Here are the news articles you might find interesting today for commercial real estate and business:
To view the March 2012 Scotsman Guide Commercial edition, click here.
Phoenix: Land Prices Bottoming Out During the commercial real estate buying frenzy of 2005-2006, everything was overpriced, from assets to land. As can be expected, when the housing market collapsed, so did prices on just about everything else in the Phoenix area – including land. But that trend may be reversing itself. According to Colliers International’s Second Half 2011 Land Research & Forecast Report for metro Phoenix, the median price for all land parcels sold in the metro area was at $1.12 per square foot. View article…
ARA BROKERS $1.275M SALE OF PHOENIX APARTMENT PROPERTY The Phoenix office of Atlanta-headquartered ARA recently arranged the sale of Glen Vista Apartments located at 7150 North 27th Avenue in Phoenix. Senior Associate, Ryan Ash of ARA, represented both the seller and buyer in the $1.275 million transaction. Glen Vista is a 35-unit apartment community with great frontage on 27th Avenue just north of Glendale Avenue in Central Phoenix. View article…
Brewery coming to Mesa’s downtown Main Street Call it the final nail in the coffin of a stereotype. Despite its dry reputation, downtown Mesa for years has featured several places along and near the mile-long central strip where thirsty souls can enjoy adult beverages. And now someone is fixing to build a brewery there. View article…
Valley benefits: Roosevelt Row to get revitalized On March 14 800 people will paint three murals, landscape several lots, assemble picnic benches, get rid of graffiti and pick up trash on Roosevelt Row in Central Phoenix. HandsOn Greater Phoenix and Citigroup selected the Roosevelt Row District to host this community revitalization event. View article…
New Residential Project Breaks Ground on Roosevelt Row Scottsdale-based Concord Eastridge and Memphis-based EdR broke ground today on a 2.89-acre parcel of land in downtown Phoenix and commenced construction on a new apartment community. The two apartment buildings, with street-facing retail, are designed to be attractive options for upper level students and new graduates affiliated with Arizona State University Downtown Phoenix Campus, University of Arizona’s College of Medicine and the Phoenix Biomedical Campus and other young adults. View article…
HealthSouth to Construct Rehabilitation Hospital at Algodn Medical Office Park in Southwest Phoenix John F. Long Properties LLLP (JFL) recently completed the sale of a 6.87-acre site within the 160-acre Algodn Medical Office Park in west Phoenix, AZ. The purchaser is Birmingham, AL-based HealthSouth Corporation, which will construct a 48,000 SF inpatient rehabilitation hospital on the site. Construction is expected to begin in the 4th quarter of 2012, with the hospital in operation by the 3rd quarter of 2013. View article…
Yoga startups thrive in Phoenix There are a surprising number of startup yoga businesses in the Valley, and they all seem to be making it. What does that say about the sector? Or about the philosophy? Unlike ten years ago, when there were only two or three yoga studios in all of Phoenix and Scottsdale, now almost every corner has a yoga studio or a Pilates studio. View article…
Scottsdale’s McDowell Sonoran Preserve could get 6,000 acres Scottsdale is looking to buy several thousand acres of state trust land this year to add to the city’s McDowell Sonoran Preserve. The city is evaluating three parcels of land totaling 6,000 acres that would connect the 21,400-acre preserve to Tonto National Forest land north of the Stagecoach Pass road alignment, said Kroy Ekblaw, Scottsdale preserve director. View article…
See the top 10: Phoenix named 5th best value for vacation dollar Phoenix is one of the top cities on an annual list created by discount travel site Hotwire.com, checking in at No. 5. The list, called the “Hotwire Travel Value Index,” showcases the top 10 U.S. vacation destination cities in terms of value, entertainment options and attractions. The 2012 list is the seventh annual edition, and Phoenix also ranked 5th last year. View article…
Allstate Insurance expanding in Phoenix, Tucson Allstate Insurance Co. is looking to recruit roughly 20 new independent Allstate exclusive agents in the Phoenix area and more across the state. View article…
Valley of the Sun YMCA to hire hundreds The Valley of the Sun YMCA is planning to hire as many as 300 part-time workers this summer. It will start by hiring 40 to 50 positions at its March 17 job fair. Positions range from lifeguard to operations manager. View article…
Retail Cap Rates Fell 41 Basis Points in the Fourth Quarter Average cap rates on trades involving retail properties fell 15 basis points from the third to the fourth quarter of 2011, to 7.71 percent, according to a report from CBRE. Year-over-year the change was even more dramatic, with average cap rates falling 41 basis points. In the fourth quarter of 2011, retail cap rates were lowest in the South and West of the country, averaging 7.69 percent. In the East, cap rates averaged 7.77 percent and in the Midwest, they were at 7.75 percent. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 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…
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…
2 Acres of Land – 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.