Here are the news articles you might find interesting today for commercial real estate and business:
To view this weeks Costar Watchlist, click here…
Health Care Building Sells for $2.5M Cornerstone Property Services purchased the Reflection Bay health care building at 2932-2942 N. 14th St. in Phoenix, AZ for $2.5 million, or about $82 per square foot, from Investors Mortgage Holdings. The property is a single-story, assisted living facility that was built in 1964 with renovations in 1984 and 2007. There are 62 private and semi-private beds. The buyer will use this property as a group home for kids. View article…
Banner Health Purchases 22 Acres for $6.3M Banner Health purchased 22 acres of land from Crisko LLC for $6,289,485, or about $283,000 per acre. The land is located on the southwest corner of SW US 60 and Pierpont in Mesa, AZ. Banner Health will use the land to build a new healthcare facility. The undeveloped lot was vacant with all utilities to site at the time of sale. View article…
Banner Estrella Med Center plans to break ground on a $151M expansion The West Valley’s Banner Estrella Medical Center is planning to break ground this summer on a $151 million expansion plan that’s slated to add 144 patient beds and bring 200 new jobs to the Phoenix market, Banner Health officials said. The expansion project will attach a second six-story tower to the existing hospital, which currently has 214 beds and about 1,500 employees at Thomas Road and Loop 101. View article…
Queen Creek Industrial Sells for $1.1M Reeb Group acquired the industrial building at 21775 E. McCowan Ln. in Queen Creek, AZ from MidFirst Bank for $1.1 million, or about $66 per square foot, in an REO sale. The 16,615-square-foot manufacturing building was constructed in 2004 and sits on 2.1 acres. The property was 100 percent occupied at the time of sale. View article…
Weidner Investment Acquires 316-Unit Mirador Apartments Kirkland, WA-based Weidner Investment Servicesmade another move to solidify its presence in the metro area, acquiring the 316-unit Mirador Apartments for $31.13 million. Weidner acquired the 1990s-built multifamily property from a fund managed by Eaton Vance Management. Located at 1550 E. Thunderbird Rd., Mirador Apartments is a gated community located in the 1,200-acre Pointe Tapatiomaster-planned community, alongside the Lookout Mountain Golf Club. View article…
RED Development buys, will upgrade Hilton Village retail site RED Development has added Hilton Village in Scottsdale to its growing portfolio of Arizona retail properties. RED bought the 10.8-acre shopping center northeast of Scottsdale Road and McDonald Drive from Westcor for $24.8 million. “It’s hard to find good Scottsdale Road properties, ones that have a good past and an even better future,” said Mike Ebert, RED managing partner. View article…
Gracie’s Village foes accuse city of preferential treatment Opponents of a developer’s request to bypass height and density rules on a proposed low-income housing complex along the light-rail line are now alleging that Tempe is giving the developer preferential treatment. Neighbors want Tempe officials to explain why Wisconsin-based developer Gorman & Co. was allowed to present last-minute changes to its development plan at the May 31 second hearing. View article…
WellCare Foundation shuts down in Phoenix after 13 years The WellCare Foundation closed its doors today, ending 13 years of providing health care assistance for single working mothers and their children in the Phoenix area. Last month the WellCare Foundation said it needed to raise $60,000 within three months to keep the organization running. View article…
Sun Corridor getting some attention as economy improves The Sun Corridor, a potential megapolitan area running from Prescott through Phoenix and Tucson to the Mexico border, is getting some attention. In Friday’s paper, the Phoenix Business Journal will look at some of its impacts and who is gearing up for a region that, in the next 30 years, will have a population of about 9 million people. View article…
Comptroller: CRE Loans Still Present Risk to Banks In a speech before the Commercial Real Estate (CRE) Finance Council on Wednesday, Comptroller of the Currency Thomas Curry warned banks and thrifts not to keep their eggs in one basket with CRE loans. Following up on his remarks in May about operational risk in banking institutions, Curry stressed that CRE credit is still a significant core risk area for banks and thrifts. 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…
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…
2 Industrial Condos in Bahia Business Park (UNIT 104-IN ESCROW – 105 Still available) 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.