This is a great opportunity for someone to lease at a Senior, Supportive Housing Project in Tempe, Arizona that was built in 2011 on the Light Rail Line.  This project was built for our deaf and hard of hearing senior citizens of the community.  There is only one other project similar to this in the country and the same developer built it in Madison, WI.  We only have one suite left!

Salient Facts:
Suite 174  - 847 Sq. Ft.
Asking Rate: $19.00 / Sq. Ft. NNN
NNN’s estimated at $6.00 / Sq. Ft. year
Right across the street from a light rail station

To view the brochure, click here: Apache ASL Lease Brochure

Call to schedule a tour!

I remember with clarity the attitude for expansion in 2008, 2009 and 2010 was to check back in 2012 and 2013.  Well, here we are.  I am looking forward to providing a daily update of events of the trade show back to you.

In the meantime, if you are going, let’s meet up!  I will either be at our company booth (CPI Booth S56047), CCIM Booth (CCIM Booth – Booth #C1920) or walking the halls or attending some of the education breakout sessions.

Looking forward to seeing you all in Vegas!

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

INDUSTRIAL INCOME TRUST ENTERS VALLEY MARKET WITH A BANG . . . INVESTS $131.66 MILLION   Companies formed by Industrial Income Trust in Denver, Colo. (Dwight Merriman, CEO) paid $131.662 million to purchase just under 1.584 million sq. ft. of warehouse space in two distribution buildings within the Riverside Industrial Center in west Phoenix. The investment marks the entrance into the Phoenix area market for the non-traded real estate investment trust (REIT). The buyer in two cash transactions was ITT Cactus Distribution Center LLC, a company formed by Industrial Income Trust. The sellers were both companies formed by venture partners KTR Capital Partners of Conshohocken, Pa. (Jeff Kelter, partner) and Tratt Properties LLC in Phoenix (Jonathan Tratt, principal). The venture developed both of the structures in 2010. Sources say although the deal with KTR/Tratt is the first in the Valley for ITT, the company has another $100 million ready to invest in the Valley. Word is that ITT will spend more than $15 million to purchase a 300,000+ square-foot distribution building in Tolleson. That deal is set to close next month.   View article…

COLRICH PURCHASES 611 APARTMENT UNITS FOR $41 MILLION . . . WANTS MORE  Companies formed by investor Danny Gabriel of ColRich in San Diego, Calif. paid a combined $41 million ($67,103 per unit) to acquire two apartment properties in Tempe totaling a combined 611 units. Harbert Capital Corp. in Birmingham, Ala. (Raymond Harbert, principal) is ColRich’s partner in the deal. CH Scottsdale Gateway II Communities LLC (the ColRich/Harbert entity) paid $33.05 million ($67,864 per unit) to purchase the 487-unit Scottsdale Gateway II apartments and CH Scottsdale Gateway I Communities LLC paid $7.95 million ($64,113 per unit) to purchase the 124-unit Scottsdale Gateway I apartments. The multi-family communities share an address of 2100 N. Scottsdale Road. The sellers were limited partnerships formed by AIMCO in Denver, Colo. (Terry Considine, CEO).  View article…

MIXED-USE DEVELOPMENT PLANNED FOR WAREHOUSE DISTRICT IN DOWNTOWN PHOENIX  A mixed-use residential and commercial project is being planned in the Warehouse District of Downtown Phoenix. The site, which comprises part of the Jackson Street Entertainment Planned Urban Development, includes several former warehouse buildings and encompasses two full city blocks. The tract is bounded on the north by the Union Pacific Rail Road tracks, on the south by Lincoln Street, on the east by Fourth Street and on the west by Third Street. Buchanan Street bisects the site, which is located south of US Airways Center and Chase Field. County records show Phoenix Ballpark Properties LLC, a company formed by investor Harold Robinson in San Francisco, Calif., paid $4.75 million to buy the property. The seller was SOJ Loan LLC, a company formed by ML Manager in Peoria. That company is the successor to the defunct Mortgages Ltd., which foreclosed on the land from the previous owner.  View article…

CyrusOne Fires Up Data Center Construction In Chandler  CyrusOne, a wholly owned subsidiary of Cincinnati Bell (NYSE: CBB) that provides enterprise data center colocation solutions, broke ground on a 57-acre parcel it purchased in Chandler, AZ last fall which will house a 1-million-square-foot modular data center.  “In total, we’re delivering a cost-competitive alternative for our California clientele looking to secure company data away from the earthquakes and other natural disasters experienced there,” said Kevin Timmons, chief technology officer of Houston-based CyrusOne.   View article…

