Daily News for Commercial Real Estate & Business – July 13, 2011

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

Equity LifeStyle Properties Completes $451M Hometown MHC Portfolio Acquisition Equity LifeStyle Properties, Inc., a fully-integrated owner and operator of lifestyle-oriented properties, has closed on the acquisition of 35 manufactured home site properties previously belonging to Hometown America LLC for $451 million. These 35 properties total 12,057 sites on approximately 2,800 acres located in seven states including Florida, Arizona and Michigan. View article...

26 acres in south Chandler sells for $2 million An investor in Italy paid $2 million for 26 acres of vacant land west of the northwestern corner of McQueen and Ocotillo roads and plans to replat it for an industrial park. Icarus LLC bought the distressed property from Enterprise Bank and Trust. View article...

Chandler Target closing but will reopen a mile away The Target at Queen Creek and Alma School roads is closing Tuesday, and owners of the remaining small retail shops are discouraged about losing their anchor. But Chandler doesn't want that shopping center - Ocotillo Plaza, on the intersection's northwestern corner - to evolve into a bleak, largely vacant center limping along on the northwestern corner of Arizona Avenue and Warner Road. View article...

Former Acme Bar building in Scottsdale to become rock and roll bar Downtown Scottsdale's Craftsman Court last month lost Acme Bar & Grill, which closed after more than a decade, but a new rock and roll bar is set to take its place this fall. Acme closed in early June after the business was purchased from owner Jon Eby by partners Brian Mrochinski and Alex Mundy. They plan to begin renovating the building, at 4245 N. Craftsman Court, next month at a cost of at least $500,000. View article...

Gilbert industrial vacancy rate improves A drive down tree-lined Fiesta Boulevard in northwest Gilbert reveals the town's well-hidden industrial corridor with its docking bays, warehouses and "incubator" space. Also nestled among the canopy trees and parked semitrucks are several "for lease" signs, posted by landlords seeking to shake of the rust of the recession and entice new tenants. Of Gilbert's 5.1 million square feet of industrial space, about 673,000 square feet is sitting vacant, according to first-quarter statistics compiled by real estate company Cassidy Turley. View article...

Vensure Federal Credit Union in Mesa liquidated The National Credit Union Administration said today it closed and liquidated Vensure Federal Credit Union in Mesa. The agency said Vensure was "insolvent" and the credit union had "no prospects for restoring viable operations." View article...

Phoenix among 10 best places to buy rental properties Phoenix's housing market has created a good place to invest in rental property, according to a recent survey ranking the top 100 cities for such properties in the U.S. HomeVestors of America Inc., which does business under the name We Buy Ugly Homes, and Local Market Monitor ranked Phoenix as the seventh-best market for investing in rental properties. View article...

Phoenix-area Foreclosure Rate Keeps Dropping Good news for the hard-hit Phoenix-area housing market: The rate of foreclosures continues to drop. A new report from the W. P. Carey School of Business at Arizona State University shows the rate has now fallen four months in a row. Foreclosures represented 31 percent of the existing-home transactions in the market in June. That's way down from 43 percent in January and February, 38 percent in March, 36 percent in April, and 35 percent in May. However, the report's author says it's still unclear whether the downward trend will last. View article...

Survey of Investors Uncovers Optimism for CRE Recovery There are a growing number of distressed commercial real estate assets trading as bank regulators put more pressure on lenders to deal with nonperforming loans, according to PricewaterhouseCoopers LLP (PwC). This, the company says, is one of several signs that the U.S. commercial real estate (CRE) industry is on the mend. View article...

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.