Lease Accounting Changes on Corporate Real Estate Decision-Making The Financial Accounting Standards Board and the International Accounting Standards Board aim to create a unified set of lease accounting standards as part of a larger global convergence initiative. With the goal of improving lease information transparency and comparability, the new standards could have residual effects on the way in which companies form decisions regarding their real estate needs. The single most impactful change of the proposed lease accounting standards would be the elimination of the distinction between capital and operating leases. Under the proposed guidelines, companies would be required to recognize every leasehold obligation (in excess of one year in term length) on its balance sheet. View article…
Brookings: Phoenix economy battling back from Great Recession After once being an international high-flyer, Phoenix is beginning a steady crawl towards recovery from the depths of the recession in terms of global economic growth, according to a new global report by the Brookings Institution. Booking’s Global MetroMonitor report, released today, placed Phoenix in the No. 143 spot among 200 growing worldwide metropolitan areas, analyzing and comparing the Valley’s employment, income, gross domestic product and population rates. View article…
HOUSING:
Final Phoenix-area Foreclosure Numbers for 2011 Real Estate Expert Jay Butler Files Last Report at ASU The final numbers on Phoenix-area foreclosures and home prices are in, and they may surprise you. A new report from the W. P. Carey School of Business at Arizona State University shows, despite some positive momentum, 2011’s overall totals failed to show a big improvement from the numbers in 2010. View article…
Phoenix new home sales on the rise New home closings in metro Phoenix increased in December, as did the number of building permits pulled by home builders. That’s according to new data provided by Valley-based RL Brown Reports. There were 855 new home closings in December as compared with 653 a year ago, or a 31 percent increase. View article…
Housing May Turn the Corner in 2012: CoreLogic CoreLogic’s chief economist Mark Fleming says housing statistics and the duration of the downturn to date indicate 2012 may be the year the housing market begins to turn the corner. In the first release of CoreLogic’s new MarketPulse newsletter Wednesday, Fleming explained his rationale for such an assessment. 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.