I am going to be at the CCIM Live 2012 Conference the first part of next week and won’t be able to send out a daily update. I will get back on it when I get back!
Here are the news articles you might find interesting today for commercial real estate and business:
NEWLY FORMED FIRM TARGETING SENIOR HOUSING MARKET . . . FIRST PROJECT IN PEORIA After spending several years working closely with his father in the real estate finance business, Jeff Fleischer was looking to bust out and use the entrepreneurial spirit he learned from his dad, Mort Fleischer. The younger Fleischer, along with a few partners, including Richard Boehlke of Fort Lauderdale, Fla., have formed Senexus LLC. The company initially is focusing on Arizona and Florida where it is developing and acquiring properties that will be home to seniors in the 75+ year-old range. View article…
Time Equities Picks Up Shopping Centers in Arizona and Missouri for Combined Price of $11.1M New York-based Time Equities Inc. has acquired two shopping centers in separate transactions totaling more than $11.1 million. n the first transaction, Time Equities picked up Bella Vista Village, a 33,256-sq.-ft. shopping center located at 270 East Hunt Highway in Queen Creek, Ariz. for $4.02 million. Time Equities Inc. was represented in-house by Ami Ziff and Jonathan Kim. Nick Miner of Commercial Properties Inc., based in Arizona, represented the seller in the deal. View article…
Bank Sale of Proposed Mixed Use Project in Tempe Johnson Bank has sold a 3.46 gross acre lot in Tempe that is platted for Dorsey Crossing Live/Work Townhomes, a 45-townhome mixed use project. The lot was purchased by New Leaf Communities for $750,000 or $2 per square foot, $350,000 down, and $400,000 debt with Bill Cleverly of Inca Capital. The project has previously been marketed as 1233 Off Broadway, located at 1233 E Broadway Rd, East of the southeast corner of Rural and Broadway Roads. View article…
CBIZ Plaza Reverts to Beneficiary at Trustee’s Auction with $20.025m Credit Bid WBCMT 2006-C27 Office 3101, LLC, and entity formed by US Bank and in care of LNR Partners has taken possession of CBIZ Plaza following a trustee’s auction conducted by Craig K. Williams of Snell and Wilmer. The opening bid of $18m was increased by multiple bidders by more than $2m to arrive at a credit bid of $20.025m or $70.32 per ft2. This amount represents a 43.75% write down on the outstanding debt of $35.6m. View article…
Orbital Sciences Building Sells For $19,500,000 Paramount Group of Companies, has acquired the Orbital Sciences Building at 3377 S Price Rd in Chandler for $19,500,000 or $234.42 per square foot with the assumption of a $12,594,819 debt with Sovereign Bank of Rhode Island. The seller Gilbane Development, along with McShane Construction, received an award from NAIOP in 2009 for Office Build to Suit for tenant Orbital Sciences Corporation of Dulles, Virginia. The 83,183 SF three story office building is class A with LEED Silver Certification, 322 offices, and a dramatic entryway. View article…
Developer offers Phoenix Suns compromise over site A Valley developer said he may have a solution that could preserve some of the city’s history. The St. James and Madison hotels in downtown Phoenix sit just west of US Airways Center. Phoenix historians said the buildings date to at least the 1920s and want them preserved. But the buildings are owned by the Phoenix Suns, who want to put valet parking at the site. Developer Michael Levine has an idea that he thinks is a win-win. View article…
Peoria negotiating with two colleges to build branch campuses in city The city of Peoria has entered into exclusive negotiating agreements with Huntington University and The College of St. Scholastica to establish branch campuses in Peoria. View article…
Rezoning request at airpark draws ire First comes an airport or airpark. Next comes residential development. Last comes a host of noise complaints, ultimately leading to limitations on the airfield and the pilots who use it. View article…
Phoenix office vacancy rate at 26 percent, but jobs gains could cut rate More than one-quarter of Phoenix-area office space is vacant, but real estate brokers say increased local job gains and leasing activity could help improve the struggling commercial real estate market. Third quarter office statistics from the Jones Lang LaSalle brokerage firm shows the Valley had a 26 percent vacancy rate. View article…
Old Hayden Flour Mill comes to life as event venue Tempe has preserved a towering icon of Valley history that until recently had fallen into such disrepair it was considered an eyesore by some downtown business owners. Last week, the city unveiled “The Green” at the Hayden Flour Mill, which was the oldest continuously used industrial site in the Salt River Valley when it closed in 1997. The preservation effort aimed to revive the site and to draw business to the Mill Avenue District. View article…
Chandler, Mesa among top tech start-up cities There are a lot of new faces in the Valley. According to American Express’ openforum.com, both Chandler and Mesa are among the top ten cities for technology start-ups. Chandler boasts 5.1 technology start-ups per 100,000 residents. Its high rank was attributed to Gangplank, a city-funded workspace for entrepreneurs. Mesa has 3.7 tech start-ups per 100,000 residents. View article…
Economists predict 2013 GDP growth of just 1.4 percent Arizona State University business professor Lee McPheters delivered a prediction on the Gross Domestic Product for 2013 as a meaty appetizer to the main course during an economic luncheon on Thursday. At the Economic Club of Phoenix event, McPheters announced the winners of the Lawrence R. Klein Award and then revealed the winners’ GDP estimate for 2013. View article…
HOUSING:
Foreclosure Activity Falls to Five-Year Low: RealtyTrac Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – were reported on 180,427 U.S. properties in September, according to RealtyTrac. The total number of filings last month was down 7 percent from August, down 16 percent from September 2011, and was the lowest monthly total recorded by RealtyTrac since July 2007. View article…
Housing recovery altering Valley home flippers’ success The Valley has been a hotbed for flipping homes ever since the housing bubble burst but that’s changing a little. “The number of flips happening in Phoenix is actually down from a year ago. It’s down 12 percent,” said Daren Blomquist, vice president at RealtyTrac. “During the month of September, we saw foreclosures are on the downward trend and it was actually a 58-month low for Arizona.” View article…
Arizona foreclosure activity still heading down The number of Arizona homes in some stage of the foreclosure process dropped again in September compared to a year ago, although homes actually repossessed by banks rose slightly. Data released Thursday by foreclosure tracking firm RealtyTrac (http://www.realtytrac.com) shows lenders actually repossessed nearly 3,400 Arizona homes in September, a 2 percent rise from the same period a year ago. But new foreclosure filings dropped to about 3,800 last month. View article…
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