Here are the news articles you might find interesting today for commercial real estate and business:
To view the January/February 2012 Affordable Housing Finance magazine, click here.
To view the January 2012 Commercial Property Executive magazine, click here.
To view the IRR Viewpoint 2012 publication, click here. I have highlighted information pertinent to Phoenix for you. The most notable chart is on page 18 showing that Phoenix’s Retail Market has started the recovery cycle.
CO-WORKING SPACES AND COMMERCIAL REAL ESTATE (I am quoted in this article!) You may have noticed over the last several years that your local coffee shop has become more and more crowded. You’re right if you thought that a $3.50 cup of coffee can’t be the only reason why so many people camp out with their laptops on every available horizontal surface. View article…
WESTWOOD FINANCIAL SPENDS $13 MILLION FOR PHOENIX RETAIL PLAZA Companies formed by Westwood Financial Corp. in Los Angeles, Calif. (Howard Banchik, Steven Fogel, principals) paid $13 million ($128.25 per foot) to purchase a 101,361-square-foot shopping center at 520 W. Osborn Road in Phoenix. The seller was Transamerica Life Insurance Co., as successor by merger to Life Investors of America (in care of AEGON USA Realty Advisors LLC in Cedar Rapids, Iowa). County records show the buyers in the cash transaction were WFC North Park LLC and Woodman North Park LLC. View article…
SO. CALIF.-BASED FIRM TO DEVELOP 382 APARTMENTS IN GILBERT . . . WILL BE FIRST VALLEY PROJECT LWI Properties in Del Mar, Calif. (John Luedtke, Paul Williamson, partners) is entering the multi-family market in the Valley with plans to develop two apartment projects in Gilbert. In its first land acquisition, a company formed by LWI Properties paid just under $5.344 million to buy a 17-acre parcel located just south of the southwest corner of Ray Road and San Tan Village Parkway. The property is just northwest of the SanTan Village Mall. Records show the buyer was Cisterra SanTan Village Apartments LLC (the LWI Properties entity). View article…
ONNI GROUP ADDS TO MULTI-FAMILY PORTFOLIO . . . PAYS $24.5 MILLION FOR 357 UNITS IN PHOENIX Onni Vista Valley Limited Partnership in Vancouver, B.C., Canada paid $24.5 million ($68,627 per unit) to acquire the 357-unit Camden Vista Valley apartments at 922 S. Longmore in Mesa. The seller was Camden USA Inc., a company formed by Camden Property Trust in Houston, Tex. (NYSE:CPT, Rick Campo, chairman). View article…
New York firm buys Metrocenter Mall for $12.2M Metrocenter Mall has been purchased by the Carlyle Development Group, a New York retail investment firm, for $12.2 million. At one time the mall was valued in excess of $200 million. When it was built in the early 1970s, Metrocenter was one of the largest shopping malls in the U.S. The sale does not include the anchor tenant stores – Macy’s, Dillard’s, Sears and two other vacant big-box spaces – but some 525,000 square feet of connecting retail space. View article…
PARADISE BAKERY OPENS IN SCOTTSDALE! Paradise Bakery is now open in Olde Towne Scottsdale!!! Paradise Bakery took over the former Fuddrucker’s building at the Southwest corner of Indian School and Scottsdale roads, that has been closed for over a year. The opening coincides with the height of the Olde Towne Scottsdale tourist season, with Spring Training just weeks away. View article…
Phoenix multifamily, retail markets rebound while office market lags Scottsdale-based Orion Investment Real Estate Solutions put together some interesting end-of-year reports pertaining to the multifamily, retail and office markets. While the multifamily and retail market have shown strong growth over the past two years, the office market can’t say the same. View article…
Cole Real Estate Investments spent $2.5B in 2011 Phoenix-based Cole Real Estate Investments said Thursday it had completed $2.5 billion in real estate transactions in 2011. In all, Cole purchased 283 properties covering more than 15.8 million square feet of commercial space. Cole invests in income-producing retail, office and industrial properties. View article…
Arizona construction employment still down 55% from peak levels Arizona is one of three states where construction employment is down more than 50 percent from peak levels in June 2006, according to the latest figures released by the Associated General Contractors of America. The other states that have seen an equally steep drop are Nevada and Florida. View article…
Working out of debt The deleveraging process that began in 2008 is proving to be long and painful. Historical experience, particularly postWorld War II debt reduction episodes, which the McKinsey Global Institute reviewed in a report two years ago, suggested this would be the case. And the eurozone’s debt crisis is just the latest demonstration of how toxic the consequences can be when countries have too much debt and too little growth. 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.