Here are the news articles you might find interesting today for commercial real estate and business:
Go Daddy’s Bob Parsons plunks down $27.3M for Glendale property Newly-formed corporations by Go Daddy’s Bob Parsons have purchased two office and retail properties just south of the Loop 101 in Glendale’s Arrowhead Ranch for a total $27.3 million. Dan Dahl, who is helping Parsons manage his growing real estate portfolio, and William Metzler, a principal for the seller, West Coast Capital Partners, both confirmed with thePhoenix Business Journal that the two transactions were cash and closed today. View article…
WEIDNER ADDS TO MULTI-FAMILY PORTFOLIO IN VALLEY . . . PAYS $31.133 MILLION FOR 316 UNITS A company formed by Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) paid $31.133 million ($98,522 per unit) to buy the 316-unit Mirador apartments at 1550 E. Thunderbird Road in Phoenix. The seller was Bel Thunderbird Holdings LLC, a company managed by Eaton Vance Corp. in Boston, Mass. (NYSE:EV). View article…
SO. CALIF.-BASED INVESTOR STRIKES AGAIN . . . PICKS UP 488-UNIT APARTMENT COMPLEX A company formed by investor John Safi of Safco Capital Corp. in Los Angeles, Calif. paid $10.5 million ($21,516 per unit) to acquire the 488-unit Casa Verde apartments at 5454 W. Indian School Road in Phoenix. The seller was Rakefet LLC, a company formed by Carmel Realty Management in San Francisco, Calif. (Ron Zeff, manager). View article…
Cortney’s Place doubling its space in Scottsdale Cortney’s Place, an nonprofit day center for adults with physical and mental disabilities, is expanding its space in Scottsdale. The organization is more than doubling its square footage from 2,500 square feet to 5,500 square feet. View article…
Queen Creek farm gets development plan William Lyon Homes plans to transform a former Queen Creek church farm, owned and operated by the Church of Jesus Christ of Latter-day Saints, into an 879-acre master-planned community. The planned community, to be called “Church Farm,” is southeast of Signal Butte and Ocotillo roads and will include at build-out 2,310 single-family homes, nine neighborhoods and two community parks, a 23-mile trail system, 229 acres of open space and recreation and a 25-acre commercial site. View article…
Developer’s vision of downtown Scottsdale coming into focus Love it or hate it, developer Shawn Yari is gradually reaching his goal of transforming downtown Scottsdale’s entertainment district to match his long-term vision. That vision involves ridding the area of numerous older buildings and businesses to make way for a live-work-play destination for young professionals. The area, south of Camelback Road and east of Scottsdale Road, includes a high concentration of bars and attracts thousands of patrons every weekend. View article…
HOUSING:
Real estate is recovering – so what’s next? As job numbers and consumer spending begin to rise post-recession, the real estate market also is starting to recover. But will we see a repeat of massive growth, skyrocketing prices and cookie-cutter homes? One expert from the W. P. Carey School of Business at Arizona State University analyzes likely future trends. View article…
Shadow Inventory Drops to Lowest Level Since 2008, CoreLogic Reports As of April 2012, 1.5 million homes are in shadow inventory, which is a 14.8 percent decrease from last year in April when the number of homes hiding in the shadows was 1.8 million, CoreLogic reported Thursday. View article…
Phoenix sees foreclosures fall, but still No. 3 in the US Home foreclosure rates in Phoenix and across Arizona were among the highest in the country for the month of May, despite significant decreases from 2011, according to RealtyTrac’s U.S. Foreclosure Market Report released today. Although foreclosure filings are down from last year, the May rates have spiked back up from last month at both the metro and state level. View article…
Foreclosures spike 9% in May Foreclosure filings in May spiked 9% compared with a month earlier, according to an industry group. RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January. 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.