Here are the news articles you might find interesting today for commercial real estate and business:
CANADIAN INVESTOR ADDS TO VALLEY HOLDINGS WITH PURCHASE OF 240 CONDOS A company formed by Belkorp Industries Inc. in Vancouver, B.C., Canada (Stuart Belkin, CEO) paid $21.85 million ($91,042 per unit) to acquire 240 units within the 280-unit San Riva multi-family project located at 2155 E. Liberty Lane in Phoenix. The seller was Everest Thackeray-San Riva LLC in Scottsdale. That joint venture was formed by Everest Holdings in Scottsdale (Joe Blackbourn, principal) and Thackeray Partners in Dallas, Tex. (Mary Hager, Tony Dona, principals). View article…
GREYSTAR DEVELOPING 370 APARTMENT UNITS AT DESERT RIDGE A company formed by Greystar Real Estate Partners in Charleston, S.C. (Bob Faith, CEO) plans to develop 370 apartment units within the Desert Ridge community in northeast Phoenix. The apartment developer is under contract to acquire the 13-acre site in a $10+ million deal slated to close third quarter 2012. The seller is a company formed by Westfield Capital Partners in Denver, Colo. (Ray D’Ardenne, managing partner). View article…
PENNSYLVANIA FIRM DROPS $34.25 MILLION FOR SCOTTSDALE OFFICE PROJECT A limited partnership formed by BPG Properties Ltd. in Philadelphia, Pa. (Daniel DiLella, pes.) paid $34.25 million ($153.17 per foot) to acquire a 223,605-square-foot office project called Lincoln Towne Centre at 4150 N. Drinkwater Boulevard in Scottsdale. The seller was Lincoln National Life Insurance Co. in Fort Wayne, Indiana. View article…
WinCo to open new grocery stores in Phoenix WinCo Foods is opening two supermarkets in the Phoenix market and hiring 400 workers to staff those stores. Bosie, Idaho-based WinCo will open the stores April 1, said spokesman Michael Read. The locations are at Third Avenue and Bell Road in Phoenix and near 59th Avenue and Bell in Glendale. View article…
D Pet Hotel to open in Scottsdale A luxury resort and spa for dogs will open this spring in Scottsdale. A&J Development LLC will do business as D Pet Hotels. The resort will be located in a 9,175-square-foot space at 15060 N. Northsight Blvd. View article…
Fountain Hills could be strolling The Avenue Many Fountain Hills residents have been waiting a long time to see commercial development on the south side of downtown’s Avenue of the Fountains off Saguaro Boulevard. Will residents finally see something materialize this year? In 2007, the land was rezoned to encourage mixed-use development. View article…
Red Mango yogurt opens in Peoria Red Mango opened at the Sky Zone Indoor Trampoline Park in the Cabot Commerce Center, 9040 W. Larkspur Drive, Peoria. Red Mango offers 40 flavors of all-natural, nonfat frozen yogurt at about 100 calories per serving. View article…
Plans for new Z’Tejas restaurant revolve around parking Plans to build a Z’Tejas on the southwestern corner of 16th Street and Bethany Home Road are still on hold as involved parties work with the city to agree on a site plan. Construction was initially set to begin in early January. Representation for Zipps Sports Grill — a tenant in the shopping center where the restaurant would be built — and concerned neighbors have been fighting the proposed plan since late last year, claiming there isn’t sufficient parking to support a Z’Tejas and that cars would spill over into residential streets. View article…
Mesa facilities district would fund DMB Eastmark plan Let’s say you’re a property owner who wants to develop a huge tract of empty land. There are no streets, no water and sewer lines, no storm drains — none of the expensive infrastructure needed to support the hundreds of residents who could be arriving within two years. How do you build and pay for all that? View article…
Xavier College Preparatory ready to unveil new field The Xavier College Preparatory campus in central Phoenix boasts a state-of-the-art performing-arts center, a ceramics studio, an Apple-equipped multimedia center and other amenities. But for decades, students at the Catholic high school haven’t had their own field, cafeteria or a chapel that could seat more than 35 people. Xavier set out to address those needs when it began an extensive, three-part construction project early last year, according to Sister Lynn Winsor, vice principal for activities. View article…
Phoenix sustainability adviser to focus on vacant-land use Colin Tetreault was raised by a doctoral professor and a business executive. Business and the professional world were very much a part of his life during the week, but every weekend, his parents made sure the family spent time outdoors. Because of that upbringing, Tetreault said, “I have this true belief that our economy and industry are not disparate from our natural systems.” View article…
Fitch Expects Residential Loans to Continue Causing Losses for Banks Despite recent reports of modest improvement in the health of the housing economy, Fitch expects the real estate sector to continue to depress the performance of banks, according to Fitch Ratings. Residential real estate is the largest exposure for banks since they make up $2.5 trillion, or roughly one-third of total loans, according to the agency. Home equity represents about 30 percent of this amount, with 1-4 family first lien mortgages making up the balance. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – (BACK ON MARKET) Investment, multi-tenant retail center. For a brochure, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. 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…
2 Acres of Land – (NEW LISTING) Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. 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.