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

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

WindSprings Apartment Sells in Phoenix Windsprings Apartment Corporation, a local investment company, purchased the 130-unit WindSprings Apartments at 3515 E. Bell Rd. in Phoenix, AZ from Windsprings LLC for $7.6 million, or approximately $58,500 per unit. The 118,300-square-foot, eight-building community was 93 percent occupied at the time of sale. The apartments were built in 1985 and situated on 4.2 acres. The property features 32 one-bedroom and 98 two-bedroom units ranging in size from 450 to 1,150 square feet. View article...

Via Linda Plaza sold for $2.52 million Via Linda Plaza in Scottsdale has been sold for $2.52 million to More VLP of Glendale. The shopping center, at 10810 N. Via Linda, is 89 percent leased and includes tenants such as Sun Drugs, Mathnasium, LaBella Vita Health & Wellness, My Resort Tanning & Spa, All About Dance and Smiley Nails. The 16,022-sqaure-foot center is adjacent to Desert Mountain High School and caters to the upscale communities of Ancala and Scottsdale Ranch. View article...

Drake Cement to open $300M plant Drake Cement is opening a $300 million cement manufacturing plant in Northern Arizona next week. The facility is about 35 miles north of Prescott and will produce 660,000 tons of cement a year. Its grand opening is set for June 17. View article...

Concord Eastridge to build $52M student housing project in downtown Phoenix Concord Eastridge Inc. will build a $52 million student housing project in downtown Phoenix on land that had been set for a high-rise condo project before the housing market tanked. The housing is designed to serve Arizona State University's growing downtown campus, along with University of Arizona students who go to school downtown. View article...

Bullhead City land auction gets no takers Bullhead City offered up a couple of hundred acres of city-owned land at auction and there were no takers. The Mohave Valley Daily News reports the starting bid was $2.5 million cash for five city-owned parcels totaling 235 acres. After no one bid, the city offered to take $1 million down and carry the balance at 4 percent interest, fully amortized for six years. Still no interest. View article...

Mayors tout Southeast Valley's assets, fret over economy By itself, the Southeast Valley would be a metro area of a million people with an incredible array of economic and educational assets. But those assets don't automatically portend a prosperous future for a region badly bruised by the Great Recession. Those were among the themes struck by four Southeast Valley mayors this week in a forum sponsored by The Arizona Republic. View article...

Phoenix retailers shed 22,000 jobs during recession The retail sector has returned to normal in a few isolated pockets of America, but that is most certainly not the case in Phoenix. Eight of the nation's 100 major markets have higher retail employment now than they did in 2008, when the recession slammed the brakes on consumer spending. View article...

Economic Statistical Summary for May 2011 Though both positive and negative news reports about the economy are regularly available, there is good news to be seen in the long-term trends of several economic indicators. In this installment of the Economic Statistical Snapshot, we continue to provide a longer view of the housing, sales, and employment data, which are all generally trending in a positive direction. View article...

Mesa closer to zoning overhaul to give developers flexibility Nearly five years in the making, a massive overhaul of Mesa's zoning code is now on track for approval by midsummer. The City Council received its final briefing on the 475-page document Thursday morning as zoning administrator Gordon Sheffield, the law's chief author, described its potential for shaping Mesa's development in the decades to come. View article...

Development experts explore Queen Creek's potential Queen Creek needs to diversify its revenue sources, focus on better branding and attract new residents, a panel of experts told town officials. After a week of research, interviews with town staff and citizens and tours of the community, an Urban Land Institute panel presented its findings at Town Hall on Friday. The town had a $120,000 contract with ULI, plus up to $40,000 for travel, lodging and food for panel members. View article...

Report: Real estate market won't hit bottom this year Home values fell 8 percent year-over-year in April, according to a report from property search and valuation site Zillow. Zillow's Home Value Index is now down 29.5 percent, to a median $169,588, from its peak of $240,656 in June 2006. That's equivalent to the index's level in May 2003, the report said. Of 132 metro areas tracked, only three saw year-over-year appreciation: Honolulu (1 percent); Pittsburgh (0.9 percent); and Fort Myers, Fla. (0.5 percent). Nearly half saw double-digit decreases. Homes in Ocala, Fla., lost the most value (-19.9 percent), followed by Manchester, N.H.; and Gainesville, Ga. (-16.5 percent each). View article...

1 CU Put into Conservatorship Federal and state banking regulators conserved one credit union on Friday, June 10. This action raises the total number of failed institutions to 59 so far in 2011. 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.