Here are the news articles you might find interesting today for commercial real estate and business:
2012: As the Fundamentals Improve Stateside, They Deteriorate Abroad by Paul Kasriel, Chief Economist for Northern Trust Bank CPI hosted Paul at our office on Wednesday. We were able to ask questions and discuss the economy from a 30,000 foot level. To see the presentation materials, click here.
PARK CENTRAL TARGETED IN FORECLOSURE ACTION . . . $32.5 MILLION LOAN IN DEFAULT The Park Central office-retail development in central Phoenix is scheduled to be sold at a trustee’s sale on April 19. According to Ion Data, a Mesa-based provider of real estate data, the owner of the landmark commercial property is in default on a loan with an original principal balance of $32.5 million. Ion Data’s Foreclosure Update lists the beneficiary as the registered holders of LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage Pass-Through Certificates Series 2001-C3. View article…
EXCEL BUYS SCOTTSDALE PROMENADE OFFICES . . . CASH + STOCK DEAL VALUED AT $56 MILLION A company formed by Excel Trust Inc. in San Diego, Calif. (NYSE:EXL, Gary Sabin, CEO) paid $56 million ($218.60 per foot) to buy the Promenade Corporate Center at the southeast corner of Scottsdale Road and Frank Lloyd Wright Boulevard in Scottsdale. The seller of the 256,176-square-foot project was Levine Investments Limited Partnership, a company formed by investor Bill Levine of Pacific Cos. in Phoenix. Maricopa County records show the buying entity (Excel Promenade Office LLC) paid cash for the property, but the trade actually included stock consideration equal to $42 million or 75 percent of the purchase price. View article…
BH PROPERTIES BUYS TWO PHX AREA MF ASSETS B.H. Properties has purchased the Monarch and the Montego apartment communities, located in Phoenix and Mesa, Ariz., respectively. The 120-unit Monarch Apartments resides at 77 West Coolidge Street in uptown Phoenix. The 154-unit Montego Apartments is located at 949 S. Longmore Street in Mesa. The notes on the properties were purchased from Capmark Bank. View article…
SCOTTSDALE INDUSTRIAL BUILDING SELLS FOR $3M A 34,768-square-foot industrial building in Scottsdale has sold to a Phoenix-based partnership for $3 million. It was developed in 1999 as a build-to-suit facility for The Arizona Republic, however, the building has been vacant for more than two years. View article…
PHX INDUSTRIAL PROPERTY SELLS FOR $2.6M About 98,000 square feet of general industrial space at 1025 and 1033 N. 71st Ave. in Phoenix has sold to Alliance Commercial Partners, LLC for $2.6 million. The property was built in 2007. The 1025 property was vacant and in shell condition. The 1033 building had about 1,400 square feet of spec office space that was built out at the time of sale. View article…
Scottsdale council OKs zoning change for mixed-use development The Scottsdale City Council Tuesday approved a zoning change to allow a mixed-use development on the northwestern corner of Scottsdale Road and Lincoln Drive. The plan calls for multi-level apartment buildings and one story of retail. Some council members were unhappy that the proposal was on its consent agenda, which calls for a single vote on multiple items with little or no discussion. View article…
Devil’s Den, not Front Door, set for Mill opening Negotiations on the Front Door restaurant expected to open in downtown Tempe next month fell through, but the high-profile location is in such demand that a new owner already signed a lease on the space. On Tuesday, property owner Mike Frost said that a tenant signed a lease on Friday to open Devil’s Den Sports Grill in his building on the northeastern corner of Mill Avenue and University Drive. View article…
CollegeBound Network brings 150 new jobs to Tempe CollegeBound Network is bringing a call center and 150 jobs to Tempe next month in an effort to expand its business. The Staten Island, N.Y. company is moving into an 8,500-square-foot space at the 2200 Fountainhead Corporate Park, and is hiring. View article…
ASU West campus gets $25M rec facility Arizona State University’s West campus is getting a $25 million recreation and wellness facility. The 63,800-square-foot project will open in January 2013. Haydon Building Corp. broke ground on the project last month. Architect is Architekton + 360 Architecture. View article…
Fed Extends Expectations for Low Rates Through 2014 The Federal Reserve said Wednesday that it will hold a key benchmark interest rate near zero through late 2014. The setting of this federal funds rate – the rate at which banks lend to one another – is one of the most fundamental and principal tools in the central bank’s chest of economic influence. View article…
Wells economist: ‘True” housing recovery a decade away Wells Fargo Securities says a national housing rebound could take a decade to arrive despite recent data suggesting an improvement in housing. “While home prices may finally reach a bottom in 2012, prices will likely not rebound nationally in a significant way anytime soon, so long as vacancy levels remain elevated,”Mark Vitner, senior economist at Wells Fargo Securities, told clients in a 12-page special report this month. View article…
Foreclosures for Sale: 34% Off Foreclosure homes sold for 34 percent less than the average price of a non-distressed home during the third quarter of 2011, according to new data released by RealtyTrac Thursday. The average sales price of homes in the process of foreclosure or bank-owned was $165,322 over the July-to-September period last year. 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.