Category Archives: General

EverBank Snares GE’s Business Property Lending Unit

EverBank out of Jacksonville, Florida has announced that it will purchase GE Capital’s Real Estate Lending department for $2.5-billion. Although the deal still has to be approved by regulatory committees, both companies board of directors have approved the acquisition. The department consisted of 108 employees in 14 separate locations, who will now be working for EverBank when the deal is expected to close later this year.

With a current balance of $2.44 billion in performing loans and $3.1 billion in servicing rights on existing loans, EverBank hopes to grow the business further while keeping all of the current employees. Many of the loans are secured by commercial real estate and the portfolio has an average loan size of $2.6 million.

Read More: http://www.globest.com/news/12_384/jacksonville/acquisitions_dispositions/EverBank-Snares-GEs-Business-Property-Lending-Unit-322965.html

Real estate is recovering – so what’s next?

Professor Mark Stapp of the Masters of Real Estate Development Program describes how our local economy was affected by one of the biggest recessions. In order for Arizona, and more specifically the Greater Phoenix market to grow and prosper like it once did, changes are going to have to be made.

Overdevelopment was one of the biggest factors in our recent housing crisis. Developers across the nation saw the overwhelming absorption of housing and people moving to the Valley. These statistics that were huge indicators for developers, allowed for the surge of new development, causing too many homes to be built by too many builders.

Professor Stapp hopes that the recent crisis will trigger new thinking among developers and even Arizona residents. Stapp says that “real estate is a service business, and developers have to deliver what the customers want.” He believes the Arizona market will drastically change from the common cookie-cutter homes to more unique, smaller, custom housing.

Another promising factor is that federal loans will start becoming available to those who filed bankruptcy during the recent financial crisis. After years of not being able to obtain a loan on new, smaller, affordable housing, residents of Arizona in the coming years will now have access to loans. This is a great indicator along with housing prices rising 25% in the last year, that Arizona will begin to prosper once again.

Read More: https://asunews.asu.edu/20120611_business_stapprealestate

New Listing: Historic Downtown Tempe Office Building

 
140 S Ash Ave, Tempe, AZ.
 
Our team recentely obtained the exclusive listing on a rare office opportunity within Downtown Tempe. This former historic home was located on the original ASU Campus and subsequently converted and renovated to an office building. Old Towne Square consists of five of these homes, and our listing at 140 S Ash Ave allows for many different uses.
 
The home consists of a reception area, multiple offices on each floor, a large conference room, and the lower-level has many modern upgrades with separate access to the ground floor. This historic “Frankenberg House” is a rare opportunity to own a beautiful converted office building in the central Downtown Tempe area.
 
Click here for Property Flyer.
 

New Listing: Scottsdale Mountainside Plaza

10855 N 116th St, Scottsdale, AZ.
 
This is a new co-listing with C-III Realty Services. The Subject Property (10855 N 116th Street, aka Mountainside Plaza), is an approximate 16,702 multi-tenant retail property situated on an approximate 1.27 acre site in Scottsdale, AZ.
 
The property is located in the northeast Scottsdale and is surrounded by medium to high income, single-family residences. The asset is situated along heavily traveled Shea Boulevard with over 40,000 VPD, however it is located 600 feet off street behind a restaurant and two undeveloped land sites.
 
Click here for Property Flyer.
 
 

Good business leaves little room for others on Mill Avenue

As Tempe begins to fill the empty space along Mill Avenue, small start-ups are finding it more difficult to join this market. Loco Patron and AllState recentely announced they were moving into the Tempe Gateway Building. In addition, another 10-story office building is beginning construction at the Hayden Ferry Lakeside development.

Read More: http://www.millavenue.com/news/pr/good-business-leaves-little-room-for-others-on-mill-avenue

Tempe lands Residence Inn, to open in 2014

A new hotel is slated for development in dowtown Tempe with an opening expected late next year or in early 2014.

Construction is expected to start soon on a 173-room hotel Residence Inn by Marriott hotel on Forest Avenue. The project will be located on the east side of Mill Avenue, adjacent to the Tempe City Hall parking garage at the southeast corner of Fifth Street and Forest.

Read more: http://www.bizjournals.com/phoenix/news/2012/05/04/tempe-lands-residence-inn-to-open-in.html?utm_source=newsletter&utm_medium=AZ-CRE-REPORT&utm_campaign=GPEConnect

Listing: Vacant Commercial Land in Goodyear, AZ

SEC Estrella Pkwy & Elliot Rd, Goodyear, AZ.

Our team has obtained the exclusive listing on the SEC of Estrella Parkway and Elliot Road in Goodyear, Arizona. The site is 4.72 acres and zoned PAD. The zoning will allow for multiple commercial and retail uses. In the heart of the master planned community of Estrella. It’s directly across the street from the brand new Mountain Ranch Marketplace at Estrella with the anchor Safeway.
 
 

Click here for Property Flyer.

New Listing: Mobile Home Park in Tempe with Redevelopment Opportunity

1707 E Apache Blvd, Tempe, AZ.

 

This property has just been listed by our Special Asset Solutions team. The Mobile Home Park is 100% occupied and has 79 mobile homes and 6 apartments. The location is perfect for a redevelopment opporunity due to the fact it is located in Tempe, and in such close proximity to Arizona State University. We have priced the property below actual land sales along Apache Light Rail Corridor.

New Listing: Bank Owned – Mountain View Plaza

4434 E Brown Rd, Mesa, AZ.

This property has just been listed for sale by our team and we wanted to share it with you as an opportunity to buy a building for your practice or as an investment, with an existing income from other tenants. The building is approximately 6,000 sf with an approximately 2,460 sf vacant suite that was formerly occupied by a dentist. The suite has 6 operatories and equipment is also available for purchase. The property offers frontage on Brown Road and is the center is anchored by Mountainside Fitness.

Click here for Property Flyer.