Commercial Real Estate & Business News – December 7, 2017

The aging office park is getting a face-lift. Once a proud symbol of suburban working life now suffering from high vacancy rates in many parts of the country, corporate office parks are being reimagined as sports domes, upscale town houses, retail shops and green gathering spaces, among other possibilities. "It's an obsolete model for an office," said Robert Youngentob of the Maryland-based developer EYA...»
Free-range beef is coming to Phoenix. Arcadia Meat Market, an old-fashioned butchery, will set up shop at 3950 E. Indian School Road starting next month in the popular Phoenix neighborhood. The 1,200-square-foot shop will begin slicing up prime cuts Jan. 11 at the northwest corner of 40th Street and Indian School. The concept comes from Nick Addante, who has worked at Arizona's only certified grass-fed beef producer...»
A 10-year-old Phoenix-area apartment complex hitting the sales block comes with an attractive tax break and some potential upside for the next owner. Ten01 on the Lake in Tempe, AZ is a 523-unit, garden-style complex that is approximately 95% occupied. Local pros think bids will come in at about $220,000 per unit, or about $115 million. That price would translate into a capitalization rate of about 5.5%...»
Refinancing activity has typically been a steady source of business for mortgage lenders. But abundant debt capital in the marketplace, a thinning pipeline of maturing loans and a desire to stack loan portfolios with high quality deals heading into the latter stages of the cycle are just a few of the factors that are fueling a highly competitive lending market. Lenders are being aggressive on bids to win refinancing business...»
SCOTTSDALE, Arizona - ORION Investment Real Estate recently negotiated the owner/user office building sale, located at 8101 East McDowell Road in Scottsdale, for $2.2 million ($127 PSF). It consists of approximately 18,000-square-feet of office and warehouse space with three roll-up doors, situated in an excellent central location with easy access to the Loop-101, Loop-202, ScottsdaleRoad and Hayden Road...»

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