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Here are the news articles you might find interesting today for commercial real estate and business:
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UPSCALE APARTMENT COMMUNITY PLANNED AT 44TH STREET AND CAMELBACK ROAD A parcel located near the southwest corner of 44th Street and Camelback Road in Phoenix that was previously targeted for development as part of a $250 million mixed-use project is now being planned for an upscale apartment community with 320 units. JLB Partners L.P. in Irving, Tex. (James Bosler, chairman) is under contract to acquire the 6.8-acre (gross) site in a deal that is contingent on zoning approval. Sources say JLB Partners will pay just under $12 million to buy the property, which is located south and west of The Londen Center, a four-story office project which sits at the immediate corner. The apartment site is being sold by Parkway Bank & Trust Co. in Chicago, Ill. View article…
PHOENIX APARTMENTS PURCHASED IN $12.3+ MILLION TRANSACTION Rivercroft LLC in San Diego, Calif. (Steve Shamoun, principal) paid $12.363 million ($70,244 per unit) to acquire the 176-unit Bayside apartments located at 20245 N. 32nd Drive in the Deer Valley area of north Phoenix. The seller was Deer Valley Apartments II LLC in Phoenix, a company formed by El Dorado Holdings Inc. in Phoenix (Mike Ingram, chairman). View article…
DALLAS INVESTORS SPEND $29 MILLION ON MESA AND SUN CITY MEDICAL FACILITIES Mesa City LTAC LLC, a venture formed by MedProperties Holdings LLC (Darryl E. Freling, principal) and HealthCap Partners LLC (Jason K. Dodd, managing partner), both of Dallas Tex., paid $29 million ($302.08 per foot) to buy 96,000 sq. ft. of hospital space in two Valley properties. The sellers were companies formed by The Unispec Cos. in Scottsdale (Glenn de Souza, manager). The buyer paid $14.5 million for the medical properties, which are each roughly 48,000 sq. ft. The venture purchased the assets with a $23 million loan from General Electric Capital Corporation. The deal included the 120-bed Trillium Speciality Hospital East Valley at 215 S. Power Road and the 120-bed Trillium Speciality Hospital West Valley located at 13818 N. Thunderbird Road in Sun City. View article…
Phoenix Industrial Sells for $1.6M Sonax acquired the industrial building at 3820 W. Washington St. in Phoenix, AZ from Hughes Western for $1.64 million, or about $49 per square foot. The 33,200-square-foot warehouse building was constructed in 2006 and sits on two acres. The property was 100 percent vacant at the time of sale. View article…
Casa Grande Office Bldg Sells for $2.3M Commonwealth Holdings LLC has purchased the office building at 1864 E. Florence Blvd. in Casa Grande, AZ from Oxford Investment Partners for $2.3 million, or about $209 per square foot. The 11,000-square-foot, single-story office building was constructed in 2008 on 1.2 acres in the Pinal County submarket of Phoenix. The property was 100% occupied at the time of sale, and was a 1031-exchange for the buyer. View article…
Airpark building purchased for $2 million Karp Sunbelt Properties LLC has paid $2 million for an industrial building at 7879 E. Beck Lane, just west of the Scottsdale Airport. Phoenix-based Arizona State Credit Union sold the 21,088-square-foot building for $94.84 per square foot. Karp is based in Burnaby, British Columbia. The 15-year-old building is leased to Ridgeline Energy Services. View article…
Market Trend: Phoenix’s Office Vacancy Decreases to 20.3% The Phoenix Office market ended the second quarter 2012 with a vacancy rate of 20.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 907,843 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,150,537 square feet. Rental rates ended the second quarter at $20.06, a decrease over the previous quarter. View article…
Logistics Company Leases Additional 260,140 SF to Expand Operations Consolidated Terminals and Logistics Co. (CLTC) has signed two lease deals for a total of 260,140 SF of warehouse/distribution space in Southwest Phoenix. Lee & Associates Matt McDougall negotiated the leases for CTLC. Both leases begin this summer. The first 12-month lease is for 155,794 SF of space at 2225 S. 75th Ave, Phoenix. View article…
CBRE Completes Sale and Financing of Cortona at Dana Park Apartments in Mesa, Ariz. CBRE has completed the sale and financing of Cortona at Dana Park, a 222-unit gated apartment community located at 1440 S. Val Vista Drive in Mesa, Ariz. Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office represented the institutional seller and structured the $17.4 million transaction. View article…
Chandler’s Urban Tea Loft to close by end of month Urban Tea Loft, a beloved restaurant and tea house that opened in historic downtown Chandler five years ago, abruptly announced Thursday that it would close by the end of this month. Owner Glynis Legrand said her husband, Eric, has been diagnosed with a life-threatening illness and requires immediate surgery. View article…
