Here are the news stories you might find interesting today regarding commercial real estate and business:
A sector too tough to save
For the first time in the credit crisis, the government may have run into a problem that is too tough to bail out: commercial real estate.
NAJAFI COS. GOBBLES UP FORMER OPUS OFFICE BUILDING . . . LOOKING FOR MORE OPPORTUNITIES
Phoenix – A company formed by Najafi Cos. in Phoenix (Jahm Najafi, principal) paid $8.6 million ($65.40 per foot) to acquire a 131,500-square-foot office at 2625 W. Grandview Road in Phoenix. The seller was a company formed by California Bank & Trust in San Diego, Calif. The building was foreclosed in September.
VENTURE BUYS 34 PARTIALLY COMPLETED HOMES AT STRATLAND ESTATES . . . PAYS $7.25 MILLION
Gilbert – A venture formed by South Gilbert Investments LLC in Gilbert (Jerry Coleman, principal) and Bridgeport Financial Services LLC in Gilbert (Josh Simonton, principal) paid $7.25 million to acquire 34 partially completed residences within the Stratland Estates community in Gilbert. The seller was FNBN-RESCON I, LLC.
Program may help some stay in homes
A federally backed program that would allow former homeowners to remain in their homes as tenants could help some struggling Valley families maintain a sense of continuity after losing their homes to foreclosure.
Vacancies, declining sales pinch Gateway Airport
Two years ago, Phoenix-Mesa Gateway Airport was on the verge of hanging “no vacancy” signs on its hangars and other buildings leased to aviation-related businesses. Today, the “space available” light is on as airport officials seek tenants for empty structures that approximate the size of three supermarkets.
Illegal housing bidding on rise
When foreclosure homes come up for public auction in Phoenix, a minimum opening bid is set and bidding is open to anyone. At least that is the way it’s supposed to work.
Buyer emerges for East Valley Tribune
Freedom Communications has received a letter of intent to purchase the East Valley Tribune and keep the Pulitzer-Prize winning newspaper and Web site operating, Publisher Julie Moreno said Friday.
Jumpstreet springs into play in Chandler
Arizona’s first and only indoor trampoline park made its debut last week in Chandler. Jumpstreet, a huge 26,000-square-foot colorful warehouse has been filled with 13,000 square feet of trampolines and trampoline dodge ball courts. The other 13,000 square feet has tables and chairs, a snack bar and inflatables for children.
Despite mayor’s optimism, downtown Phoenix feels real estate, consumer stress
Phoenix Mayor Phil Gordon extolled the economic resilience of downtown Phoenix this week during this annual “State of Downtown” speech.
SRP to build 20-megawatt solar facility in Phoenix area
Salt River Project will build a 20-megawatt photovoltaic facility southeast of Phoenix that will come online in 2011. The solar power station, to be built by Iberdrola Renewables, will be capable of powering about 4,500 homes.
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.