Here are the news articles you might find interesting today for commercial real estate and business:
Orion Brokers Sale of Sandpiper Apts A private investor acquired the Sandpiper Apartments at 2735 E. Thomas Rd. in Phoenix, AZ for $3,175,000, or nearly $32,000 per unit. The property is a 100-unit multifamily complex built in 1969. Units range from studios to two-bedroom units. At time of sale the property was reported as well maintained and 95 percent occupied. Amenities for the complex include a pool, laundry facilities and on-site parking. View article…
New science building set to open at Grand Canyon A new building is opening at the Grand Canyon that will house the national park’s science and resource management staff. A ribbon cutting ceremony is planned for Tuesday, though the building won’t open until next month. The staff will move from antiquated buildings into the new one that was designed to be energy efficient with a water conservation system and solar power. View article…
Papago Spectrum Sale Encounters Challenges When GLL Real Estate Partners recently paid $21.6 million to acquire the 159,764-square-foot Papago Spectrum as part of a CMBS package from special servicer C-III Asset Management LLC in Irving, TX, the German buyer received a class A, multi-tenant building that was 91% occupied. View article…
Omega Morgan expands into Phoenix market from Portland Specialty moving company Omega Morgan is expanding its business into Phoenix. The Portland-based company has been working on a small scale in the Valley for the past three months, but recently decided to expand further. “After we began poking around in the area we saw there was a lot of opportunity down in Phoenix,” says President and CEO John McCalla. View article…
Direct Energy Marketing to open new Tempe call center, will hire 300 A Texas energy services company is opening a second call center in Tempe and plans to hire as many as 300 new workers this quarter. Houston-based Direct Energy Marketing Ltd. already has a 150-person call center in Tempe. View article…
Hendricks & Partners bought by Warren Buffett-backed firm Phoenix-based Hendricks & Partners, a national multifamily investment banking firm, has been acquired by a Warren Buffett-backed firm in Pennsylvania for an undisclosed price, according to a company statement Wednesday. The firm was taken over on Dec. 31 by Berkadia Commercial Mortgage LLC, a joint venture between Buffett’s Berkshire Hathaway Inc. and Leucadia National Corp. that offers commercial real estate lending and servicing. View article…
HOUSING:
NAR: Housing Affordability to Reach New High in 2012 he year 2012 is on its way to becoming the most affordable year housing has seen since recordkeeping began in 1970, according to data from the National Association of Realtors (NAR). View article…
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