BioAccel announces seed funding program for Peoria incubator  Medical-device start-ups can apply for as much as $300,000 in seed funding and space at Bioinspire, an incubator opening next month in Peoria.  The city is partnering with BioAccel, a Phoenix non-profit that helps commercialize life-science technologies, in the effort to help local entrepreneurs and attract new ones.  BioAccel announced details on the seed funding, called the New Venture Development Program, Thursday at a conference in Phoenix hosted by AZBio, the statewide industry association.  View article…

Phoenix among national leaders in job growth  The Phoenix area added more than 40,000 news jobs between March of 2011 and the same month this year, ranking it among the biggest job gainers in the country.  View article…

Arizona jobless rate dips to 8.2 percent, but job losses continue Arizona has lost nearly 59,000 workers from its total labor force over the past year, indicating stagnant population growth, only modest job gains and persons leaving the state for economic and perhaps political reasons.  View article…

Whites Account for Under Half of Births in U.S. After years of speculation, estimates and projections, the Census Bureau has made it official: White births are no longer a majority in the United States. Non-Hispanic whites accounted for 49.6 percent of all births in the 12-month period that ended last July, according to Census Bureau data made public on Thursday, while minorities — including Hispanics, blacks, Asians and those of mixed race — reached 50.4 percent, representing a majority for the first time in the country’s history.  View article…

As Economy Improves, Prices to Hit Bottom in 2013 After Dropping: Fitch  Fitch Ratings released a report projecting another 7.8 percent drop in U.S. home prices before the market reaches sustainability, according to the rating agency’s fourth quarter sustainable home price (SHP) report. This is a decrease from last quarter’s prediction of a 9.1 percent drop.  View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS)–  Investment, multi-tenant retail center.  For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity.  For more information, click here…

2 Industrial Condos in Bahia Business Park - Owner/User opportunity to purchase 1 or both industrial condos.  For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ  – Former Corporate HQ for TDC in Tempe, AZ For Sale.  For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office  For Sale/Lease.   For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity.  For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale.  For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park.  For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street.  For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise.  For a brochure, click here…

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

To view this weeks Costar Watchlist, click here…

To view the CPI Retail Q1 2012 Report, click here…

2,400 acres in Buckeye sell for $7.4 million  Elianto Landvest GP Inc., an entity created by California-based Landvest of North America, purchased 2,389 acres of land in Buckeye for about $7.4 million from Bank Midwest of Kansas City, Mo.  It is the largest land parcel sold so far this year in the metro Phoenix area. The sales price breaks down to about $3,098 per acre.  View article…

FineMark National Bank & Trust expands into Scottsdale  Fort Myers, Fla.-based FineMark National Bank & Trust is opening its first branch in Scottsdale.  FineMark Holdings Inc. operates six other locations in Florida and has $461 million in assets.  View article…

Mesa Fuchsia Spa at Dana Park moves into bigger space  The co-owners of Fuchsia Spa at Village Square at Dana Park Shopping Center have doubled their space and are marking the occasion with a grand reopening 4-7 p.m. Friday. Village Square is at Baseline Road and Val Vista Drive, Mesa.  Fuchsia first opened in November 2006 and the spa will now have 4,000 square feet and be located a few doors from its original location, a spokeswoman said.  View article…

Bechtel expanding Glendale operations  San Francisco-based Bechtel, an engineering, construction and project management firm that has offices worldwide, is expanding its Glendale operation.  Plans call for leasing an additional 32,000 square feet at the Glendale Corporate Center near 99th Avenue and Loop 101.  View article…

Off 5th On for Seven Simon Centers  Saks Fifth Avenue Off 5th, the high-end fashion retailer’s discount outlet chain, will open seven new stores in the next two years in Simon Property Group Inc.’s Premium Outlets division, including new and existing centers.   View article…

Bank of America plans to sell some branches  In an effort to shed costs, Bank of America   Corp. has begun a plan to sell branches in sparsely populated areas.  According to BofA’s first-quarter filing with the U.S. Securities and Exchange Commission on May 3, the banking giant closed 154 banking centers and 631 ATMs during the first quarter.   View article…

