Daily News for Commercial Real Estate & Business – April 27, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

Phoenix apartments sold for $6.3 million The Mission Palm apartments, 6131 N. 16th Street in Phoenix, were purchased by Phoenix-based Clear Sky Resolution Properties, LP for $6.3 million. That equates to $50,000 for each of the 125 units. The seller was Tempe-based Mission Palms, LLC. View article...

Ninfa's Mexican Kitchen in Glendale close Ninfa's Mexican Kitchen, a Houston-based Tex-Mex chain, has abruptly closed its Arrowhead eatery. The Glendale restaurant, part of Legacy Restaurants, a Texas outfit with Taberna, a modern Mexican-fare in Scottsdale, closed over Easter weekend. Ninfa's opened in September 2010 in the former North, Sam Fox's Arrowhead-area Italian place that closed in July.According to Chris Harter,president of Legacy Restaurants, "Glendale is a tough market." View article...

Developer plans apartment community in south Chandler A 322-unit luxury-apartment community is planned for 18 acres near the southwestern corner of Arizona Avenue and Queen Creek Road in Chandler. The site was bought for $3.5 million, or about $194,000 per acre, by Investment Property Associates. The buyer and P.B. Bell Companies of Scottsdale plan to work together to develop a garden-style community to be called Campanello. View article...

Landlords Try Thinking Outside the Big Box When the economic downturn began toppling national retailers, owners of retail property braced themselves for the long-term impact. Now, more than two years after the closings, a picture of that impact is emerging - and it isn't pretty. A survey by Colliers International, canvassing 233 of the 1,259 stores closed by the prominent failures of four national big-box retailers in 2008 and 2009, found that 51% of those 233 sites remained vacant as of this month. View article...

Case-Shiller: Home Prices Move Closer to 2009 Lows Data released by Standard & Poor's Tuesday show that home prices are continuing to slip across the country, with residential property values just slightly above their April 2009 bottom. View article...

Housing Values: The Perfect Storm With all the news of still-declining home prices, most buyers are keeping their feet firmly planted on the sidelines unless they're sure they're getting a bargain. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

Comments

  1. This is a great concept. Having quality apartments with pools and spas in the same complex with businesses will save people a lot of time and make our hectic lives a little bit easier. I have bookmarked this article on several sites. Keep up the good work.

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