Chicago eatery set to expand in Scottsdale The Portillo Restaurant Group of suburban Chicago is considering opening three Valley restaurants next year, including one in Scottsdale at 90th Street and Shea Boulevard. The Scottsdale Portillo restaurant would be in the Scottsdale Fiesta shopping center. An opening is targeted for February, company spokeswoman Patty Sullivan said. View article…
Trammell Crow Merges with GLJ Partners The ramp up at Dallas-based Trammell Crow Residential (TCR) continues. Two months ago, the once-prolific apartment builder told Multifamily Executive that it had 2,000 units in its pipeline. With this week’s announcement that the company merged with Carlsbad, CA-based GLJ Partners, the number is likely to grow. By merging with GLJ, which is headed by TCR alum Garth Erdossy, Luke Daniels, and Tony Ditteaux, TCR can push growth on the West Coast. View article…
Arizona retail sector still hurting from recession The Arizona retail industry is lagging far behind pre-recession employment levels with one of the worst job declines in the country. Arizona retail employment in May was down 9.2 percent from before the recession five years earlier, according to new research from On Numbers. View article…
The office investment market is at a crossroads. The spread in capitalization rates between office properties in core markets vs. office properties in secondary and tertiary markets reached a 10-year high in first quarter 2012, according to Real Capital Analytics. “This has to change,” says Dan Fasulo, managing director of RCA. “Either major metro cap rates will start to rise, or secondary and tertiary market cap rates will fall. Investors are betting on the latter.” View article…
Market Momentum Modest economic growth keeps commercial real estate on the road to recovery. The commercial real estate recovery continues to build momentum. A torrent of equity capital has been raised to purchase commercial properties and loans. Lenders continue to come back to the market, loans are being refinanced, purchased, and restructured, and the underlying fundamentals continue to improve. View article…
HOUSING:
CoreLogic: Arizona No. 3 in US for underwater homes Arizona ranked third in the nation for underwater homes in the first quarter of this year, according to a report released Thursday by CoreLogic. About 43 percent of all Arizona homeowners with a mortgage were underwater in the first quarter, or owed more than what their homes were worth, the CoreLogic report said. That translates to 561,097 mortgage holders in Arizona. View article…
Arizona No. 2 for home foreclosures in first half of 2012 Although home foreclosure activity throughout Arizona is steadily slowing, the latest report released Wednesday evening by RealtyTrac shows the state still has a long ways to go, posting the second-highest foreclosure rate in the nation in the first six months of 2012. View article…
Arizona foreclosures down 37 percent Arizona’s foreclosure activity declined 37 percent in the first half of 2012 compared to last year, according to RealtyTrac. A total of 49,157 properties in the state had at least one foreclosure filing during the six-month period. Foreclosure filings were linked to 1.73 percent of the state’s homes, or one of every 58 homes. View article…
Foreclosure Starts Up for First Time Since 2009: RealtyTrac In the first half of this year, over 1 million U.S. properties received a foreclosure filing, according to a midyear foreclosure report released by RealtyTrac. The exact figure – 1,045,801 – marks a 2 percent increase from the previous 6-month period and an 11 percent decrease from the first half of 2011. Foreclosure filings include default notices, auction sale notices, and bank repossessions. View article…
CoreLogic: 23.7% of Mortgages are Underwater, Down from 25.2% While negative equity still continues to hinder the housing market’s recovery, CoreLogic reported Thursday that the share of underwater mortgages declined. In the first quarter of 2012, the total number of underwater homes was 11.4 million, accounting for 23.7 percent of all residential properties with a mortgage. View article…
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CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS) Investment, multi-tenant retail center. For a brochure, click here…
NEW: Former SunTykes Property in Tempe Arizona – Owner/User Opportunity. For more information, click here…
NEW: Freestanding Auto in Mesa, Arizona – Owner/User Opportunity. For more information, click here…
+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…
1 Industrial Condo in Bahia Business Park (UNIT 104-SOLD – 105 Still available) Owner/User opportunity to purchase 1 industrial condos. For more information, click here…
Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ (IN ESCROW-ACCEPTING BACK UP OFFERS) – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale. For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. For a brochure, click here…
3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise. 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.