HOUSING:
Mortgage delinquency, foreclosure rates fall in Arizona  Mortgage delinquency and foreclosure rates have decreased both in Arizona and nationwide since last year, according to a new survey by the Mortgage Bankers Association.  Arizona was below the national rate in both delinquencies and foreclosures.  View article…

NAR: Housing more affordable than ever before The National Association of Realtors   says its measure of housing affordability reached an all-time high last quarter, as prices, mortgage rates and family incomes converged.  At the same time, bidding wars are becoming more common in Phoenix, and driving up prices.  View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS)–  Investment, multi-tenant retail center.  For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity.  For more information, click here…

2 Industrial Condos in Bahia Business Park - Owner/User opportunity to purchase 1 or both industrial condos.  For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ  – Former Corporate HQ for TDC in Tempe, AZ For Sale.  For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office  For Sale/Lease.   For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity.  For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale.  For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park.  For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street.  For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise.  For a brochure, click here…

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

Stapley Marketplace Sells for $1M  Stapley Marketplace, located at 1616 S. Stapley Dr., sold for $1 million, or about $147 per square foot, to J & L Development. Transaction was an REO sale, the seller being First International Bank & Trust. The 6,797-square-foot, multi-tenant retail building was built in 2006 and was fully occupied at the time of sale. Firehouse Subs is the anchor tenant at the property.   View article…

Clocktower Corporate Bldg Sold For $3M  Securian Financial Group, Inc. sold the Clocktower Corporate office building at 7776 S. Pointe Pkwy W. in Phoenix, AZ for $2.95 million, or about $27 per square foot, to Presson Corporation.  Built in 1987 and situated on a six-acre parcel, the 109,779-square-foot building was just 37 percent leased at time of sale.   View article…

Good business leaves little room for others on Mill Avenue  The city of Tempe is experiencing growing pains that may leave others envious.  Business is flourishing along Mill Avenue to such a degree that there is little room for new businesses to open.  “Since 2009, we’ve seen 48 businesses open and stay in business in this district,” said Tempe spokeswoman Kris Baxter-Ging. “We have a new restaurant preparing to open and when it does we will only have space for one more restaurant.”  View article…

Aaron Chamberlin Will Open Farm-Focused Cafe in Urban Grocery Space  When news broke last week that Urban Grocery and Wine Bar was closing, it didn’t take long for the rumor to start circulating that an undisclosed chef had expressed interest in the space.  Turns out, the rumor was true. Aaron Chamberlin, chef-owner of St. Francis, confirms for Chow Bella that he has negotiated a deal with landlord Kurt Schneider and plans to transform the charming vintage building into a cafe by early October.  View article…

Officials close to deal to bring Albright University to Mesa  The city of Mesa is in negotiations to attract Albright College to its city — the third university agreement this year.  City officials also are working with Westminster College and Benedictine University to establish branch campuses in downtown Mesa.  View article…

Rebound in Progress, But Still Years from Full Economic Recovery: Forecasts Delivered at W. P. Carey School Economic Outlook Luncheon   Despite positive growth, full economic recovery is still two years away for the nation and at least three years away for Arizona. That message was delivered today by top economists from the W. P. Carey School of Business at Arizona State University. The experts spoke at the annual Economic Outlook Luncheon sponsored by the Economic Club of Phoenix.  “Arizona lost 314,000 jobs during the recession, and we’ve only added back around 25 percent of those,” explained Research Professor Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business. “We’ll probably pick up about 48,000 jobs this year in the state, but it will be three to four years until we can expect to see full recovery.” View article…

HOUSING:
ASU: Phoenix housing market still bruised, but recovering  The Phoenix-area housing market still has plenty of bruises from its recent knockdowns, but some of those wounds may be starting to heal.  Foreclosure sales, short sales and real estate investors still make up the bulk of current home sales in the Phoenix area.   View article…

Scottsdale builders seeing surge in new homes  Apartment development is the focus of Scottsdale’s housing market, but builders based in the city say they are seeing a surge in new-home sales elsewhere in the Valley.  Builders acquired permits for nearly 2,500 single-family homes in the first quarter, up 74 percent from a year ago, said Greg Burger, publisher with RL Brown of the “Phoenix Housing Market Letter.”  View article…

