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.

 

Phoenix and Tempe expected to lead commercial real estate rebound

There are continued indications that when the commercial real estate market awakens from its recession-induced slumber that downtown Phoenix and Tempe’s Mill Avenue will sound the wake-up call.

A first quarter analysis of the Phoenix-area office market by Lee & Associates Commercial Real Estate Service shows the Valley’s office vacancy rates at 27 percent.

Read more: http://www.bizjournals.com/phoenix/news/2012/04/16/phoenix-and-tempe-expected-to-lead.html?surround=etf&ana=e_article

Alta Phoenix Lofts sell for $59.5 million

Wood Partners of Atlanta sold Alta Phoenix Lofts at 600 N. Fourth St. in downtown Phoenix to Weidner Investment Services of Kirkland, Wash., for $59.5 million. Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix represented the seller, and the buyer was self-represented in the sale of this 332-unit luxury high-rise apartment community. Built in 2009, Alta Phoenix Lofts is an upscale, urban community offering unique loft-style living and modern amenities. The eight-story property has a resort-style swimming pool, private clubhouse, cybercafe, 24-hour fitness center, yoga and meditation studio, media lounge and ground-level retail along Fillmore and Third streets. The community was 93 percent occupied at the time of sale.

Read more: http://www.azcentral.com/business/abg/articles/2012/04/12/20120412alta-phoenix-lofts-sell-million.html#ixzz1rwVqqvBV

SkySong set to lease new buildings

SkySong, the Arizona State University Scottsdale Innovation Center, this week kicks off pre-leasing for two office buildings that will be the only sizable office construction this year in south Scottsdale.

SkySong now includes two multistory office buildings totaling about 300,000 square feet. The buildings are about 98 percent occupied and house a workforce of more than 1,000 people.

Read more: http://www.azcentral.com/business/realestate/articles/2012/04/11/20120411skysong-set-lease-new-buildings.html

New Listing: Class A Office Building in Scottsdale, Arizona

17200 N Perimeter Dr, Scottsdale, AZ.

This is a new co-listing with C-III Realty Services. The investment property opportunity is a two-story multi-tenant office building located in the prestigious Perimeter Center office area of north Scottsdale. The property is currently +/-72% occupied with fully finished vacant suites available.

An ideal office property for an owner/user who can leverage the existing cash flow. Located 1/2 mile from major freeway. Direct access to millions of square feet of specialty retail shops, fine dining, resort facilities and entertainment venues located in a two mile area of the property.

Click here for Property Flyer.

Downtown Tempe has Shortage of Class A Office – Look no further than Centerpoint on Mill

As the City of Tempe announces a shortage of Class A office in the downtown Tempe corridor, DMB Associates announces approximately 10,000 square feet of office space available at Centerpoint on Mill.

Renovations are currently underway to convert second floor space fomerly occupied by a restaurant and salon to Class A office space.  Rental rates are starting at $23.00 full service and suites will be available for move-in by May.  NAI Horizon has been selected as the leasing broker for the property.

Click here for Property Flyer.

 

Grubb and Ellis files Chapter 11 Bankruptcy

Feb. 20, 2012, 9:51 p.m. EST

Grubb & Ellis Enters Into Strategic Transaction With BGC Partners

SANTA ANA, Calif., Feb. 20, 2012 /PRNewswire via COMTEX/ — Grubb & Ellis Company /quotes/zigman/8025908 GRBE -54.29% today announced that it has signed an agreement to sell substantially all its assets to BGC Partners, Inc. /quotes/zigman/110012/quotes/nls/bgcp BGCP -.00% (“BGC”), a leading global intermediary to the wholesale financial markets. BGC owns Newmark Knight Frank, one of the largest commercial real estate service firms in the U.S.

Upon completion, Grubb & Ellis believes the acquisition by BGC will bring the much-needed scale and resources the company had been seeking through its strategic process. The partnership with BGC, a financially strong and respected organization with a deep commitment to the commercial real estate markets, will position Grubb & Ellis to become part of a well-capitalized global platform.

“Following a thorough and rigorous process and the evaluation of all available options, we determined that a partnership with BGC provides the best platform for our brokerage professionals, employees and clients,” said Thomas P. D’Arcy, president and chief executive officer of Grubb & Ellis. “We believe the transaction will be seamless for our clients and we expect no disruption to the company’s operations. Furthermore, we believe our professionals and clients will benefit greatly by being part of the BGC organization, which, with its recent acquisition of Newmark Knight Frank, will bring together two strong brands to create a powerhouse in the commercial real estate space. BGC’s purchase of the company’s senior debt and its willingness to provide incremental financing to ensure the smooth execution of the sale process demonstrate its commitment to the success of the Grubb & Ellis business.”

Grubb & Ellis intends to implement the transaction as an asset sale under Section 363 of the U.S. Bankruptcy Code. To that end, the company has commenced Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York. Grubb & Ellis expects business to continue without disruption as it completes the “363” sale process as expeditiously as possible. The company has simultaneously filed motions requesting that the Court, among other things, approve sale procedures and fix a hearing date and time to approve a sale. Additionally, the company has filed a series of motions to facilitate ongoing operations.

D’Arcy continued, “We thank our outstanding team of professionals and our clients for the faith and loyalty they have shown in Grubb & Ellis through this process, and we are pleased to have found such a strong partner who can provide our company with financial stability and deeply enhanced opportunities. Our track record for exceptional client service will continue, and we look forward to future growth and success under new ownership.”

BGC has committed to provide Grubb & Ellis with “debtor-in-possession” (“DIP”) financing to support the company’s operations throughout the “363” sale process. Following Court approval, the DIP financing, combined with funds generated by the company’s ongoing operations, will be used to support the business through the consummation of the sale.