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

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

Mesa Office Purchased for Preschool (This was the deal that Dave & I did. For the complete comp info, you can click here.) Tots Unlimited Preschools has purchased 1365 S. Gilbert Road in Mesa, AZ from Farmers Insurance Exchange for $907,500, or approximately $71 per square foot. The two-story office building is located on the northeast corner of E. Hampton Ave. The building was formerly occupied by Farmers Insurance and will be remolded as a daycare facility with plans of opening at year end. View article...

Four Gateway Sells for $12.3M LBA Realty in Irvine, Calif. purchased the 137,068-square-foot Four Gateway office building at 444 N. 44th Street in Phoenix, AZ from Hannay Investment Properties for $12.3 million, or about $90 per square foot. The property was constructed in 1998 and was 87 percent vacant at time of sale. The new buyer purchased the property as an investment, and plans to retain Cushman & Wakefield for leasing management. View article...

Blackridge pays $6.7M for Freeport Distribution Center Blackridge Real Estate Group purchased the Freeport Distribution Center in southwest Phoenix for $6.7 million. Newport Beach, Calif.-based Blackridge takes ownership of the 221,900-square-foot industrial project at 5240 and 5302 W. Buckeye Road. View article...

Old Rawhide site in Scottsdale might become new apartments A revised plan for the former Rawhide site in north Scottsdale would include 262 apartments southeast of Pinnacle Peak and Scottsdale roads. Developer Larry Gabriele initially planned the Villa Volterra condominiums on just under 17 acres but now intends to build the Collection of Silverstone Luxury Apartments. It would include primarily one- and two-bedroom apartments in buildings of two or three stories, some with attached garages. View article...

Thai'd Up brings more Asian flavor to Downtown Phoenix Downtown Phoenix has a new restaurant with the opening of Thai'd Up. The restaurant is located on Central Avenue across the street from the Starbucks at The Wyndham Hotel. View article...

Real estate briefs: Safari Drive condo sales, Camelback Executive Park Safari Drive has reported 23 sales of its downtown condominiums through the second quarter. The midrise project is on 4.8 acres northeast of Scottsdale and Camelback roads along the Arizona Canal. View article...

$86 million land purchase would expand Scottsdale preserve Scottsdale is looking to buy 4,419 acres of state land with a price tag of $86 million for its McDowell Sonoran Preserve. The Arizona State Land Department plans to sell two north Scottsdale parcels the city wants at auction in November or December. A recent appraisal set the minimum bid for one parcel of 1,937 acres at $41 million and the other parcel of 2,482 acres at $45 million, said Vanessa Hickman, deputy state land commissioner. View article...

Phoenix-area hotels hurt by low rates The forward momentum the Phoenix-area hotel industry felt in the first quarter halted in the second quarter, according to Smith Travel Research data released Wednesday. Hotels in metro Phoenix had the lowest occupancy rate, 57.2 percent, among the top 25 markets in the second quarter, according to the data. The low occupancy prevented hoteliers from significantly raising their average daily room rate for the period from April 1 through June 30. View article...

Blockbuster to keep 90 percent of stores open Dish Network Corp., which acquired Blockbuster in an April bankruptcy auction, says it will keep 90 percent of the video rental chain's stores open and retain about 15,000 of its employees, Reuters reports. View article...

3 Banks Closed, 1 Credit Union Conserved Three banks were closed and one credit union was conserved by state and federal banking regulators on Friday, July 22. These failures bring the year's tally to 74 failed institutions. View article...

HOUSING:
To view the presentation by Ted C Jones, PhD, Chief Economist at Stewart Title on the Arizona Housing Market, click here. There is very valuable information and charts that show the bubble and the post-bubble era for Phoenix Metro and how it compares to other markets.

Only 49% of Homeowners Believe They Are Not Underwater Less than half of homeowners - 49 percent - currently believe their home is worth more than the amount they still owe on their mortgage. July marks the second month in a row but only the third time since late 2008 that the Rasmussen Reports rate has fallen below 50 percent. 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. Darlene Leonard says:

    Please email me a contact name and number/email address regarding the 262 apt site at the old Rawhide. Thank you.

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