Housing Recovery to Occur in Two Phases: Demand Institute  The housing recovery will come in two phases. First, home prices will rise by just under 1 percent in the second half of 2012. In 2013, prices will rise by 1.5 percent, then go up another 2.5 percent in 2014. For the second phase, home prices will increase 3 to 3.5 percent between 2015 and 2017. These are the predictions from a report released by the Demand Institute, which is jointly operated by The Conference Board and Nielsen.  View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS)–  Investment, multi-tenant retail center.  For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity.  For more information, click here…

2 Industrial Condos in Bahia Business Park - Owner/User opportunity to purchase 1 or both industrial condos.  For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ  – Former Corporate HQ for TDC in Tempe, AZ For Sale.  For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office  For Sale/Lease.   For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity.  For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale.  For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park.  For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street.  For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise.  For a brochure, click here…

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

To view the May 2012 Mutlifamily Executive magazine, click here….

To view the CPI 1^st Quarter 2012 Industrial Report, click here…

To view the CPI 1^st Quarter 2012 Office Report, click here…

Phoenix’s Select Top Retail Sales for Q1 2012  The following is an account of the Phoenix market’s select top 10 retail sales transactions for the first quarter 2012. SyWest Development acquired three shopping centers, which included The Warner Ranch Plaza in Tempe, The Casa Paloma in Chandler and The Shoppes at Gilbert Commons in Gilbert, for a combined $121,776,600. Donahue Schriber was the seller.  View article…

Phoenix’s Select Top Retail Leases for Q1 2012  The following is an account of the Phoenix market’s select top 10 retail lease transactions for the first quarter 2012.  El Mirage Plaza signed a master lease for 41,705 square feet for five years at 12420 W Thunderbird Road in El Mirage. There were no brokers involved in the transaction. Rex Revola is the landlord.   View article…

Regal Group Relocating in Q2 to Newly Purchased Phoenix Industrial  Regal Group LLC purchased the industrial building at 945 W. Deer Valley Rd. in Phoenix, AZ for $1.725 million, or about $62 per square foot, from a family trust trading as SMW Associates LLC. Regal Group purchased the property as an owner/user and plans to occupy the building in Q2-2012, doing business as Harmon Electric, Inc.  View article…

Southwest Lending Closet opens in bigger space in Avondale  The Southwest Lending Closet doubled its size when it moved into a bigger building in Avondale, but it still has some big needs and it hopes to land more donors and grants.  Wednesday, the Lending Closet held its grand opening in its new location in Historic Avondale, formerly called Old Town. About 150 people crammed into the 1,800-square-foot building at 218 N. Central Ave.  View article…

Old Motorola radar tower demolished in Tempe as office park takes shape  A Motorola radar tower at Elliott Road and the Loop 101 in Tempe was demolished May 12, clearing room for the planned Discovery Business Campus.  Wentworth Property Company and partner Northwood Investors purchased the property from Freescale Semiconductor in 2011 for $53.7 million. Freescale is a spinoff of Motorola that was formed in 2004.  View article…

Applications for medical-marijuana sites open  The Arizona Department of Health Services will accept applications for medical-marijuana dispensaries through 5 p.m. May 25.  Under the voter-approved Arizona Medical Marijuana Act, the state can have 126 medical-marijuana dispensaries, but the application process had been stalled because of lawsuits and rule making.  View article…

Phoenix-area cities got innovative during economic downturn Responding to a growing demand for library services in east Mesa, the city in 2011 opened an express library at a vacant strip mall for $360,000 rather than building a stand-alone library for as much as $10 million.  In Scottsdale, the city court in 2010 expanded an at-home detention and electronic-monitoring program for DUI offenders with no history of violence, making sure defendants stay employed and receive counseling. The move saved the city an estimated $1.44 million in jail fees the first nine months of the program.  View article…

HOUSING:
Lennar Homes building 83 new homes in El Mirage  Lennar Homes says it will build 83 new single family homes in El Mirage this summer.  Lennar’s Discovery at Montecito Estates is located at Thompson Ranch and El Mirage roads in the West Valley.  The homes will be sized between 1,300 and 2,900 square feet on 5,000-square-foot lots.  View article…

Shadow Inventory: 46 Months to Clear Distressed Housing Supply  It will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory, according to estimates from Standard & Poor’s Rating Services based on first-quarter 2012 data.  The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011.  View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS)–  Investment, multi-tenant retail center.  For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity.  For more information, click here…

