Here are the news stories you might find interesting today:
Bank-Owned Glen Park Apts. Sells for $1.7M
|ACKK Enterprises LLC acquired the 88-unit Glen Park Apartments in Glendale, AZ, from Irwin Union Bank for $1.7 million, or about $19,300 per unit. Located at 6301 N. 64th Drive, the complex is comprised of 29 one-bedroom/one-bath units, 51 two-bedroom…|
Office Condo in Baseline Crossings Sells for $1M
|United Cos. sold a 3,740-square-foot office unit at 8405 E. Baseline Road, in Mesa, AZ, to Agave Associates Limited Partnership for $1.08 million, or $290 per square-foot. The office building is part of the Baseline Crossings office park, in the…|
Palo Verde Medical Center Nets $1.8M
|The Palo Verde Medical Center in Phoenix, AZ, sold for $1.8 million, or $92 per square foot, in a sale between private investors. The medical office building at 5251 West Campbell Ave. totals 19,524 square feet. It is 48 percent occupied and sold at…|
Goodwill Takes 25,400 SF at Pecan Grove
|Goodwill leased 25,387 square feet at the Pecan Grove Shopping Center in Tempe, AZ, for ten years. The nonprofit thrift store is set to take occupancy in October. The 167,555-square-foot shopping center at 725 W. Warner Road is in the South Tempe…|
Green Choice Solar Leases 11,400 SF in Scottsdale
|Green Choice Solar, a commercial solar systems company, signed a four-year industrial lease for the entire building at 15344 N. 83rd Way in Scottsdale, AZ. The 11,408-square-foot warehouse was built in 2001 in the Scottsdale Airpark Industrial submarket…|
SBH Relocating to 2700 Tower
|Southwest Behavioral Health Services (SBH), a provider of mental health treatment, leased 11,228 square feet in the 2700 Tower in Phoenix. The 78-month deal includes tenant improvement build-outs of $27.50 per square foot. Southwest is relocating from…|
Golf club foreclosure sale scheduled
|A much-delayed foreclosure sale of the Superstition Mountain Golf and Country Club in Gold Canyon has been tentatively scheduled for Tuesday, Aug. 11, according to the property’s trustee.|
Chandler Airpark: Soaring with potential
|Chandler has pegged the largely undeveloped area surrounding Chandler Municipal Airport as a major employment base that could eventually house tens of thousands of jobs.|
Government report hints at recession’s end
|WASHINGTON — The economy sank at a pace of just 1 percent in the second quarter of the year, a new government report shows. It was a better-than-expected showing that provided the strongest signal yet that the longest recession since World War II is finally winding down. Graphic: GDP|
Phoenix ninth for foreclosures in 2009
|New data from RealtyTrac shows Phoenix continues to be one of the nation’s leaders in home foreclosures.|
Calsaway opens west side location
|Calsaway Pool Services Inc. has opened a second office on the west side of town to meet growing demand for its green products, company officials said.|
Standard Renewable Energy opening Phoenix office
|Standard Renewable Energy will open its first Phoenix office Aug. 4.|
Weak Property Sales Market to Persist, LoopNet Poll Reveals
When will the moribund property sales market begin to recover? That’s one of the big questions hanging over the commercial real estate industry like a dark cloud. Property sales during the first half of 2009, for example, equated to just 7% of the volume notched during the first half of 2007, the height of the previous boom, according to Real Capital Analytics.
The latest hurdles for the struggling sector involve a series of regulatory reform proposals floated by the Obama administration that could, paradoxically, undermine its own efforts to revive the CMBS industry. As the administration continues to build out the TALF CMBS program, some of the proposed reforms could make conduit lenders less able to lend and investors less willing to buy CMBS bonds.
How Latin American banks are performing in the crisis
Latin American economies have felt the effects of the financial crisis through a global downturn in demand and capital from the major world economies. Banks in the region, however, have felt little direct in part because they implemented international standards for banking regulation and followed conservative strategies after the regional financial crises of the 1980s and 1990s. McKinsey analyses of the banking sectors in Brazil, Mexico, and Columbia show that these policies should allow them to remain profitable and well capitalized.
Read more on the McKinsey Quarterly >
MOTOROLA SELLS CHANDLER PROPERTY FOR $18.5 MILLION . . . HAD BEEN PRICED AT $50+ MILLION
Chandler – A 152-acre parcel in Chandler which served as an office/R&D facility for Motorola Inc. has been sold to a Texas-based investor for $18.5 million. A company formed by Capital Commercial Investments Inc. in Austin, Tex. (Paul “Doug” Agarwal, pres.) paid cash to buy the real estate, which included a vacant structure of roughly 512,000 sq. ft. The seller was Motorola Inc. of Schaumburg, Ill. (NYSE:MOT). The property is located at 2501 S. Price Road. That is less than two miles south of the interchange of the Price Freeway (101 Loop) and San Tan Freeway (202 Loop). Dobson Road is the eastern boundary. At one time, the asset was expected to command a price tag of $50+ million.
MERITAGE HOMES CONTINUES WITH LOT ACQUISITIONS . . . TAKES OVER TOLL BROS. COMMUNITY
Phoenix – Meritage Homes of Arizona Inc. in Scottsdale (Fred Hermann, div. pres.) paid $2.035 million ($55,000 per lot) to buy 37 finished home sites located within the Sonoran Foothills community in northeast Phoenix. The seller was Toll Brothers AZ Construction Co. in Scottsdale.
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