Here are the news articles you might find interesting today for commercial real estate and business:
SAFEWAY RETAIL PLAZA IN NORTH SCOTTSDALE SOLD TO CROW HOLDINGS FOR $38 MILLION A company formed Crow Holdings in Dallas, Tex. (Harlan Crow, chairman) paid $38 million ($245.53 per foot) to purchase a 154,66-square-foot neighborhood shopping center located at the southwest corner of Frank Lloyd Wright Boulevard and Thompson Peak Parkway in Scottsdale. The buyer in the cash transaction was CH Realty VScottsdale LLC (the Crow Holdings entity). The seller was Scotts Horizon Property Inc., a company managed by Hart Realty Advisers in Simsbury, Conn. View article…
CHICAGO-AREA COMPANY SPENDS $18 MILLION FOR FRACTURED CONDOMINIUMS A company formed by Arthur Hill & Co. LLC in Evanston, Ill. (Arthur Hill, founder) paid $18 million ($101,124 per unit) to buy 178 units of the 360-unit Citi on Camelback multi-family development at 909 E. Camelback Road in Phoenix. The seller was Orion Camelback LLC, a joint venture formed by Orion Residential Advisors in Deerfield, Ill., (Daniel Gumbiner, pres.) and Scott Robson of Scott Communities in Tempe. Maricopa County records show the buyer was AHC Metro Citi LLC, a subsidiary of AHC Management LLC (an Arthur Hill & Co. entity). The seller was Orion Camelback LLC. View article…
272-UNIT APARTMENT COMPLEX IN CHANDLER SOLD FOR $29.6 MILLION A company formed by Baron Properties in Greenwood Village, Colo. (J. Jeffrey Riggs, Scott Fisher, T.J. Tarbell, principals) paid $29.65 million ($109,007 per unit) to acquire the 272-unit San Ventura apartments located at 3600 W. Ray Road in Chandler. The seller was San Ventura Communities II LLC, a venture formed by ColRich in San Diego (Danny Gabriel, pres.) and by Del Rey Property Group in Del Rey, Calif. (Jim Leguizamon, principal). View article…
Good News in the Phx Retail Sector With the market moving slowly up from bottom, Colliers International’s Q2 Research & Forecast Report offered a nice piece of news in the retail CRE sector. Absorption among retail properties was nearly 770,000 square feet; representing the third straight quarter of positive absorption. View article…
Phoenix’s Select Top Retail Leases for Q2 2012 The following is an account of the Phoenix market’s select top five retail lease transactions for the second quarter 2012. Blast Fitness leased 61,518 square feet in Phoenix West Plaza at 4302-4348 W Indian School Road in Phoenix. View article…
Phoenix’s Select Top Retail Sales for Q2 2012 The following is an account of the Phoenix market’s select top five retail sales transactions for the second quarter 2012. Sonora Village Investors LLC purchased Sonora Village at 15448-15470 N Pima Road in Scottsdale for $46.5 million. Westwood Financial Corp. was the seller. View article…
Culver’s restaurant to open in east Mesa in fall Come late October, east Mesa fans of frozen custard and Butter Burgers will have a Culver’s restaurant on their side of town. Construction of Mesa’s second Culver’s is under way at 1841 S. Greenfield Road, north of Baseline. View article…
Goodyear gets Dollar Tree store Dollar Tree will lease 10,000 square feet in the Canyon Trails Towne Center at Cotton Lane and Yuma Road in Goodyear. The store is expected to open in spring 2013. View article…
New businesses calling Fifth Avenue home Summer heat may have slowed pedestrian traffic, but new business activity continues to surface along downtown Scottsdale’s Fifth Avenue. Near Scottsdale Road and Fifth Avenue, a Chicago-based, family-owned business that dates to 1919 has selected a storefront along the street for its first location outside of the Windy City. View article…
Marcus & Millichap Announce Two Multifamily Sales Marcus & Millichap Real Estate Investment Services has announced the sale of Village Diamante, a 69-unit apartment community located in Glendale, Arizona, according to David Guido, Regional Manager of the firm’s Phoenix office. The asset commanded a sales price of $6,700,000. View article…
ORION Investment Real Estate Announces Recent Transactions The successful sale of the Buena Vista Apartments, located at 651 East Commonwealth, Chandler, Arizona. Buena Vista, an 18 unit, 1986 vintage apartment building closed at a price of $39,444 per unit, which represents ” a relatively strong price, supported by the recent renovation,” notes Senior Vice President, John Kobierowski. View article…
Global Investment in U.S. Real Estate Increased in Q2 As global investor activity picked up in the second quarter, a number of U.S. cities saw more than half a billion dollars each in foreign real estate investment. View article…
HOUSING:
Mesa grapples with high-density proposal Two contentious zoning applications related to a planned subdivision at the southwestern corner of McKellips and Crismon roads has northeast Mesa residents fearing the loss of the area’s natural desert feel. Landowner U.S. Development Land is seeking an amendment to the area’s general plan to allow for a higher-density subdivision — up to two units per acre, instead of the current one-unit maximum — along with a companion request that would allow for more homes on the 40-acre property. View article…
Plan for luxury homes at resort stirs controversy The owner of the shuttered Mountain Shadows resort in Paradise Valley has filed building-permit applications for two luxury homes on the resort’s 18-hole golf course — something nearby residents have strongly opposed. In doing so, the owner is invoking a 20-year-old agreement the town made with previous owners of the resort. View article…
The Recession’s Impact on Confidence in Homeownership While younger folks are oftentimes viewed as being more prone to taking risks than more elderly people, a study found that this idea doesn’t ring true when it comes to buying a home during an economic downturn. View article…
The real story behind RealtyTrac’s foreclosure data News stories throughout the nation this week reported the latest foreclosure activity figures from RealtyTrac, one of the nation’s biggest online marketplaces and research hubs for housing foreclosure data. While the Phoenix Business Journal typically joins the masses, this time we opted instead to share with our readers why they should be cautious of some of RealtyTrac’s foreclosure data. View article…
Trulia Reports Higher Asking Prices Turning Foreign Investors Away Higher asking prices drove off foreign homebuyers and investors over the last year, with real estate firm citing a 10 percent decline in foreign interest for the U.S. housing market. Releasing its International House Hunter Report Thursday, Trulia found that asking prices rose 0.3 percent year-over-year, nixing helpful influence from still-falling home prices. 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.