2 Industrial Condos in Bahia Business Park - Owner/User opportunity to purchase 1 or both industrial condos.  For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ  – Former Corporate HQ for TDC in Tempe, AZ For Sale.  For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office  For Sale/Lease.   For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity.  For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale.  For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park.  For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street.  For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise.  For a brochure, click here…

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

Mesa land sold to tire recycler CRM of America  A company that recycles used tires for new uses has bought 4.5 acres of land in Mesa.  CRM of America LLC bought the bank-owned land in Mesa for $205,000. CRM has tire recycling plants in Los Angeles, New York and Mesa. The vacant land is located at the northeast corner of Pecos and Mountain roads near CRM’s plant.  View article…

Loco Patron opening third Arizona restaurant  Mexican restaurant Loco Patron will open its third Valley location in Tempe by this fall.  The company leased nearly 5,000 square feet from Vulcan Real Estate in the Tempe Gateway building in the Mill Avenue District. The new location will feature a sports bar and patio bar in addition to the restaurant’s award-winning Mexican food and drinks.  View article…

Price Corridor data site to break ground  A California-based company is building a data center that can hold up to 200,000 servers within five years in the Price Corridor.  The company, NextFort, breaks ground Monday on the first phase of 130,000 square feet at 2600 W. Germann Road in Chandler. NextFort President/CEO Mark Towfiq hopes the building will open by the end of the year.  View article…

Scottsdale Arte retirement community developer defaults  The developer of the Arte retirement community in Scottsdale has defaulted on a loan and the property is set for a July 5 trustee sale, according to Maricopa County records.  Arte Senior Living LLC of Scottsdale, affiliated with the Avenir Group of Cos., originally borrowed $36.25 million to develop the rental retirement facility. It opened in early 2010 at 114th Street and Via Linda.  The beneficiary for the foreclosed property is SMA Portfolio Owner LLC, which is affiliated with the Square Mile Capital Management LLC of New York.  View article…

Tempe’s Hayden Flour Mill set to reopen  New real estate developments are coming to Tempe’s Mill Avenue.  The long fenced-off and vacant Hayden Flour Mill will have those fences come down on May 22. The mill and silos have been fenced off since 1998 and the historic site has become somewhat of an eyesore. Mill Avenue gets its name from the mill, and the site has long been an iconic symbol of downtown Tempe.  View article…

Curis Resources gets $40M loan for Pinal County copper mine  Curis Resources Ltd. says it has finalized a $40 million loan for its contentious underground copper mining project in Pinal County.  Vancouver-based Curis said it has executed the loan deal with RK Mine Finance Trust I for its Florence Copper Project.  View article…

Gestamp Solar Steel to expand, hire 80  Gestamp Solar Steel is slated to expand its Surprise facility that makes parts for solar power plants and add 80 new jobs.  The company announced this week at a Surprise council meeting it was starting the second phase of its construction next week, which would add 36,000 square feet to the facility. A third phase of 140,000 square feet will be added starting later this year.  View article…

Commuter rail should be fast-tracked in Arizona  As someone who drives almost 45 miles round trip from the West Valley into downtown Phoenix every day for work, I was all ears when I heard an National Public Radio report yesterday about yet another study to determine whether a passenger rail between Tucson and Phoenix would be viable.  View article…

Downtown Phoenix-to-Tolleson light-rail route revised  Valley transit officials are close to approving a new proposal for extending light rail to link downtown Phoenix to Tolleson.  Albert Santana of the Phoenix City Manager’s Office and Tom Callow of Metro light rail told the Phoenix Citizens’ Transit Commission on Thursday that a series of meetings with state officials and residents in the St. Matthew’s neighborhood, west of the state Capitol, have led to a tentative agreement on a route.  It calls for the 11-mile West Rail Link to run near Interstate 10 from Tolleson into Phoenix.  View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS)–  Investment, multi-tenant retail center.  For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity.  For more information, click here…

2 Industrial Condos in Bahia Business Park - Owner/User opportunity to purchase 1 or both industrial condos.  For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ  – Former Corporate HQ for TDC in Tempe, AZ For Sale.  For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office  For Sale/Lease.   For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity.  For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale.  For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park.  For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street.  For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise.  For a brochure, click here…

