I hope you had an excellent Thanksgiving with your family and friends!
RYAN COS. TO BUILD CORP. HQ BUILDING IN SOUTHERN ARIZONA TUCSON, ARIZ. – Ryan Cos. US Inc. will develop an approximately 150,000-square-foot corporate headquarters for UniSource Energy Corporation on a 2-acre site at Broadway Boulevard and Scott Avenue in downtown Tucson. The building is expected to be completed by fourth quarter 2011 and achieve LEED certification at the Gold or Platinum level.
NETHERLANDS FIRM SPENDS $38+ MILLION FOR THREE RETAIL CENTERS NEAR PV MALL
Phoenix – Financial Trading and Transacting Corp., N.V., a Netherlands Antilles Co., paid $38.175 million ($105.18 per foot) to buy 362,965 sq. ft. of retail space in three plazas adjacent to the Paradise Valley Mall in northeast Phoenix. The sellers in three transactions were companies formed by The Macerich Co. in Santa Monica, Calif. (NYSE:MAC).
WESTWOOD FINANCIAL PAYS $15 MILLION FOR MACERICH RETAIL PLAZA
Phoenix – Companies managed by Westwood Financial Corp. in Los Angeles (Howard Banchik, Steven Fogel, principals) paid $15 million ($188.35 per foot) to buy a 79,641-square-foot retail plaza adjacent to the Paradise Valley Mall at the northeast corner of Cactus Road and Tatum Boulevard in Phoenix. The seller was a company formed by The Macerich Co. in Santa Monica, Calif. (NYSE:MAC). Chris Hoffmann and Rikki Keating of Eastdil Secured in Los Angeles, Calif. worked on behalf of the seller. The property, called Village Plaza, is 90 percent occupied.
Ali Parkinson Center expansion to open
|The newly expanded Muhammad Ali Parkinson Center will open next week with the ability to see about 1,600 patients each year.|
Hyatt Regency closes for renovation
|The Hyatt Regency hotel in downtown Phoenix closed Thanksgiving weekend for renovations.|
Million-dollar bidder resumes fight to control stalled Chandler project
The million-dollar bidder for Elevation Chandler will be back in court Jan. 25 in his fight to take control of the abandoned shell on 10.6 acres near the intersection of Loops 101 and 202.
Nordstrom Rack coming to Arrowhead Crossing
|Nordstrom Inc. marked Black Friday with an announcement that it will open an Nordstrom Rack at Arrowhead Crossing shopping center in Peoria. (JWN) (DDR)|
Black Friday draws more shoppers, but smaller tallies
|Crowded parking lots around the Phoenix area followed the Black Friday trend nationwide, but the National Retail Foundation reports although there were more shoppers hunting for bargains, they spent less this year.|
Moody’s Finds Commercial Property at 2002 Prices
An index compiled by Moody’s Investors Service found that prices of commercial real estate have, on average, returned to levels seen seven years ago. The Moody’s/REAL Commercial Property Price Index declined 3.9% in September to 109.61 from 114.06 in August. Based on the index, prices for commercial real estate were 37% lower than in September 2008 and 42.9% below the peak measured in October 2007. The index is based on repeat sales of the same properties across the U.S. at different times.
Readers Speak Out: Real estate recovery will be delayed
The Nov. 12 edition of SiteTalk invited readers to comment on a recent poll that showed most of us in retail real estate have little confidence in a 2010 recovery. Here are a couple of comments from our readers:
Professors: More homeowners should walk away from loans
|More homeowners should walk away from their underwater mortgages.|
To Buy or Not to Buy – Moody’s Weighs In on Real Estate Outlook
Despite commercial property value declines of 42.9% from peak 2007 levels, the news is about to get even worse for owners, according to Moody’s Investors Service. In the coming months, Moody’s expects values to fall by as much as 55% from the peak before rebounding.
FDIC: Now 552 “Problem Banks” — Highest in 16 Years
|The number of institutions on the FDIC’s “Problem List” is now 552 – the highest level in 16 years — the Federal Deposit Insurance Corporation (FDIC) announced this week.|
City cuts red tape for older buildings
Green is in. So is encouraging new business. Through its adaptive reuse program, Phoenix’s Development Services Department is recognizing that one size doesn’t fit all when it comes to creating new business opportunities.
ASU poll: Economy to improve next year
|A survey by KAET-TV Channel 8 and Arizona State University found 54 percent of state residents think their economic situation will improve by the end of 2010.|
I/o Data Centers to sponsor FBR Open events
|I/o Data Centers will take on numerous sponsorships at the 2010 FBR Open in a one-year deal.|
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.