Here are the news stories you might find interesting today:
Fed holds key interest rate steady Move signals a vote of confidence in economy.
Pro’s Ranch Buys Retail Bldg. for $1.7M
|Pro’s Ranch Markets purchased the retail building at 6702 W. Camelback Road in Glendale, AZ, for $1.7 million, or $240 per square foot. The 7,091-square-foot retail building was renovated back in 2000. It is a multi-tenant property and had a high vacancy…|
Scottsdale Industrial Sells for $3.1M
|Randy Shell of Shell Commercial sold the warehouse building at 7360 E. Acoma Drive in Scottsdale, AZ, to a private investor for $3.1 million, or about $80 per square foot The 39,489-square-foot industrial building was constructed in 1975 in the Scottsdale…|
JB’s Restaurant Sells for $1.2M
|The Luds Investment Group LLC purchased the JB’s Family Restaurant at 310 N. Litchfield Rd. in Goodyear, AZ, from Glenhalden Inc. for $1.25 million, or $226 per square foot. The capitalization rate was 8.58 percent. The retail building measures 5,500…|
HSL Pays $40M for 592 Distressed Units
|PHOENIX-The Tucson, AZ buyer snags three area properties on which Wachovia NA foreclosed late last year.|
Despite strong evidence that the severe U.S. recession is receding, the problems in commercial real estate continue to mount. Real gross domestic product (GDP) contracted at an annualized rate of 1% in the second quarter, much improved over the 6.4% pullback in the first quarter. But continued job losses coupled with a pullback in consumer and business spending have led to considerably weakened property fundamentals.
Are banks and other financial institutions playing a game of hide the pea with their troubled commercial real estate properties? Douglas Wilson, a self-described serial developer turned workout specialist and receiver, believes that is indeed the case.
Fed sees signs of recovery; slows Treasury purchases
|Federal Reserve policy makers ended their two-day meeting on interest rates leaving rates unchanged, indicating that they will stay low for awhile longer, and say they will slow the pace of the program to buy $300 billion in U.S. Treasuries.|
Washington, D.C.–The apartment market continues to struggle, but shows early signs of possibly stabilizing, according to the National Multi Housing Council’s latest Quarterly Survey of Apartment Market Conditions.
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