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

$85 MILLION SENIOR HOUSING COMMUNITY PLANNED AT TEMPE TOWN LAKE  (Here is more information about the project I told you about on Wednesday this week)  A joint venture called MDT Development Partners LLC plans to develop a $85 million senior housing project located along the south side of Tempe Town Lake and just east of Arizona State University in Tempe. The 262-unit project, being called The Villas at Southbank, is planned for a 2.23-acre site located along the north side of Rio Salado Parkway and east of Rural Road. Southbank ASU LLC in Anthem (formed by MDT) paid $2.7 million to buy the parcel. The seller was Pier at Town Lake LLC, a company formed by The Wolff Co. in Scottsdale (Fritz Wolff, et al., principals).   View article…

LIBERTY PROPERTY TRUST ADDS TO PORTFOLIO WITH 400,000-SQUARE-FOOT ACQUISITION   A limited partnership formed by Liberty Property Trust in Malvern, Pa. (NYSE:LRY, John DiVall, city mgr. for Arizona region) paid $17.03 million ($42.22 per foot) to purchase a 403,321-square-foot industrial project located in Tolleson. The seller was E & V Investments LLC in Tolleson (Vito Ancona, principal).   View article…

ANGELO, GORDON VENTURE SPENDS $46.5 MILLION FOR 660-UNIT APARTMENT COMPLEX IN TEMPE  AG-ICC Haven Owner LLC, a joint venture formed by Angelo, Gordon & Co. in New York City, N.Y. (John Angelo, Michael Gordon, partners), paid $46.5 million ($70,455 per unit) to buy the 660-unit Haven apartments at 1440 E. Broadway Road in Tempe. The seller was Haven Holder LLC, a collateralized debt obligation investment managed by Petra Capital Management in New York City,   View article…

Scottsdale City Council clears way for $65 mil apartment site  A $65 million, 369-unit apartment complex will be built north of Scottsdale Fashion Square, despite the objection by some nearby residents who fear it will create traffic problems and decrease property values.  With a 5-1 vote, the Scottsdale City Council cleared the way for Dallas-based JLB Partners to develop the nine-building complex on the 9.6-acre parcel near the southwestern corner of Scottsdale and Chaparral roads. Portales Corporate Center is to the east, Optima Camelview Village is to the south, and single-family residences are west and north of the site.  View article…

GLENDALE WILL FINALLY GET A CHANCE TO SHOP AT A GOODWILL STORE  In many ways the opening of Glendale’s first Goodwill store will become a monumental occasion. This event will mark Goodwill of Central Arizona’s 50th opening of a retail store in their region. Additionally, this event celebrates the efforts Goodwill has invested in opening a store in the city of Glendale. After several attempts by Goodwill over the past ten years, the city of Glendale and its residents have finally given support to having Goodwill move to 6161 W. Bell Road. View article…

Mesa, Cubs breaking ground on new baseball facility in July  The Chicago Cubs and the City of Mesa have announced that they will be breaking ground on a new spring training baseball facility this summer.  On Wednesday it was revealed that construction on the new facility is scheduled to begin on July 11.  View article…

Scottsdale builders seeing surge in new homes  Apartment development is the focus of Scottsdale’s housing market, but builders based in the city say they are seeing a surge in new-home sales elsewhere in the Valley.  Builders acquired permits for nearly 2,500 single-family homes in the first quarter, up 74 percent from a year ago, said Greg Burger, publisher with RL Brown of the “Phoenix Housing Market Letter.”  View article…

Phoenix eases process for building permits  Efforts by businesses to get building permits will be easier now that the Phoenix City Council has approved a six-month pilot program aimed at “reducing red tape, permit-turnaround times and business expenses.”  The changes were made as the result of studies by a task force of 125 members led by Councilmen Sal DiCiccio and Tom Simplot.  DiCiccio wanted to privatize the process further, but he was overruled by other council members, and he agreed to compromise on the question.  View article…

LPS: Home Prices Increased, but We’ve Been Down This Road Before  For the first time since March 2010, data from Lender Processing Services (LPS) showed an increase in home prices, but still, the analytics company warned to embrace the positive news with some caution.  Nationally, February 2012 seasonally-adjusted prices rose 0.2 percent, according to the LPS Home Price Index, which incorporated residential sales concluded during February. Not only is the increase a first in almost two years, but it’s also the third increase in five years.  View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS)–  Investment, multi-tenant retail center.  For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity.  For more information, click here…

2 Industrial Condos in Bahia Business Park - Owner/User opportunity to purchase 1 or both industrial condos.  For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ  – Former Corporate HQ for TDC in Tempe, AZ For Sale.  For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office  For Sale/Lease.   For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity.  For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale.  For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park.  For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street.  For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise.  For a brochure, click here…

