Here are the news stories you might find interesting today:
How big is the US Retail Real Estate Industry?
For a look at the latest results from the U.S. Shopping Center Industry “Census,” please see: U.S. Retail Real Estate Industry: Size, Shape and Scope.
Commercial real estate faces big fourth quarter
The fourth quarter will be pivotal for commercial real-estate investors, according to a Seeking Alpha commentary. Timing the market bottom is difficult but crucial. “Nobody ever rings a bell at the bottom of a market, and $10.6 billion [in equity raised in the first quarter] says why bother to listen for it now?” the article concludes.
Macerich, a leading mall operating company, has sold four ground-leased single-tenant retail properties in Phoenix, Ariz, for a total of $4.595 million. The properties are all located within the Paradise Valley Mall.
Built in 1990 and co-anchored by Costco, Macy’s, Sears, JC Penney and Dillards, Paradise Valley Mall includes 1.2 million square feet of retail space, which consists of a variety of shops, dining, service businesses and banking locations.
The transactions are:
– Lang Family Trust purchased a 5,910-square-foot Jared Galleria of Jewelry for $1.5 million. The property is located at 12656 N. Tatum Blvd. and sits on 35,315 square feet of land.
– Long Beach-based Maverick and EJM Properties purchased a 7,300-square-foot Children’s World for $475,000. The property is located at 12801 N. Paradise Village Pkwy. and sits on 35,960 square feet of land.
INVESTOR BUYS NOTES SECURED BY GLENDALE COMMERCIAL PLAZAS AND FORECLOSES ON LOANS
Glendale – Companies formed by investors William Metzler and Scott Douglas of West Coast Capital Partners in Scottsdale and Los Angeles have taken over ownership of two commercial plazas located within the Arrowhead Ranch community in Glendale. The companies paid a combined $13 million to acquire notes secured by roughly 156,000 sq. ft. of retail and office space in two properties. West Coast Capital Partners later foreclosed on the mortgages and now has title to the real estate.
HSL PROPERTIES WORKING TO ACQUIRE THREE VALLEY APARTMENT PROJECTS
Gilbert/Mesa/Phoenix – HSL Properties Inc. in Tucson (Humberto Lopez, principal) is working to acquire a portfolio of 592 apartment units in three Valley properties, according to sources familiar with the sale. The three multi-family communities are owned by Wachovia Bank, which foreclosed on the assets. The deal is expected to close in June. No word on purchase price.
GM to close 1,100 dealerships
Some 1,100 U.S. dealers got letters Friday telling them that General Motors Corp. won’t renew their franchise agreements when they expire in 2010.
Thomas Roberts out as president and CEO of Opus West
One of the Valley’s most prominent real estate executives is out of a job.
What Tenants Should Know About Green Leases
Green leasing seems headed toward becoming part of the mainstream real estate discussion. However, there is still widespread uncertainty about what green leasing actually is. As such, both landlords and tenants are unsure of the advantages – and disadvantages – that a green lease can afford them.
Bashas’ holding its ground in grocery market
|Bashas’ would appear to be a company in serious trouble, to judge from the headlines. In late April, the Chandler-based grocery chain said tough economic conditions would force the closing of a “handful” of underperforming stores, adding to five stores that have already been closed this year.|
Commercial financing is predicted to stay tight
by Russ Wiles – May. 15, 2009 12:00 AM The Arizona Republic Commercial real-estate credit likely will remain tight for several more years amid weak rental demand, lower operating income, disputes over loan-modification issues and other difficulties. That’s the outlook from J. Daniel Adkinson, head of the commercial real-estate lending division at Newstar …
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