Here are the news articles you might find interesting today for commercial real estate and business:
To view this weeks Costar Watchlist, click here…
3rd Commercial Tower For Hayden Ferry Lakeside (article by my friend Nick Bastian-RailLife) Another large commercial building project is about to break ground in the city of Tempe at the super swanky Hayden Ferry Lakeside complex. Currently, Hayden Ferry consists of two luxurious business towers and two residential towers known as Edgewater and Bridgeview. View article…
MORRISON STREET CLOSES THREE TRANSACTIONS FOR $5.6M Morrison Street Capital has recently closed three transactions in the Denver and Tempe areas for a total of $5,661,000 in invested equity for Morrison Street Fund IV and Morrison Street Debt Fund II. The investments included $2,661,000 of preferred equity for the 312-unit Greenwood Point Apartments in Englewood, Colo.; $1.4 million for the 230-unit Peachtree Apartments in the Denver metro area; and $1.6 million in the 172-unit The Park in Tempe. View article…
Phoenix Industrial Bldg Trades for $2.3M Quality Risk Management, Inc. purchased the industrial building located at 3210 S. 5th St. in Phoenix for $2.26 million, or nearly $80 per square foot, in a sale leaseback with Salvo Properties LLC, doing business as Miracle Sealants Company. The 28,355-square-foot property was built in 2005 on 1.5 acres. Features include 2,000 amps of heavy power, two loading docks, and one drive-in bay. View article…
Summertree Sells for $8.9M Fowler Property Acquisitions purchased the 193-unit Summertree apartment complex at 1923 N. 70th St. in Scottsdale, AZ from FF Properties LP for $8.9 million, or about $46,000 per unit. The 122,687-square-foot apartment community consists of 113 one-bedroom, one-bathroom units and 80 two-bedroom, two-bathroom units. It was built in 1963 and approximately 93 percent occupied at closing. View article…
Reid Traditional Schools buys $4.1M building in Phoenix for expansion Reid Traditional Schools, a charter school organization, paid nearly $4.1 million for the Northpoint industrial building at 14841 N. Black Canyon Highway in Phoenix. The new Painted Rock Academy will be housed in the facility starting this fall. About 700 students are expected to attend. View article…
Scottsdale City Council approves $40M equestrian center at Westworld By a vote of 6-1, the Scottsdale City Council approved a $40 million expansion of the Tony Nelssen Equestrian Center at the Westworld entertainment venue in north Scottsdale. Vice Mayor Linda Millhaven voted against it. The expansion will be funded by the city’s bed tax. View article…
Peoria defers lease payments for Arizona Broadway Theatre Council members last week debated whether the arts are worth more to a community than lease payments on city-owned land. City staff recommended modifying its land lease with Arizona Broadway Theatre to $1 a year. The dinner theater in the heart of Peoria’s entertainment hub near 83rd Avenue and Bell Road now has a 25-year land lease with the city that is suppose to bring in nearly $1.6 million over the lease term. View article…
Design Review Board rejects WinCo changes Gilbert last week threw a wrench in WinCo Foods’ plans for its first Southeast Valley store when it rejected the discount-grocery chain’s request for several design changes. The Gilbert Design Review Board unanimously denied the company’s proposal for several bright-red bollards at the main entrance of its proposed Main Street Commons store, near Pecos Road and Market Street. Bollards are concrete or steel pillars that block pedestrians or vehicles. View article…
March 2012 Commercial Repeat Sales Analysis Now Available CoStar Group released the latest findings of the CoStar Commercial Repeat-Sale Indices (CCRSI) last week, providing the market’s first look at commercial real estate pricing trends based on property sales that closed through January 2011, and offering the broadest measure of commercial real estate repeat sales activity. The monthly CCRSI National Composite Index increased by 1.5% in January 2012. View article…
SBA considering changes to 504 loan program Small business owners here in Phoenix are keeping their eyes and ears on Washington. That’s because recently, members of the House Committee on Small Business discussed the value of some of the Small Business Administration loan programs, including a two-year experiment that allowed the SBA 504 program to be used in the refinancing of existing commercial loans. Previously, a 504 loan could only be used for the purchase of new equipment or property. View article…
HOUSING:
Zillow Survey: Prices Projected to Fall 0.7%, but Rise Next 4 Years Home prices are projected to fall 0.7 percent this year, a more negative expectation than the 0.2 percent decline economists previously anticipated, according to the March 2012 Zillow Home Price Expectations Survey. Economists in the survey did express an expectation for home prices to go up in 2013, but by 1.4 percent, which is a decrease compared to the previous prediction in December that prices would rise by 1.8 percent. View article…
Existing-Home Sales Dip in February as Prices Rise, Inventories Increase Existing-home sales fell in February from an upwardly revised January sales pace, the National Association of Realtors (NAR) reported Wednesday. February sales – completed transactions – were down 0.9 percent from January to a seasonally adjusted annual rate of 4.59 million. January’s total was revised up to 4.63 million from 4.57 million. The February 2012 sales pace was up 8.8 percent from February 2011. View article…
CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center – 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…
Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale/Lease. For a brochure, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. 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 – 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.