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

To view this weeks Costar Watchlist, click here…

Kimpton’s Hotel Palomar Phoenix: Behind the scenes during construction  Downtown Phoenix will get its newest hotel next month when the Hotel Palomar opens at CityScape.  The Kimpton hotel is being designed to appeal to trendy urbanites and travelers who want to be in the middle of the action.  View article…

Construction Underway at StarShine Academy StarShine Academy is beginning construction on its new location, the StarShine Academy Creative Community in the heart of the Discovery Triangle. At 3535 E. McDowell Road, demolition is underway and new buildings will rise at the site in a few weeks. StarShine Academy creates transformational community schools by igniting and enabling the aspirations of children in at-risk communities. StarShine is dedicated to helping every child find their talent and grow into a peaceful, productive, and successful person. Honored by the United Nations and educational leaders, the school is a model for a new generation of small community schools.  View article…

Property near mall finally has owner  The Arizona Supreme Court has decided that investors in a California-based company own the high-profile, 10.5-acre parcel Elevation Chandler near Loops 101 and 202.  For three years, Point Center Financial of California and Phoenix foreclosure speculator Tom Peltier have been fighting in court over ownership.  The court’s opinion on Friday ends that legal battle and clears the way for investors to sell the parcel, which has drawn considerable interest from potential buyers.  View article…

Southwest Lending Closet shows off new, larger quarters  Read more:  The Southwest Lending Closet, an Avondale non-profit organization, has moved to a bigger building in the city and is holding a ribbon-cutting ceremony and open house today.  The event will be at 3 p.m. Wednesday at 218 N. Central Ave., Avondale.  Founded in May 2000, the Lending Closet lends home medical equipment at no charge for 90 days to anyone who needs it regardless of age, city or financial situation.  View article…

Gaylord seen as a possible takeover target  Gaylord Entertainment Co — the Nashville-based company that has proposed a $1 billion project in Mesa — is seen by several analysts as a possible target for a takeover or sale, according to a news report.  In an earnings call Tuesday, executives of Gaylord (NYSE: GET) said they’ve spent $3 million and six months exploring ways to “unlock shareholder value,” but would not elaborate.  View article…

The Tempe Improv is closing June 1  The Tempe Improv will close its doors Friday, June 1, the comedy club announced in an aggressively stated press release that placed the blame on competing comedy club Stand Up Live.  The Tempe club, which opened in September 1988, was the prime Valley comedy club for more than two decades, presenting such comics as Jerry Seinfeld, George Lopez and David Spade. But things have quieted in recent months since the Phoenix opening of Stand Up Live in 2011.  View article…

Beach Club complex in downtown Scottsdale adds tenants  The tenant lineup at a beach club-anchored complex in downtown Scottsdale’s entertainment district is quickly taking shape with the addition of a neighborhood sports bar and a modern Western saloon.  Numerous conditional-use permit applications have been submitted to the city in connection with property owner Shawn Yari’s Scottsdale Retail Plaza, to be built on the block that housed Myst nightclub on Shoeman Lane and Suede restaurant and bar on Indian Plaza.  View article…

Nearly 26% of Phoenix-area residents live alone  Nearly 26 percent of Phoenix-area residents live alone, putting the Valley in the bottom third of major metro areas for the percentage of households with only one resident.  New research from On Numbers shows Phoenix ranked 73rd among the Top 100 U.S. metros for the percentage of one-person households. Of more than 1.5 million households in the Phoenix area, 390,502 are occupied by a single person.  View article…

Fiserv Case-Shiller defends housing report as Phoenix experts balk at predicted price declines  A story I wrote yesterday about Fiserv Case-Shiller predicting Phoenix-area home values would fall 11 percent this year was not well received by the local real estate community — and that’s putting it mildly.  Here are some comments I received from local brokers:  View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS)–  Investment, multi-tenant retail center.  For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity.  For more information, click here…

2 Industrial Condos in Bahia Business Park - Owner/User opportunity to purchase 1 or both industrial condos.  For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ  – Former Corporate HQ for TDC in Tempe, AZ For Sale.  For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office  For Sale/Lease.   For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity.  For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale.  For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park.  For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street.  For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise.  For a brochure, click here…

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

The Villas at Southbank   This is a new project that was proposed last night at the Design Review Commission.  It is a 17 story senior living facility with approx.. 262 units.  If you would like to see the concept, email me and I will send them to you.  This will be a great project for Tempe!

