I am going to be at the ICSC Recon conference in Vegas Sunday through Wednesday. I will not be sending out a daily news update until next Thursday. Make sure to follow me on Twitter or my Facebook Page as I recap some of the meetings and education breakouts I plan on attending next week. Have a great week and be on the lookout for my updates!
Now, here are the news articles you might find interesting today for commercial real estate and business:
INDUSTRIAL INCOME TRUST ENTERS VALLEY MARKET WITH A BANG . . . INVESTS $131.66 MILLION Companies formed by Industrial Income Trust in Denver, Colo. (Dwight Merriman, CEO) paid $131.662 million to purchase just under 1.584 million sq. ft. of warehouse space in two distribution buildings within the Riverside Industrial Center in west Phoenix. The investment marks the entrance into the Phoenix area market for the non-traded real estate investment trust (REIT). The buyer in two cash transactions was ITT Cactus Distribution Center LLC, a company formed by Industrial Income Trust. The sellers were both companies formed by venture partners KTR Capital Partners of Conshohocken, Pa. (Jeff Kelter, partner) and Tratt Properties LLC in Phoenix (Jonathan Tratt, principal). The venture developed both of the structures in 2010. Sources say although the deal with KTR/Tratt is the first in the Valley for ITT, the company has another $100 million ready to invest in the Valley. Word is that ITT will spend more than $15 million to purchase a 300,000+ square-foot distribution building in Tolleson. That deal is set to close next month. View article…
COLRICH PURCHASES 611 APARTMENT UNITS FOR $41 MILLION . . . WANTS MORE Companies formed by investor Danny Gabriel of ColRich in San Diego, Calif. paid a combined $41 million ($67,103 per unit) to acquire two apartment properties in Tempe totaling a combined 611 units. Harbert Capital Corp. in Birmingham, Ala. (Raymond Harbert, principal) is ColRich’s partner in the deal. CH Scottsdale Gateway II Communities LLC (the ColRich/Harbert entity) paid $33.05 million ($67,864 per unit) to purchase the 487-unit Scottsdale Gateway II apartments and CH Scottsdale Gateway I Communities LLC paid $7.95 million ($64,113 per unit) to purchase the 124-unit Scottsdale Gateway I apartments. The multi-family communities share an address of 2100 N. Scottsdale Road. The sellers were limited partnerships formed by AIMCO in Denver, Colo. (Terry Considine, CEO). View article…
MIXED-USE DEVELOPMENT PLANNED FOR WAREHOUSE DISTRICT IN DOWNTOWN PHOENIX A mixed-use residential and commercial project is being planned in the Warehouse District of Downtown Phoenix. The site, which comprises part of the Jackson Street Entertainment Planned Urban Development, includes several former warehouse buildings and encompasses two full city blocks. The tract is bounded on the north by the Union Pacific Rail Road tracks, on the south by Lincoln Street, on the east by Fourth Street and on the west by Third Street. Buchanan Street bisects the site, which is located south of US Airways Center and Chase Field. County records show Phoenix Ballpark Properties LLC, a company formed by investor Harold Robinson in San Francisco, Calif., paid $4.75 million to buy the property. The seller was SOJ Loan LLC, a company formed by ML Manager in Peoria. That company is the successor to the defunct Mortgages Ltd., which foreclosed on the land from the previous owner. View article…
CyrusOne Fires Up Data Center Construction In Chandler CyrusOne, a wholly owned subsidiary of Cincinnati Bell (NYSE: CBB) that provides enterprise data center colocation solutions, broke ground on a 57-acre parcel it purchased in Chandler, AZ last fall which will house a 1-million-square-foot modular data center. “In total, we’re delivering a cost-competitive alternative for our California clientele looking to secure company data away from the earthquakes and other natural disasters experienced there,” said Kevin Timmons, chief technology officer of Houston-based CyrusOne. View article…
BioAccel announces seed funding program for Peoria incubator Medical-device start-ups can apply for as much as $300,000 in seed funding and space at Bioinspire, an incubator opening next month in Peoria. The city is partnering with BioAccel, a Phoenix non-profit that helps commercialize life-science technologies, in the effort to help local entrepreneurs and attract new ones. BioAccel announced details on the seed funding, called the New Venture Development Program, Thursday at a conference in Phoenix hosted by AZBio, the statewide industry association. View article…
Phoenix among national leaders in job growth The Phoenix area added more than 40,000 news jobs between March of 2011 and the same month this year, ranking it among the biggest job gainers in the country. View article…
Arizona jobless rate dips to 8.2 percent, but job losses continue Arizona has lost nearly 59,000 workers from its total labor force over the past year, indicating stagnant population growth, only modest job gains and persons leaving the state for economic and perhaps political reasons. View article…
Whites Account for Under Half of Births in U.S. After years of speculation, estimates and projections, the Census Bureau has made it official: White births are no longer a majority in the United States. Non-Hispanic whites accounted for 49.6 percent of all births in the 12-month period that ended last July, according to Census Bureau data made public on Thursday, while minorities – including Hispanics, blacks, Asians and those of mixed race – reached 50.4 percent, representing a majority for the first time in the country’s history. View article…
As Economy Improves, Prices to Hit Bottom in 2013 After Dropping: Fitch Fitch Ratings released a report projecting another 7.8 percent drop in U.S. home prices before the market reaches sustainability, according to the rating agency’s fourth quarter sustainable home price (SHP) report. This is a decrease from last quarter’s prediction of a 9.1 percent drop. 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.