Here are the news articles you might find interesting today for commercial real estate and business:
SCOTTSDALE APARTMENTS ONCE TARGETED FOR CONDO CONVERSION SOLD FOR $45.6 MILLION A joint venture company formed by ChrisKen CK Property Management LLC in Chicago, Ill. (Jack Kennedy, pres.) and G.E. Asset Management Inc. in Stamford, Ct. paid $45.6 million ($132,857 per unit) to buy the 350-unit La Privada apartments at 10255 E. Via Linda in Scottsdale. The seller was La Privada Scottsdale LLC, a company formed by Continental American Properties, which is a subsidiary of The ConAm Group of Cos. in San Diego, Calif. (Daniel Epstein, chairman). View article…
Westwood Sells Sonora Village for $46M Following a 13-year hold of the 248,322-square-foot Sonora Village, Westwood Financial Corp. sold the retail asset to Sonora Village Investors LLC, an entity formed by Phoenix investors Bob Mariash and Ryan Denk. The Los Angeles seller received $46.5 million for the retail property, which was 82% leased at the time of sale. Westwood financial executive vice president Joe Dykstra says the asset at 15515-15745 N. Hayden Rd. attracted interest from institutional investors and private buyers alike. View article…
RESORT USES PLANNED FOR PARCEL AT GRAYHAWK IN SCOTTSDALE The developer of the Grayhawk community in Scottsdale is filing a general plan amendment to allow mixed-use resort uses on a 54.5-acre parcel located at the northwest corner of Pima Road and Thompson Peak Parkway in Scottsdale. The proposed development includes the realignment of holes 15 and 16 of the Raptor golf course, one of two championship golf layouts at Grayhawk. The other course, called Talon, will not be affected by the planned hotel and multi-family component. The proposal would eliminate a 4.8-acre parcel that was targeted for commercial use, leaving 41 acres for resort/tourism and 13.5 acres of open space. View article…
Infusionsoft moving to Chandler, may hire hundreds Infusionsoft, a small business marketing software development company, is planning a move to Chandler with the possibility of adding hundreds of jobs during the next two years. Gilbert-based Infusionsoft plans to lease space in Allred Park Place in the Price Road corridor that has become a home to several tech companies, including eBay and Intel Corp. View article…
Doc Popcorn expands into Scottsdale Fashion Square A Doc Popcorn kiosk is set to open June 4 in Scottsdale Fashion Square Mall. It will represent the second Arizona franchise of the Boulder, Colo.-based company. The first operates a cart at the Phoenix Convention Center. View article…
Gaylord Entertainment Co. to Sell Gaylord Hotels Brand to Marriott Gaylord Entertainment Co. has agreed to sell the Gaylord Hotels brand and the rights to manage its four hotels to Marriott International Inc. for $210 million in cash. Following consummation of the sale, Gaylord will continue to own its hotel properties and other businesses and will reorganize and elect to be treated as a REIT effective January 1, 2013. View article…
Phoenix-area Home Prices Continue to Rise Short Supply Complicating Recovery Phoenix-area home prices continue to rise, but a short supply of available homes is causing the amount of activity in the market to fall. A new report from the W. P. Carey School of Business at Arizona State University gives an update on the hard-hit housing market of Maricopa and Pinal counties, as of April:
The median single-family home price is up 25 percent from a year ago.
The overall supply of homes for sale is down 54 percent from last April.
The number of single-family homes sold this April was down 11.5 percent from last April, largely due to the lack of supply. View article…
CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS) Investment, multi-tenant retail center. For a brochure, click here…
+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…
2 Industrial Condos in Bahia Business Park – Owner/User opportunity to purchase 1 or both 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.