Gila River tribe picks Perini to build new hotel, casino at Vee Quiva  The Gila River Indian Community has picked Perini Building Company Inc. to develop and construct a new casino and resort hotel at the tribe’s Vee Quiva Casino in Laveen.  The Gila River tribal council gave final approval to Perini to build a 100-room hotel and new 175,000-square-foot casino at the Vee Quiva location off 51st Avenue south of Baseline Road in the southwest Valley.   View article…

Tesla Motors may bring mini dealership to Scottsdale Fashion Square mall  The Scottsdale City Council will vote tonight on a proposed luxury electric car dealership at Scottsdale Fashion Square. California-based Tesla Motors wants to locate a mini-dealership at the trendy mall.  The operation would total 3,100 square feet and include parking areas at the Westcor-owned mall in downtown Scottsdale. Tesla has no dealerships in Arizona.  View article…

Queen Creek Town Council approves medical-office site  Queen Creek got a big boost when the Town Council approved construction of a large medical office building, paving the way for for what it hopes will be an influx of medical jobs.  The 87,410-square-foot health center will be on an 11.78-acre parcel of land on the west side of Ellsworth Loop Road south of Victoria Lane in the Town Center.  View article…

Downtown Tempe to get 11-story hotel  A flurry of development and new business openings in downtown Tempe in recent months soon will continue with the construction of an 11-story hotel.  The East Valley Tribune reports that the Miami-based Finvarb Group now has a building permit for a Residence Inn by Marriott and could begin work at any time.  View article…

Arizona No. 5 for commercial real estate development  Arizona ranked fifth in the U.S. last year in the development and construction of office, industrial and retail space, according to a report issued by NAIOP Research Foundation.  The research showed Arizona had $4.2 billion in spending with more than 74,000 jobs supported.  View article…

Sales-tax collections on upswing in Phoenix  Phoenix sales-tax collections are still creeping up, buoyed by slightly higher retail sales, taxes collected on construction and sales taxes on bars and restaurants.  In their latest general-fund report, city budget analysts wrote that Phoenix sales-tax collections for February were $30.10 million, up 3.7 percent from the same month last year. The city has collected $285.5 million in city sales taxes since the fiscal year began July 1.  View article…

Down, but not Out  Retail construction is a shadow of its former self with development activity falling to its lowest levels in more than a decade.  Yet pockets of construction persist. An estimated 32 million square feet of new retail space is expected to be built this year, according to Marcus & Millichap. Much of the new space is user-driven development fueled by continued expansion from retailers such as Walgreens, Costco, and Sam’s Club.  View article…

Rethinking Retail  Retail is one property sector that never has time to rest on its laurels. As they battle the lingering effects of the recession and increased online shopping competition, retailers are once again shifting store strategies.  The steep economic downturn forced many retailers to clean house by eliminating underperforming stores, upgrading locations, and taking a hard look at their broad approach to future growth. The chief task going forward is how to squeeze more efficiency — namely lower costs and higher sales — out of brick-and-mortar stores in a world where online shopping is rapidly increasing.  View article…

HOUSING:
Phoenix home prices in March up 7.7% from a year ago  Home prices in the Phoenix area increased by 7.7 percent from March 2011 to March 2012, according to a survey by CoreLogic, a California-based data and research firm.  Take the distressed sales out, and the number declines to 4 percent growth, meaning the greatest price increases are being felt in distressed home sales.   View article…

Phoenix home prices predicted to fall 11% this year  New research from Fiserv Case-Shiller Indexes predicts Phoenix-area home prices will decrease by 11.1 percent this year. Only Detroit is expected to suffer larger declines.  The research shows average home prices around Phoenix fell by 1.2 percent in the past year and 4 percent nationwide. However, while Arizona’s outlook is for an 11 percent drop this year, the national forecast is for a decrease of just 0.8 percent.  View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS)–  Investment, multi-tenant retail center.  For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity.  For more information, click here…

2 Industrial Condos in Bahia Business Park - Owner/User opportunity to purchase 1 or both industrial condos.  For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ  – Former Corporate HQ for TDC in Tempe, AZ For Sale.  For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office  For Sale/Lease.   For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity.  For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale.  For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park.  For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street.  For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise.  For a brochure, click here…

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