Archive for the 'Phoenix' Category

Forbes – America’s 20 fastest growinc cities

The article, America’s 20 Fastest-Growing Cities, from http://www.forbes.com, reports on Forbes latest research on America’s fastest growing cities. Phoenix also makes the list this year, jumping a whopping five spots to No. 3. “That certainly shouldn’t be a surprise to anybody, because they are among your leading growth states,” says Lee McPheters, a director of the JPMorgan Chase Economic Outlook Center of Arizona State University’s W. P. Carey School of Business. “But they were really hit hard by this most recent recession, which is why things have been bit subdued over the past few years.” Construction industry jobs, which dropped 50% in the state during the downturn, are up 5% year-over-year, McPheters notes. Surprisingly, Phoenix—not New York—is No. 1 in the nation in terms of growth in finance industry jobs, adding 8,300 from December 2012 to 2013, says McPheters, whose research team does its own economic rankings each month based on Bureau of Labor Statistics data. Insurance and health care are also growth engines. Add to that an estimated population growth rate of 1.67% for last year and a projected growth rate of 2.46% in 2014, and Phoenix is expected to be the 4th fastest-growing metro area in terms of population this calendar year.

Here is the link to the entire article: http://www.forbes.com/sites/erincarlyle/2014/02/14/americas-20-fastest-growing-cities/

AZ Central – Northgate Center sells for $22.825M

L169_CIFR9a9c16920fc4450bf1edb4bc31605346

Najafi Companies of Phoenix sold Northgate Corporate Centre at 2625 W. Grandview Road in Phoenix to Griffin Capital Corp. of Los Angeles for $22.825 million. Jim Fijan and Will Mast of CBRE in Phoenix negotiated the sale of this 131,850 square-foot class A office building. Northgate Corporate Centre is 100 percent leased to Houston-based Waste Management Inc., with about 10 years remaining on the current lease. The property sits on 13.37 acres subject to a long-term ground lease with the Arizona State Land Trust, which expires in 2095.

Major deals

REO asset manager John Mitchell of LNR Partners in Miami Beach, Fla., as special servicer, sold Black Canyon Corporate Center at 10835 N. 25th Ave. in Phoenix to Younan Properties Inc. of Woodland Hills, Calif., for $7.14 million. Eric Wichterman, Mike Coover, Jeff Wentworth and Sean Spellman of Cassidy Turley in Phoenix represented both parties in the sale of this 94,203 square-foot office property.

Brookfield Asset Management of Toronto sold Tempe Towne Centre at 20 E. University in Tempe to Tempe Towne Center LLC in Tempe, a holding company owned by YAM Management, for $5.25 million. Barry Gabel and Chris Marchildon of CBRE in Phoenix, in conjunction with CBRE’s National Loan Sale Advisory Group, represented the seller. The buyer of this 21,737 square-foot office property was self-represented.

Horlacher Foundation Inc. of Mesa sold 19.3 acres west of the southwest corner of Greenfield and McDowell roads in Mesa to Blandford Homes through its McDowell Citrus 100 LLC for $3.2 million. Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley Arizona’s land group represented both the seller and the buyer, who plans to build high end executive homes on 35,000 square foot lots.

MJA Investments of Lincoln, Neb., sold two office buildings of Redrock Business Center at 17100 E. Shea Blvd. in Scottsdale to A2Z Properties of Scottsdale for $1.925 million. Erick Wichterman and Mike Coover of Cassidy Turley negotiated the sale of this 21,190 square-foot property, representing both the buyer and the seller.

Andrew Holm – The Holm Group Scottsdale AZ

Andrew Holm - The Holm Group

A new year, a new caricature.. :)

What do you think of using this caricature in some of my marketing materials?

AZ Central – Luxury home sales up 34% in metro Phoenix

A rebound in the jumbo mortgage market is helping sales of luxury houses while sales of lower-priced houses have been falling in metro Phoenix during the past few months.

Sales of single-family homes priced above $500,000 grew 34 percent from October 2012 to this October, according to Arizona State University. At the same time, the number of sales for houses priced below $150,000 have fell by 49 percent. But that drop is also due to fewer houses in that price range for sale.

