Here are the news stories you might find interesting today:
Weingarten: Worst Is Behind Us
Balance sheet strengthening and lease improvements marked Weingarten Realty’s Q2. As a result, executives were cautiously optimistic about the direction of both its balance sheet and the economy…
Bashas’ asks court to terminate leases, other obligations (this article shows the locations on the right side)
Arizona grocer Bashas’ Inc. is using tools available under the U.S. Bankruptcy Code to get out from under onerous real-estate leases that are costing the company millions of dollars a year.
U.S. unemployment eases at 9.4%; job losses shrink
|The nation’s latest employment numbers, released Friday, were the most encouraging in months, showing a much smaller decline in jobs than earlier this year and even a slight drop in the unemployment rate.|
Colonial Center at Southbank Bldg. Fetches $4M
|Wentworth Webb Postal LLC purchased 3439 E. University Drive in Phoenix from Acorn Asset Management for $3.89 million, or $128 per square foot. The property was reportedly purchased as an investment, and according to CoStar information has been vacant…|
Aggreko Takes 17,800 SF in Phoenix
|Aggreko, the global leader in the rental of power generation and temperature control equipment, has signed a 61-month lease for the industrial building at 5030 W. Watkins St. in Phoenix, AZ. The transaction is valued at nearly $678,000. Aggreko is relocating…|
1,348 Bascom Units in Foreclosure
|TUCSON-The Arizona Daily Star reports the California buyer is in default of its loans on five apartment complexes purchased in 2006.|
Dillard’s at Fiesta Mall to close or transform
|In another potential blow to Mesa’s Fiesta District, Dillard’s is closing its Fiesta Mall location as a department store but could transform it into a clearance center.|
AIMCO is continuing to sell. In last Friday’s conference call, the Denver-based REIT said it has $1.2 billion in dispositions either in negotiations or under contract to be sold and more than another billion in the market.
COULTER CADILLAC OWNER BUYS WAREHOUSE . . . SELLS RETAIL PROPERTY
Peoria/Glendale – In two transactions, Coulter Cadillac owner William “Bill” Coulter acquired a warehouse in Peoria and sold a retail property in Glendale. The other entities in the sales were companies formed by The Mack Co. in Scottsdale (Ralph Henig, principal). Maricopa County records show Chilton Properties LLC in Phoenix (William Coulter, member) paid $12.3 million ($108.85 per foot) to buy a 113,000-square-foot industrial building within the Arrowhead 101 Business Park at 8646 W. Ludlow Drive. The seller was Mack, Arrowhead Phase II LLC. In a deal completed on the same day of that sale, Chilton Properties LLC sold a 27,000-square-foot retail/automotive property at 6161 W. Bell Road in Glendale. The buyer in that $3.7 million sale ($137.04 per foot) was M-GlendaleX No. 1 LLC, a company formed by The Mack Co.
HOME BUILDERS CHASING LOTS IN THE VALLEY . . . PUBLIC COS. BACK IN THE HUNT
Phoenix area – In what might be the most positive housing news in the Phoenix area in some time, three public home building companies have acquired lots for new subdivisions in Maricopa County. Richmond American, Lennar and K. Hovnanian paid a combined $8.93+ million to acquire 245 finished home sites in two communities in Maricopa County. The home builders all paid cash for the lots (see story below for details on the purchases). The acquisitions allow the builders to establish a new basis. That is expected to create demand from buyers, especially for the entry level, and move-up affordable housing product.
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