Here are the news stories you might find interesting today:
JOSEPH CARL HOMES SPENDS $8.5 MILLION FOR PROVINCE AT ESTRELLA COMMUNITY
Goodyear – A company formed by Joseph Carl Homes in Scottsdale (Carl Mulac, pres.) paid $8.5 million to buy 643 finished and partially developed lots with the Province at Estrella age-restricted community in Goodyear. The seller was a consortium of lenders, including JP Morgan Chase Bank.
DMB AND FORMER OPUS HEAD TAKE OVER PIMA CENTER OFFICE PROJECT ON RESERVATION
Salt River Pima-Maricopa Indian Community – DMB Associates Inc. in Scottsdale has teamed up with former Opus West Corp. pres. Tom Roberts to acquire entities that own the 546,900-square-foot Pima Center office project located on the Salt River Pima-Maricopa Indian Community and a 314,000-square-foot office building in Irvine, Calif. Both projects were developed by Opus West Corp., which filed for bankruptcy protection in July and is now in the process of being liquidated.
The Dump Furniture Outlet Comes to Tempe
|The Dump Furniture Outlet inked a 10-year lease for the 103,909-square-foot former Costco location at 1345 W. Elliot in Tempe, AZ. The discount furniture store is taking occupancy in first quarter 2010. The 103,909-square-foot retail building was constructed…|
Smashburger ready to open in Tempe
|Smashburger, a franchise of seared hamburgers, will open an Arizona eatery this week on in Tempe.|
Meritage takes over Province in Maricopa
|Meritage Homes Corp. announced Monday that it has purchased a partially completed adult community in Maricopa. Terms of the acquisition were not released. (MTH)|
Arizona ties for sixth most desired state to live in
|Arizona tied with North Carolina and Washington as the sixth most desired state to live in, according to a new poll.|
Diamondbacks owed $400,000 in retailer bankruptcy
|The Arizona Diamondbacks are owed nearly $400,000 by a Denver retailer that filed for Chapter 11 bankruptcy protection last week.|
Red Robin opens 13th Phoenix site
|Red Robin Gourmet Burgers Inc. is opening a location in Goodyear, bringing the number of metro Phoenix properties to 13.|
Service sector grows for first time in a year
|The U.S. service sector grew in September for the first time in 13 months, an encouraging sign for the fledgling economic recovery, although jobs remain scarce.|
Cities, homebuilders differ over impact fees
|A homebuilders association official maintains that a two-year freeze on raising development impact fees or any new related fees would provide some stability to a battered homebuilding industry. But East Valley leaders say the move sets a bad precedent toward existing residents paying for new growth.|
Cap Rate Spreads: Indicator of Opportunity?
The cap rate spread over the 10-year Treasury yield is normally positive, reflecting the additional risks inherent in real estate assets (Exhibit 1). The risk premium is generally considered necessary to compensate for liquidity, leasing and tenant credit risk.
Mosaic not reopening after summer break
The Valley’s fine dining scene has suffered another blow. North Scottsdale’s Mosaic is the latest on the list of closures in the high-end, white tablecloth arena. Chef-owner Deborah Knight and her husband, Mosaic’s general manager and wine director Matt Rinn , announced this morning that they would not be reopening their globally inspired restaurant after its summer-long vacation.
Chandler fights downturn with restaurant-coalition proposal
Rita and Mark Janbou count on the rich aromas of simmering meat and sauces to lure customers into Philly’s Famous Steaks & Hoagies at Alma School and Ray roads.
Phoenix City Council to vote on development on Elks Lodge property
The Phoenix City Council will vote Wednesday on plans to develop vacant land along 32nd Street in northeast Phoenix. The property, between Hearn Road and Acoma Drive, is owned by the Elks Lodge, which sits on the northern end of the property. The Elks have worked for several years to make the project palatable to nearby homeowners
Gilbert’s Heritage District struggling to attract shoppers
A renewed effort to revitalize downtown Gilbert’s Heritage District has helped drive consumer interest and private investment to the historic area, though foot traffic and casual shoppers are still scarce, business owners say.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.