Here are the news articles you might find interesting today for commercial real estate and business:
CRE Price Recovery Continues Despite Seasonal Volatility Despite a generally flat March for pricing of commercial property, prices recovered to mid-2003 levels in the first quarter as improving fundamentals and liquidity causing a broadening of the recovery into non-core commercial real estate and secondary markets, according to this month’s CoStar Commercial Repeat Sale Indices (CCRSI) report. The U.S. Composite Index ended the first quarter 4.3% above the same period in 2011, although prices are still 34.5% lower than the peak levels in 2007. View article…
Lake Pleasant shopping center sells for $42 million Excel Trust Inc., a publicly-traded real estate investment trust based in San Diego, purchased the Lake Pleasant Pavilion Shopping Center in Peoria for $41.75 million from Kornwasser Shopping Center Properties, a private development firm based in Los Angeles. This was Excel’s second purchase in the Phoenix area. Excel purchased the Scottsdale Promenade for $166 million earlier this year. View article…
Canyon Walk Apts Sell for $3.2M The Canyon Walk Apartments, located at 1502 W. Glendale Ave. in Phoenix, AZ sold for $3,202,500, or approximately $19,000 per unit. The property consists of studio, one- and two-bedroom apartments with a range of 404 square feet to 820 square feet. View article…
ViaWest Acquires Remaining Timberline Units for $8M ViaWest Properties acquired Timberline Place’s remaining 102 units for $8.5 million. The Phoenix-based ViaWest bought the multifamily units from Aspen Group of Scottsdale, AZ, which acquired the entire 372-unit project in 2006, and converted 204 units to condominiums. View article…
Phoenix Office Condos Sell for $1M Wells Fargo Bank NA sold four medical office condominiums totaling 10,672 square feet to AARARE LLC for approximately $1.06 million, or $100 per square foot. Located in the 45th Place building (Bldg 8) at 4550 E. Bell Rd. in Phoenix, AZ, the four condominiums are built out to medical specifications and were vacant at time of sale. It was reported that the new owner will occupy the property as an owner/user, doing business as Arizona Arthritis & Rheumatology Associates. This transaction also represented an REO sale from the bank’s portfolio. View article…
Peoria Industrial Park Sells for $7.3M Presson Corporation, a Phoenix-based developer, acquired the three-building industrial park at 8581-8643 W. Kelton Ln. in Peoria, AZ from Birtcher Anderson Realty LLC for $7.31 million, or about $59 per square foot. The buildings total 123,074 square-feet and were reported 73 percent occupied at the time of sale. View article…
Dunkin’ Donuts Distributor Inks Deal for 34,000 SF The National DCP LLC (NDCP), the Dunkin Donuts franchisee-owned distribution and purchasing cooperative, leased 34,448 square feet of warehouse and cold storage space at 4239 S. 43rd Pl. in Phoenix, AZ. The tenant signed a 38-month deal and plans to occupy the entire property in October. The NDCP Center in Phoenix will be the seventh warehouse in the network, and the first located west of the Mississippi. The distribution facility will deliver all essential food, paper, and equipment supplies for Dunkin’ Donuts restaurants. With almost 7,000 Dunkin’ Donuts restaurants in the U.S. today, the company has said it has plans to more than double its current number of restaurants in the country over the next 20 years. View article…
Delay sought on Scottsdale condo request An applicant has asked the city to delay a hearing on its requests for a proposed luxury-condominium complex in Scottsdale. Scottsdale-based Deco Communities has asked to postpone the requests, originally scheduled for review by the Planning Commission today, to a June 13 commission meeting. Commissioners would consider a non-major General Plan amendment and rezoning request to allow the 104-unit residential complex called Echo at Windgate, northwest of Bell Road and Thompson Peak Parkway. View article…
Phoenix home prices post gains in March Recent reports that the Phoenix housing market is finally showing signs of a rebound were bolstered Wednesday with the release of the FNC Residential Price Index’s latest home value figures. Phoenix-area home prices in March, which is traditionally a strong sales month, were up about 1.4 percent from the month prior, tying with Detroit for the seventh-best month-to-month gains in the nation, according to the FNC report, which tracked 22 markets. 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…
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.