Retailers are coming under renewed pressure to cash in on their real estate as property values soar. But the approach has a mixed track record and poses risks at a time when chains are rapidly retooling their stores to support online operations. Macy’s Inc. is the latest to wrestle with the option. The department-store chain is facing pressure from activist investor Starboard Value LP to spin off its property… Read more »
CBRE Global Investors purchased the 629-unit “Broadstone Element Apartments” this Thursday for a salesprice of $66.3 million, or $105,405 per unit. It was purchased from Alliance Residential, who had acquired the property for $50 million in late 2012. The property underwent distress in 2009, when a $63 million loan was noticed for trustee sale and subsequently sold at auction for a credit bid of $39 million. This amounts to almost half the price at which it had been originally purchased in 2006… Read more »
ORION Investment Real Estate is pleased to announce the closing of Plaza 7 located at 18449 North 7th Street in Phoenix for $2,300,000 ($143/SF) to a private individual who has a portfolio of commercial properties in Phoenix. The Sellers, ACV Calzona I, LLC, are developers based in Sonoma, Calif. who ended up with Plaza 7 after developing the CVS that anchors the center. The property was 87% occupied at time of closing, bringing in strong cash flow with stable and successful tenants such as Pizza Hut, Proswingz… Read more »
The Empire Group will build 158 new single family homes on a 40-acre site located at 103rd and Olive avenues in Peoria. Average lot sizes in the single-phase development are planned for 6,326SF, with a minimum size of 5,220SF. Density for the proposed development is just less than four units per acre. As part of necessary road improvements related to the project, a half-street will be constructed for 103rd Avenue along the development’s frontage… Read more »
Metro Phoenix, and Arizona more broadly, seems on the right track economically, even if their recovery from the last recession trails much of the nation, the Federal Reserve Bank’s Western president said during a stop in Mesa last week. John C. Williams, who heads the San Francisco Fed bank and this year is one of the voting members of the Federal Open Markets Committee that sets the nation’s monetary policy… Read more »
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