Here are the news articles you might find interesting today for commercial real estate and business:
Sale of New 210,000-SF FBI Bldg Completed, Tops $75M? Canadian firm Artis Real Estate Investment Trust has acquired the newly constructed FBI Regional HQ building at 21711 N. 7th St. in Phoenix, AZ for $75 million, or about $357 per square foot, from Ryan Companies US, Inc.?? The three-story?office building?consists of 210,202 rentable square feet situated on a 12.3-acre parcel in the Deer Valley / Airport submarket of Maricopa County. Construction was completed January 2012 by developer and seller, Minneapolis, MN-based Ryan Companies.?? View article?
Cole and RED Close on Transactions Totaling $100M? Partners?Cole Real Estate Investments?and?RED Development?have acquired 50% interest from?Macerich?in two retail power centers located in Chandler, AZ and 100% ownership from Macerich of a third power center in Gilbert, AZ. The transaction value for all three properties was $100.5 million.? The JV paid $31 million for its ownership interest in the 365,000-square-foot?Chandler Festival?at Loop 101 and West Chandler Boulevard and $14.8 million for interest in the 130,000-square-foot?Chandler Village Center?on West Frye Road. RED will serve as onsite property manager and leasing agent for both assets.? View article?
A Coming Deluge of Apartment Construction? Apartment fundamentals?are performing at robust levels, with vacancies cratering to levels unseen in more than a decade. With few other real estate sectors offering such promising returns, developers are planning to open hundreds of thousands of new rental units in the next few years. Will the growth in new supply arrest improvements in occupancy and rents?? View article?
CMBS Delinquencies Spike, But Outlook for the Year Remains Stable ?The 30+ days delinquency rate for U.S. CMBS loans?climbed a whopping 31 basis points in March to 9.68 percent, according to research firm Trepp LLC. The jump marked the second largest monthly delinquency increase since July 2011 and contrasted drastically with February, when CMBS delinquencies posted a monthly decrease of 15 basis points.? The 9.68 percent figure was 26 basis points higher than the 9.42 percent CMBS delinquency rate recorded during the same period last year.? View article?
Lenders Eager to Take Back Trophy Assets? Another trophy office building?has gone into receivership, indicating that lenders are eager to take back high-quality assets as owners continue to struggle with properties that are burdened with too much debt. ?Building owner MPG Office Trust Inc. surrendered Two California Plaza to receiver William Howell after negotiating with its special servicer for several months to try to keep the property. The 1.3-million-sq.-ft. property went into default in December 2010.? View article?
Gradual rebound forecast for Arizona population? The rapid population growth that drove Arizona?s economy before the Great Recession could return in large part within several years as things improve elsewhere, experts say.? ?We were a people magnet for decades,? said Dennis Hoffman, an economics professor at Arizona State University?s W.P. Carey School of Business. ?We?re not a people magnet right now. But there?s increasing signs the magnetism is coming back.?? View article?
Behind a bank failure Part 3: FNB cuts a deal? By the time ex-First National Bank of Arizona CEO?Gary Dorris?and former director?Phil Lamb?were sued by the?Federal Deposit Insurance Corp., they and five other executives already had been hammering out a deal with regulators for months.? View article?
CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center ? ?Investment, multi-tenant retail center.? For a brochure, click here?
+/- 43,000 SF Leased Industrial Building in Southern Gardens ? Single Tenant Investment opportunity.? For more information, click here?
Former TDC Corp HQ ? 6515 S Rural Road, Tempe, AZ? ? Former Corporate HQ for TDC in Tempe, AZ For Sale.? For more information, click here?
5051 & 5057 E Thomas Road ? Former Dentist Office and Former Real Estate Office? For Sale/Lease.?? For a brochure, click here?
7320 N Dreamy Draw ? Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity.? For a brochure, click here?
6677 W Thunderbird ? BANK OWNED ? Grey shell office condo in Glendale.? For a brochure, click here?
Kokopelli Springs in St. David, AZ ? Investment, 56 unit mobile home park.? For a brochure, click here?
2 Acres of Land ? Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street.? For a brochure, click here?
3.64 Acres of Land ? BANK OWNED ? Infill Development opportunity in Surprise.? For a brochure, click here?
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property. ??
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