Here are the news articles you might find interesting today for commercial real estate and business:
To view this weeks Costar Watch List, click here.
Kimco Realty Buys 2 Shopping Centers for $17.4M Kimco Realty Corp. acquired Woodbridge Shopping Center in Sugar Land, TX and Bell Camino in Sun City, AZ, for an aggregate price of $17.4 million. Woodbridge is 96,623 square feet and its anchor tenant, Kroger, is on a long-term ground lease. At the time of the sale the center was 96 percent leased. Bell Camino is a 63,000-square-foot retail center that was 95 percent leased at the time of the sale. View article…
Scottsdale Financial Center II Sold for $21.7M Westport Capital Partners LLC purchased Scottsdale Financial Center II for $21.7 million, or nearly $144 per square foot. The seller, Coventry Health Care, Inc. (NYSE: CVH), executed a sale leaseback at the property, signing a 10-year lease for 106,594 square feet, while the remainder of the property is currently available for lease with Jones Lang LaSalle. Located at 4141 N. Scottsdale Road in Scottsdale, Ariz. the 150,892-square-foot, three-story office building was built in 1989. View article…
Excel Trust Closes on Promenade Corp Ctr Excel Trust, a publicly traded real estate investment trust based in San Diego, CA, has acquired Promenade Corporate Center for $56 million, or about $222 per square foot, from Pacific Companies. The transaction is the second, and final, part of the larger acquisition of Scottsdale Promenade in Scottsdale, AZ for a total consideration of $166 million. The initial sale took place in July 2011 when Excel took the retail portion for $110 million. View article…
NORTH PARK PLAZA SELLS FOR $13M North Park Plaza, a 101,361-square-foot neighborhood shopping center in Phoenix, has sold to an entity formed by Westwood Financial Corporation for $13 million. The center was built in 1963 and is anchored by Safeway. The center underwent improvements in 1986 and 2007. View article…
Chloe Debuts at CityScape Downtown’s newest restaurant, Chloe’s Corner, opened last week in the CityScape plot formerly occupied by Oakville Grocery and business is already booming. The lunch crowd on Wednesday was thick, with formidable lines at both at the coffee bar and the lunch counter. Good thing the new layout seemingly doubled the seating occupancy. View article…
Chandler office project Valley’s first since 2009 A San Diego developer has broken ground in Chandler on what company and city officials say is the first speculative office project in the Valley since 2009. Douglas Allred Co. is putting up a 92,109-square-foot two-story building in Allred Park Place, near Price and Willis roads, where there are three other office complexes on 75 acres. The current project and planned expansion eventually will bring more than 1 million square feet of commercial space to the site, said Dave Allred, son of the company’s founder. View article…
New FBI building opens in Phoenix The new building that will house the Federal Bureau of Investigation in Phoenix officially opened Wednesday in north Phoenix. Built by Ryan Cos., the 210,202-square-foot building at 21711 N. Seventh St. ill be home to the FBI for the next 20 years. View article…
Reata Ranch project in north Scottsdale to be heard The Scottsdale Planning Commission will consider requests for the proposed Reata Ranch guest ranch southwest of Dynamite Boulevard and 136th Street. At a 5 p.m. meeting Wednesoday, the commission will consider a non-major General Plan amendment and zoning district map amendment to accommodate the project. Developer and owner Taber Anderson is planning the dude ranch on 220 acres between 128th and 136th streets. Plans call for 35 lodge units, 75 cabins, 120 casitas and 100 villas. View article…
Official: AZ could have pot dispensaries by summer Arizona’s top health official says the state is not appealing a court ruling on medical marijuana and that licensed dispensaries could be established as soon as this summer. Health Services Director Will Humble says the state is going to revise its dispensary rules to delete provisions struck down by a judge in a ruling last week. View article…
Arizona midpack for business tax friendliness Arizona falls in the middle of the pack when it comes to the “business friendliness” of state tax systems. According to the State Business Tax Climate Index for 2012, created by the Tax Foundation, Arizona ranks 27th overall. View article…
Zell Talks Politics, Debt, International Markets and How He’s Investing Today If nothing else, Sam Zell is candid. He says what he thinks, doesn’t allow emotion to seep into his deals and has not shied away from controversy. He’s not in business to make friends. He’s in it to make money. And it doesn’t matter what you think about how he does it. He is famously known as the “grave dancer” for profiting off distressed real estate in the past. View article…
As Five-Year Debt Comes Due, CMBS Sector Faces New Challenges For much of the past few years, the CMBS delinquency rate has climbed to vertiginous heights, breaking all futility records in the process. After bottoming at 0.28 percent in June 2007, according to Morningstar, the CMBS delinquency rate began to rise soon after commercial real estate values and vacancy rates fell. The rate peaked at 8.43 percent in July 2011 and as of the end of November had retreated mildly to 8.19 percent. View article…
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5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…
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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.