Here are the news articles you might find interesting today for commercial real estate and business:
$85 MILLION SENIOR HOUSING COMMUNITY PLANNED AT TEMPE TOWN LAKE (Here is more information about the project I told you about on Wednesday this week) A joint venture called MDT Development Partners LLC plans to develop a $85 million senior housing project located along the south side of Tempe Town Lake and just east of Arizona State University in Tempe. The 262-unit project, being called The Villas at Southbank, is planned for a 2.23-acre site located along the north side of Rio Salado Parkway and east of Rural Road. Southbank ASU LLC in Anthem (formed by MDT) paid $2.7 million to buy the parcel. The seller was Pier at Town Lake LLC, a company formed by The Wolff Co. in Scottsdale (Fritz Wolff, et al., principals). View article…
LIBERTY PROPERTY TRUST ADDS TO PORTFOLIO WITH 400,000-SQUARE-FOOT ACQUISITION A limited partnership formed by Liberty Property Trust in Malvern, Pa. (NYSE:LRY, John DiVall, city mgr. for Arizona region) paid $17.03 million ($42.22 per foot) to purchase a 403,321-square-foot industrial project located in Tolleson. The seller was E & V Investments LLC in Tolleson (Vito Ancona, principal). View article…
ANGELO, GORDON VENTURE SPENDS $46.5 MILLION FOR 660-UNIT APARTMENT COMPLEX IN TEMPE AG-ICC Haven Owner LLC, a joint venture formed by Angelo, Gordon & Co. in New York City, N.Y. (John Angelo, Michael Gordon, partners), paid $46.5 million ($70,455 per unit) to buy the 660-unit Haven apartments at 1440 E. Broadway Road in Tempe. The seller was Haven Holder LLC, a collateralized debt obligation investment managed by Petra Capital Management in New York City, View article…
Scottsdale City Council clears way for $65 mil apartment site A $65 million, 369-unit apartment complex will be built north of Scottsdale Fashion Square, despite the objection by some nearby residents who fear it will create traffic problems and decrease property values. With a 5-1 vote, the Scottsdale City Council cleared the way for Dallas-based JLB Partners to develop the nine-building complex on the 9.6-acre parcel near the southwestern corner of Scottsdale and Chaparral roads. Portales Corporate Center is to the east, Optima Camelview Village is to the south, and single-family residences are west and north of the site. View article…
GLENDALE WILL FINALLY GET A CHANCE TO SHOP AT A GOODWILL STORE In many ways the opening of Glendale’s first Goodwill store will become a monumental occasion. This event will mark Goodwill of Central Arizona’s 50th opening of a retail store in their region. Additionally, this event celebrates the efforts Goodwill has invested in opening a store in the city of Glendale. After several attempts by Goodwill over the past ten years, the city of Glendale and its residents have finally given support to having Goodwill move to 6161 W. Bell Road. View article…
Mesa, Cubs breaking ground on new baseball facility in July The Chicago Cubs and the City of Mesa have announced that they will be breaking ground on a new spring training baseball facility this summer. On Wednesday it was revealed that construction on the new facility is scheduled to begin on July 11. View article…
Scottsdale builders seeing surge in new homes Apartment development is the focus of Scottsdale’s housing market, but builders based in the city say they are seeing a surge in new-home sales elsewhere in the Valley. Builders acquired permits for nearly 2,500 single-family homes in the first quarter, up 74 percent from a year ago, said Greg Burger, publisher with RL Brown of the “Phoenix Housing Market Letter.” View article…
Phoenix eases process for building permits Efforts by businesses to get building permits will be easier now that the Phoenix City Council has approved a six-month pilot program aimed at “reducing red tape, permit-turnaround times and business expenses.” The changes were made as the result of studies by a task force of 125 members led by Councilmen Sal DiCiccio and Tom Simplot. DiCiccio wanted to privatize the process further, but he was overruled by other council members, and he agreed to compromise on the question. View article…
LPS: Home Prices Increased, but We’ve Been Down This Road Before For the first time since March 2010, data from Lender Processing Services (LPS) showed an increase in home prices, but still, the analytics company warned to embrace the positive news with some caution. Nationally, February 2012 seasonally-adjusted prices rose 0.2 percent, according to the LPS Home Price Index, which incorporated residential sales concluded during February. Not only is the increase a first in almost two years, but it’s also the third increase in five years. 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 – 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 – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…
5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) 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…
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.