Here are the news articles you might find interesting today for commercial real estate and business:
To view this weeks Costar Watchlist, click here…
Vornado Begins Selling Off Retail Properties Vornado Realty Trust chairman Steven Roth has started keeping his promise last month to shareholders that the REIT would re-look at its retail-related investments with the goal of trimming them back. Vornado has sold three retail properties to affiliates of Phoenix-based Cole Real Estate Investments for $23.2 million. The single-tenant portfolio totals 121,000 square feet and is located in several California markets and one in Tampa, FL. View article…
Phoenix apartment complex sells for $38.5 million An apartment complex just north of the Phoenix Airport Marriott Hotel on 44th Street has been sold for $38.5 million. Alanza Place is located at 44th Street just north of the Loop 202 freeway near McDowell Road. The 360-unit Class A complex was acquired by Beverly Hills, Calif.-based FSC Realty LLC. View article…
Phoenix industrial center sells for $26 million A Phoenix industrial center has been sold for $26.1 million. Lincoln Commerce Park 2 at 11th Street and Broadway Road in South Phoenix was sold to Cornerstone Real Estate Advisors. The seller was a partnership between Lincoln Property Co. in Phoenix and Dallas-based Invesco Realty Advisors. View article…
Property Resources Group Buys Santan Gateway South Property Resources Group purchased Santan Gateway South shopping center at 1305 – 1445 S. Arizona Ave. in Chandler, AZ from LNR Property Corporation for $6.15 million, or about $107 per square foot. The four retail buildings total 57,038 square feet and were constructed in 2005 in the Gilbert Retail submarket. The property was 66 percent occupied at the time of sale. View article…
Epernay Apts Sell for $10.5M Federal Home Loan Mortgage Corp. sold the 336-unit Epernay multifamily complex at 944 W. Main St. in Mesa, AZ to Pacific Transwest Real Estate for $10.5 million, or approximately $31,000 per unit. The 227,344-square-foot apartment community consists of studios, one- and two-bedroom units in 12 buildings. It was built in 1982 in the Mesa Downtown submarket and was 62 percent occupied at the time of sale. View article…
Blue Hound Kitchen & Cocktails headed to Kimpton at CityScape The Blue Hound Kitchen & Cocktails is slated to open next month at CityScape. The restaurant is the signature bar and grill of the Kimpton Palomar Hotel, a 250-room boutique hotel in downtown Phoenix at the CityScape development. View article…
ThinkVine expands from Ohio with new Gilbert office A Cincinnati-based software company has opened an office in Gilbert. ThinkVine develops marketing software and is led by CEO Mark Battaglia. It offers strategic market planning assessment tools and has partnerships with clients including Hershey’s, Kraft Foods and Valvoline. View article…
Brat Haus coming to former Oregano’s location in Scottsdale The Brat Haus restaurant is set to open this summer at the former Oregano’s location in Old Town Scottsdale. The restaurant, at 3622 N. Scottsdale Road, is an effort of restaurateur Dave Andrea and Chef Payton Curry, who will lead culinary efforts as a chef/partner in the new venture. View article…
Italian-themed eatery coming to CityNorth The opening of another restaurant at CityNorth may signal that entrepreneurs are more confident about the northeast Phoenix development. The Skinny Italian Kitchen, a brainchild of Mancuso Restaurants Inc., is scheduled to open at CityCenter of CityNorth at the end of July, said Bob Mancuso, president of the family-owned business. View article…
Duke Energy to buy Solon project in Kingman Duke Energy is buying another Arizona solar power project, this time picking up what is planned to be a 10-megawatt facility near Kingman from Solon Corp. View article…
Phoenix’s Select Top Industrial Sales for Q1 2012 The following is an account of the Phoenix market’s select top 10 industrial sale transactions for first quarter 2012. Alliance Commercial Partners LLC acquired 3601-3701 E University Drive in Phoenix and 405 W Geneva Drive in Tempe for a combined $18,325,000. RREEF America LLC was the seller. View article…
Phoenix’s Select Top Industrial Leases for Q1 2012 The following is an account of the Phoenix market’s select top 10 industrial lease transactions for first quarter 2012. MiTek Industries, Inc. leased the entire 259,200-square-foot build-to-suite for 10 years in Tolleson Corporate Park at 7890 W Lincoln St. in Phoenix. View article…
$88 million in construction projects under way in Peoria Orange cones and construction workers can be seen in several parts of the city as $88 million in road and community construction projects near completion and others get set to begin. By the end of the year, residents will be able to fully use a renovated and expanded community center at a cost of nearly $9 million. An additional 12,000 square feet of space and new fitness and game rooms are among new features. View article…
Foreclosure Inventory Still High, but It’s Much Lower in Judicial States While delinquencies saw a decline and reached their lowest level since August 2008, foreclosure inventory stayed near historic highs, according to data from the March Mortgage Monitor report released by Lender Processing Services (LPS). View article…
Gilbert home construction outpaces other cities in Valley Home construction in Gilbert continues to outpace every other Valley municipality, and the town is on track for its most robust year in new-home permits since 2006. Several new and existing subdivisions around Gilbert are experiencing a flurry of activity as homebuilders look to capitalize on a rebound in the housing market. Nearly every Valley community has seen a significant jump in permit activity during the first few months of the year, but nowhere is the spike more pronounced than in Gilbert, according to data produced by the Home Builders Association of Central Arizona. View article…
CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center – 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.