Daily News for Commercial Real Estate & Business – February 25, 2011

CHICANOS POR LA CAUSA BUYING 400-UNIT APARTMENT COMPLEX IN WEST PHOENIX In a $9.009 million deal ($22,523 per unit) set to close at press time, the non-profit Chicanos Por La Causa organization based in Phoenix was slated to buy the 400 unit San Marina apartments at 7002 W. Indian School Road in Phoenix. The seller is a commercial mortgage backed security (CMBS). View article...

FULTON HOMES PAYS $4.5 MILLION FOR 43 ACRES IN CHANDLER . . . WILL EXPAND FULTON RANCH Despite being under the umbrella of Chapter 11 bankruptcy protection, Fulton Homes Corp. in Tempe (Norm Nicholls, pres.) paid $4.5 million in cash to purchase a 43-acre parcel in Chandler. The property, once targeted for a retail, office, residential and hotel complex, is located south of the southeast corner of Arizona Avenue and Ocotillo Road. View article...

RBC Capital Markets Sells 180-Unit Multifamily Trillium Residential purchased the Centrado Apartments in Tempe, AZ from RBC Capital Markets for $9.1 million, or $50,556 per unit. The 155,368-square-foot complex at 2045 E. Broadway Rd. was constructed in 1972 and has 180 apartment units. The property was 93 percent occupied at time of sale. View article...

Bayfield Development Sells 76,950-SF Warehouse Mason Properties, Inc. purchased the 76,950-square-foot warehouse located at 301 N. 45th Ave. in the Papago Industrial Park in Phoenix, AZ from Bayfield Development Company for $2.62 million, or about $29 per square foot. The property was constructed in 1998 and has heavy power and a small office build out. View article...

3010 Elwood Sells for $3.2M Essai, Inc. purchased 3010 E. Elwood St. in Phoenix, AZ from GE Capital Corporation for $3.2 million, or about $53 per square foot. The 60,774-square-foot building was constructed in 2007 and is located in the South Airport & North of Roeser Industrial submarket. The property was occupied by the seller at time of sale and includes about 4.5 acres of vacant land. View article...

Camelback Plaza Closes for $10.5M Alliance Residential has purchased 2621 E. Camelback Rd. in Gilbert, AZ for $10.5 million, or $187.50 per square foot. The 56,000-square-foot Camelback Plaza retail building was constructed in 1994, and former tenants include Hard Rock Cafe and Marco Polo Supper Club. View article...

Western AG Enterprises Expands in Phoenix Western AG Enterprises, Inc. purchased 8120 W. Harrison St. in Phoenix, AZ from Lorts Manufacturing for $2 million, or about $30.52 per square foot. The 65,540-square-foot Lorts Manufacturing Building was constructed in 1979 and is located in the Tolleson Industrial submarket. The property was occupied by the seller at time of sale and includes approximately six acres of vacant land. View article...

Phoenix Salvation Army HQ to get massive renovation Salvation Army's Southwest Division plans to embark on a multimillion-dollar renovation of its headquarters at 28th and Van Buren streets. The plan calls for a new, 40,000-square-foot building for the organization's headquarters in addition to a new 30,000-square-foot social-services center. View article...

Median property values in Maricopa County show double-digit declines For the second consecutive year, all property types in Maricopa County are showing double-digit declines in their median values, according to a news release. The county assessor's office will send out about 1.5 million 2012 tax year valuations on Friday. View article...

As home ownership falls, apartments gain in stature The future trend in housing, especially in high-end markets, may be in apartments, not single-family homes, some experts say. The economic downturn has affected homeownership -- fewer people qualify for loans even as home prices have declined, and those declining values have made some buyers wary of entering the market. View article...

Phoenix's healthiest employers named Businesses committed to creating a healthy workplace were in the spotlight Thursday at the Phoenix Business Journal gave out its first Healthiest Employers awards. View article...

Pssst! Want to Buy A Failed Bank? Forget a courting period. Those who want to buy the assets of a failed bank need to get to the altar fast to clinch their union. The entire process - from the time the Federal Deposit Insurance Corp. (FDIC) releases information on a failed bank buying opportunity until the closing is finalized - is over in just four to five weeks. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

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

Speak Your Mind

*

CommentLuv badge

footer script.