The Baby Reesa Benefit Golf Tournament is July 27 For more info, click here…
Here are the news articles you might find interesting today for commercial real estate and business:
To view the Summer 2012 Commercial Insight, click here…
DRA Completes $477M Buy of Multifamily Portfolio DRA Advisors closed on its purchase of a 4,931-unit apartment portfolio spread across four states for $477 million or $ 96,735 per unit. UDR, a multifamily real estate investment trust, announced the disposition of its 15 communities last quarter. Built between 1986 and 2009, the portfolio was approximately 95 percent occupied at the time of the sale. The trade consisted of six complexes with 1,744 units in Phoenix, AZ…View article…
Chandler Kuiper dairy farm closing After years of uncertainty, one of Chandler’s last remaining dairy farms appears to be closing — again. The Kuiper dairy, which sits on 68 acres at Price and Willis roads, is in contract to be sold to a developer, said Scott Kuiper, who manages the farm’s daily operations for his family. The Kuipers had planned to sell the land to another developer in 2008, but the deal fell through after the dairy had closed. View article…
Jobing.com parent moves to SkySong Jobing, an online company that connects employers and job seekers nationally, has relocated its corporate headquarters from Phoenix to SkySong, the Arizona State University Scottsdale Innovation Center. Jobing, founded in 1999, had been based at 22nd Street and Camelback Road in Phoenix. It relocated to SkySong, at the southeastern corner of Scottsdale and McDowell roads, this month. View article…
Insurance firm moving to larger call center near Chandler Fashion Center QBE First, part of Australia-based QBE Insurance Group Limited, plans to move its call center into a larger building at 2700 Frye Road near the Chandler Fashion Center. The 183,000-square-foot facility has room to house more than 1,000 employees, although the company says it won’t be hiring until at least next year. The company will move its 600 employees from its current center at Chandler Boulevard and Ellis Road by the end of this year. View article…
MakeMusic gets buyout offer from venture-capital firm MakeMusic Inc. said Monday it has received a $13.5 million offer from venture-capital firm LaunchEquity Partners to buy the operating assets of the music education and notation software company. Eden Prairie-based MakeMusic (Nasdaq: MMUS) said in a news release that Scottsdale, Ariz.-based LaunchEquity also would assume related liabilities. View article…
NRG: Ariz. plant more than two-thirds complete Power provider NRG Energy Inc. and solar panel makers MidAmerican Solar and First Solar Inc. said Monday that their photovoltaic power plant project in Arizona is more than two-thirds complete and delivering more than 200 megawatts to the electric grid. View article…
Lamar Advertising Company buys American Outdoor Advertising Lamar Advertising Company acquired Phoenix-based American Outdoor Advertising, entering the local market and adding 157 static and digital billboards in the Phoenix area. Baton Rouge, La.-based Lamar (NYSE:LAMR) operates in 200 markets across the U.S. and Canada. View article…
Phoenix losing more businesses than most major metros Phoenix is among the national leaders in a dubious category: the loss of business establishments. New research from On Numbers shows the Phoenix area lost 1.45 percent of all its business establishments between 2009 and 2010. View article…
Sales tax could fund 70% of roadwork Funds from a countywide half-cent sales tax are expected to cover as much as 70 percent of the cost of two major transportation projects in Scottsdale this year. Dirt could begin flying as early as this fall on the extension of Northsight Boulevard in the Scottsdale Airpark, including a roundabout at Northsight and Hayden Road. In addition, crews could begin work on the first phase of Scottsdale Road improvements near Pinnacle Peak Road, which are estimated to cost $8.5 million. View article…
HOUSING:
Phoenix sets pace in national real estate recovery The Phoenix metro housing market is seeing a rise in home prices and a decline in the number of houses on the market, putting the area ahead of most other U.S. cities on the road to recovery, according to real estate experts. Economists say the upward trend in the Phoenix area may serve as a beacon of hope for other cities across the nation that suffered when the housing bubble burst. View article…
Homeownership Rate Likely to Continue Falling: Capital Economics For the first quarter of 2012, the Census Bureau reported the homeownership rate dropped to 65.4 percent, which was a yearly (66.4 percent) and quarterly drop (66.0 percent). Even more significant was the fact that the drop was a 16-year low from when the rate was 65.1 percent in 1996. View article…
Mortgage Defaults Down in June, Index Reveals An already positive trend in mortgage defaults continued through the month of June, according to data released Tuesday in the S&P/Experian Consumer Credit Default Indices. 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…
Former SunTykes Property in Tempe Arizona – Owner/User Opportunity. For more information, click here…
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 Condos 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.