Here are the news stories you might find interesting today regarding commercial real estate and business:
To view the January issue of Chain Store Age, click here. The article, “Technology in the “New Normal” Landscape,” is an interesting read about how retailers are using technology to connect to their customers.
NO. CALIF.- BASED INVESTOR BUYS MORGAN PARK APARTMENTS FOR 18.5 MILLION
Phoenix – Morgan Park L.P., a limited partnership formed by Northwind Properties in San Jose, Calif. (John Bovone, principal), paid $18.5 million ($43, 224 per unit) to acquire the 428-unit Morgan Park apartments at 8902 N. 19th Avenue in Phoenix.
WALTON INTERNATIONAL PAYS $10.5 MILLION FOR INDUSTRIAL PARK IN ELOY
Eloy – A company formed by Walton International Group (USA) Inc. in Scottsdale (William Doherty, pres.) paid $10.494 million to acquire a 277-acre industrial park in Eloy. The seller was an investment group, including Bill Lund of Paradise Valley.
HSL Begins New Year With $16M Buy
SCOTTSDALE, AZ-HSL Properties Inc. closed on the 264-unit Casa Santa Fe, paying $16 million to seller Fairfield Residential LLC, which recently declared Chapter 11. The Tucson-based buyer plans to close on the asset’s neighbor, Cabrillo Apartments. also owned by Fairfield, later this month.
Denver-based Investors Buying Distressed Condos in Arizona, Other States
PHOENIX, Ariz. – Peter Wells is a glass-half-full kind of investor. That doesn’t mean he wears rose-colored glasses, only that his financial radar is tuned to spot opportunities others might overlook.
Arizona state buildings sale next week
Arizona’s state buildings will go on the market next week, as state officials look to raise $735 million to boost the state’s depleted coffers.
Glendale, Peoria to exchange land, fix jagged boundaries
Glendale is preparing to swap triangles of land with Peoria along the New River to smooth out both cities’ jagged boundaries and save money on costs to develop the properties.
E.V. lost retail space for first time in ’09
The Valley’s retail market just capped off its worst year in nearly two decades, and the East Valley suffered the most, according to the latest quarterly report by commercial real estate brokerage CB Richard Ellis.
NN Inc. plant closing to impact 130
NN Inc. Thursday announced plans to close its Tempe metals manufacturing facility impacting 130 workers.
Chandler recycles old landfill into 64-acre park
Oblivious to the rubbish rotting below them, archers pull back their bows and sling arrows at giant targets in Chandler’s newest park – the first built over a closed landfill.
Mesa looks into getting private funding to develop light rail line
Mesa is in the “pre-infancy” stage of looking into whether private money could help pay for – and speed up – construction of its next leg of light rail.
Panel to consider grand opening banner terms
Grand opening banners will be allowed to grace Queen Creek businesses for up to three months instead of 60 days under recommendations the Planning and Zoning Commission is scheduled to examine next week.
Unemployment-claims data signal job gains are near
WASHINGTON (AP) — A government report Thursday on claims for unemployment aid signaled that layoffs are easing and that the economy could be on the verge of posting the first monthly gain in jobs in two years.
GPEC Web site touts region’s positive news
The Greater Phoenix Economic Council is rolling out a Web site to combat the negative media attention the region has received because of the recession.
Retail-sales slowdown improves in November
The latest Arizona retail sales-tax numbers offer encouraging signs that the slump in retail sales may be approaching a bottom.
Five Multifamily Stories to Watch in 2010
No one knows how 2010 will play out, but as we head into the new year, industry watchers are eyeing a number of big trends. Here are the top five predictions for the coming year.
Brokers Predict Slight Uptick in Sales of Retail Property
As the industry tallies the final numbers on sales activity in 2009, the consensus is that last year marked a long-term low point in transaction volume. According to preliminary figures from Real Capital Analytics (RCA), a New York City-based research firm, there were approximately $10.5 billion to $11 billion in retail investment sales completed in 2009 – about one-fifth the $62 billion in retail property sales that occurred in 2007.
REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.