Here are the news articles you might find interesting today for commercial real estate and business:
PHOENIX INDUSTRIAL BUILDING SELLS FOR $7.1M A 170,625-square-foot industrial warehouse facility in Phoenix has sold to 67th Phoenix Industrial LP for $7.16 million. The facility was built in 2002 and is fully leased. View article…
Westcor turns back state land for Palisene A regional-mall site intended for Westcor’s Palisene project is going back to the Arizona State Land Department. Westcor and the Land Department reached an agreement last week to end Westcor’s 99-year lease of 112 acres of state trust land northwest of Scottsdale Road and Loop 101. “We’re getting the piece back intact,” state Land Commissioner Maria Baier said. “It’s ready for the next healthy market.” View article…
CONAM GROUP BUYS 520-UNIT APARTMENT PROJECT THE DAY AFTER SELLING A 350-UNIT COMPLEX The day after selling a 350-unit apartment community in Scottsdale for $45.6 million ($132,857 per unit), a subsidiary of The ConAm Group of Cos. in San Diego, Calif. (Daniel Epstein, chairman) paid $40.72 million ($78,308 per unit) to purchase a 520-unit multi-family complex in Phoenix. Maricopa County records show Arizona 520 Investors LLC, a company formed by Continental American Properties (also called ConAm), acquired the Sterling Park apartments at 2902 W. Sweetwater Avenue in Phoenix. That was on the heels of another ConAm transaction – a day earlier – in which another ConAm company sold the 350-unit La Privada apartments located at 10255 E. Via Linda in Scottsdale. View article…
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…
MOUNTAIN VISTA APARTMENTS IN TUCSON SELLS FOR $9.15M The 408-unit Mountain Vista apartments has sold to GIT Tucson I, LLC; GIT Tucson, II, LLC for $9.15 million. The community is located at 373 North Wilmot Road in Tuscon. View article…
Potbelly Sandwich Shop plans expansion across Phoenix Though it originated in 1977 as an antique shop that sold sandwiches on the side, Potbelly Sandwich Shop has come a long way since — including to Phoenix. The Chicago company announced earlier this week it was coming to the CityScape development in downtown Phoenix, but it’s not stopping there. View article…
Mesa-based Poppy Pocket, medical-pouch maker, goes global this year Last year, Mesa-based Poppy Pocket, maker of a medical-device pouch, went national, partnering with InfuSystem to get 20,000 pouches placed in 1,300 U.S. oncology offices. This year, the company is going global. Asklepios, whose network includes contacts in Europe, North Africa and the Middle East, agreed in late April to represent and distribute Poppy Pockets internationally — no small accomplishment for an idea that started as a one-time quick fix. View article…
Net Lease Investors Begin Looking at Class-B Retail Assets The amount of retail assets for sale in the net lease market continues to rise, as owners of lower-grade properties attempt to capitalize on strong investor demand. In addition to new construction Walgreens and McDonald’s, brokers are starting to see Rite Aids and Best Buys on offer, as well as second-generation space. That doesn’t mean, however, all of those lesser-quality properties will trade. 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 (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.