Here are the news articles you might find interesting today for commercial real estate and business:
The Regency Sells for $75,000 Per Unit A private investor based in California has purchased the 44-unit Regency apartments located at 1100 E. Lemon St. in Tempe, AZ for $3.3 million, or $75,000 per unit. The seller was Interwest Capital Corporation, also based in California. The property is adjacent to the Arizona State University campus, and is located on the light rail. The two-story, 27,618-square-foot building was built in 1994 on 1.1 acres in the Tempe submarket of Maricopa County. The studio and one-bedroom apartments range from 460 to 750 square feet and feature ceramic tile floors, granite countertops and stainless steel appliances. View article…
Phoenix Industrial Sells for $3.8M William Knoll acquired the Empire Power Systems property at 830 N. 43rd Ave. in Phoenix, AZ from Greenwood & McKenzie for $3.8 million, or about $69 per square foot. The 55,167-square-foot industrial warehouse building was built in 1997 on 7.5 acres. The building was 100 percent occupied at the time of sale. View article…
APS BioGroup Pays $3.5M for New HQ in Phoenix APS BioGroup acquired the industrial manufacturing building at 2235 S Central Ave. in Phoenix, AZ from The Peiterson LP of Las Vegas for $3.5 million, or about $43 per square foot. The 80,640-square-foot building was constructed in 1992, just off I-17 on 4.5 acres in Maricopa County. For APS BioGroup, the acquisition marks a relocation of its headquarters and expansion of its operations within Phoenix. APS is a manufacturer of health products and the world’s largest producer of colostrum products. View article…
Federal appeals court sides with the Tohono O’odham tribe in casino case A federal appeals court has ruled in favor of the Tohono O’odham Nation’s bid to take West Valley land just north of University of Phoenix Stadium as part of its reservation. The Native American tribe wants to develop a $500 million casino on the property at 95th and Northern Avenues. The U.S. Court of Appeals for the 9th Circuit ruled with O’odham and said it could take unincorporated land into its reservation holdings under a 1986 law specifically written for the Arizona tribe because it has lost some lands to the U.S. government near Tucson. View article…
Dignity Health pays $2.07M for potential emergency-care site Dignity Health finally closed a $2.07 million deal this month for 18.5 acres of land in Maricopa after the property spent a year in escrow. Dignity Health plans to build an emergency-care facility and a full-service hospital at some point in the future, according to a prepared statement Monday from Arizona Commercial Advisors, which helped broker the deal. View article…
Florida Homebuilder Purchases The Borgata, Sells Restaurant Pad Samuel Colgan of Avatar Properties, a Florida-based homebuilder, has completed the acquisition of The Borgata for $12.75m and the disposition of two restaurant properties within the mall for $3.5m in simultaneous transactions. The seller, RED Development through its principal and vice-president Michael Ebert, had previously acquired the retail complex on April 30th, 2012 for $9.15m from Macerich. The $12.75m sale price represents a 39.3% appreciation over a ~4.5 month holding period for RED Development. View article…
Regent Properties Sells 91 lots in Greer Ranch North In Two Transactions Over 3 Weeks Regent Properties of Arizona sold 49 finished lots to Richmond American Homes of Arizona for $2,337,300 within the Greer Ranch North community, located South of the Southwest corner of Reems and Catus Roads in Surprise. View article…
2 Chinese-center restaurants close Two lunchtime favorites at the Chinese Cultural Center in east Phoenix have closed because of financial trouble. Golden Buddha Restaurant, known for its bite-size Chinese dim-sum dumplings and its Shanghai-style neighbor, Lao Ching Hing Shanghai Restaurant, have gone dark. View article…
Phoenix down 155,000 jobs from five years ago Phoenix remains near the bottom of the list of U.S. cities for job losses accumulated over the past five years. According to new research from On Numbers, the Phoenix metro area had 155,200 fewer jobs in July than it did five years earlier, in July 2007. In terms of the raw numbers, that loss ranks Phoenix 100th out of 102 U.S. metros with at least 500,000 people. View article…
HOUSING:
Phoenix, AZ – Recent New Home Closings Numbers Suggest Market Drop is Deepening In June, the Phoenix, AZ market saw a fall year-over-year in new home closings, and the market seemed to be weakening with a percentage decline harsher than in May 2012. Closings declined 39.9% from a year earlier to 441, relative to a 1.1% decline in May from the year earlier. A total of 8,874 new homes were sold during the 12 months that ended in June, down from 9,167 for the year that ended in May. View article…
ForeclosureRadar: Foreclosure Starts Down Dramatically in August ForeclosureRadar released its Foreclosure Report for August on Monday, revealing that foreclosure starts fell dramatically during the month. The company’s coverage area includes counties in California, Washington, Arizona, Nevada, and Oregon. In all states except Washington, foreclosure starts either fell drastically or stayed fairly flat month-over-month, with Oregon seeing an 80.6 percent drop in starts. In Washington, starts were up 34.9 percent. View article…
Scottsdale home prices up 9.26 percent over a year ago Scottsdale’s median home price in July of $386,500 was a 9 percent increase over a year ago, according to the latest monthly report from the Arizona State University Center for Real Estate Theory and Practice. That is based on 512 homes sales, a 2 percent increase over July 2011. Prices were up in three of five communities in the Northeast Valley and down 1.75 percent in Paradise Valley with a median price of $1.06 million. View article…
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CURRENT FOR SALE OPPORTUNITIES:
Former SunTykes Property in Tempe Arizona (IN ESCROW) – Owner/User Opportunity. For more information, click here…
Freestanding Auto in Mesa, Arizona – Owner/User Opportunity. For more information, click here…
+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…
1 Industrial Condos in Bahia Business Park (UNIT 104-SOLD – 105 Still available) Owner/User opportunity to purchase 1 industrial condos. For more information, click here…
7320 N Dreamy Draw (IN ESCROW) – 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…
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.