The luxury home market continues to gain ground with the stock market booming and the growing availability of jumbo loans, said housing analyst Mike Orr of ASU’s W.P. Carey School of Business.

Jumbo loans were very difficult to obtain after the crash because they can’t be backed by federally owned Fannie Mae and Freddie Mac. Lenders are liable for all losses on loans not backed by one of those insurers.

But during the past few months, banks flush with cash have jumped back into the jumbo loan business. Now the interest rate on mortgages for $500,000 and more is slightly lower than rates for conventional mortgages.The average rate for a jumbo loan is currently 4.59percent, according to the Mortgage Bankers Association. That compares with an average 4.62percent rate for a 30-year fixed-rate mortgage for a mortgage below $400,000.

Active listings Down to 13,970 for all of Maricopa County..

If you are thinking about selling now is the time..

Our inventory levels are a record lows and prices are actually on the rise for the first time in years.

If you have any questions or would like to list your home for sale with Prudential feel free to give me a call.

Andrew Holm, ABR, CDPE, eCertified

Prudential Arizona Properties – Scottsdale

Chairmans Gold Circle Award Winner – Top 2% Nationwide

The Holm Group

Office: 480-767-2738

Fax: 480-907-2990

Mobile: 480-206-4265

 

New Listing in Desert Ridge Aviano – 3643 E. Louise Dr Phoenix AZ 85050



For More Information on the property, Contact Andrew Holm.
3643 E. Louise Dr. • Phoenix, AZ 85050

SHORT
SALE priced for quick sale. Fantastic 2007 built, highly upgraded Aviano
residence, upgraded amenities include hardwood and tile flooring, custom
paint throughout, epoxy in 3 car garage. Chef’s kitchen is complete with
granite counters and top of the line appliances. Resort like back yard with
custom pool and built in BBQ. Master bath is complete with upgraded separate
shower and tub. An awe inspiring interior rotunda and courtyard complete this
perfect Santa Barbara Style Residence. Aviano Rec. Complex includes pools,
gym, tennis, and much more.

Property
Amenities

  • 4 Bedrooms
  • 3 Baths
  • 3,130 sq. ft.
  • 3 Car Garage
  • Private Pool
  • Fireplace in Living Room
  • Desert Front Landscaping
  • Desert/Synthetic Grass Backyard
  • Great Room, Den/Office
  • Formal Dining Area, Eat-in Kitchen
  • Kitchen Features: Disposal, Dishwasher, Refrigerator,
    Pantry, Granite Countertops, Kitchen Island
  • Master Bedroom: Walk-in Closet, Full Bath with
    Separate Shower & Tub, Double Sinks
  • Covered Patio
  • Community Features: Biking/Walking Path,
    Clubhouse/Rec Room, Heated Pool & Spa, Tennis Courts, Near Bus Stop

Andrew Holm

For More Information, Contact:

Andrew Holm

REALTOR®

Cell 480.206.4265

Andrew@TheHolmGroupAZ.com

www.TheHolmGroupAZ.com

prudential logo

JD Powers

AZ Central – Arizona Center sold for $136M

by Max Jarman – Mar. 8, 2011
06:21 PM
The Arizona Republic

The Arizona Center mixed-use development in downtown Phoenix has been sold to CommonWealth REIT of Newton,
Mass., for $136.5 million.

When it opened 21 years ago, the center was envisioned as a retail and entertainment magnet. When that concept
fizzled, much of the retail space was eventually converted to offices.

The sale of the property puts discussions about its future on the front burner again.

CommonWealth REIT controls a $6.4 billion national portfolio of office and industrial properties, including five
other projects in Arizona. It did not immediately respond to a request for information about its plans for the property.

The center includes over 1 million square feet of office and retail space. It was sold by General Growth
Properties Inc., which intends to focus on its regional malls.

General Growth, the nation’s second-largest mall owner behind Simon Property Group, emerged from Chapter 11
bankruptcy protection in November and has been shedding non-core assets such as
the Arizona Center.

“Hopefully, CommonWealth REIT will bring new energy to the project,” said Dave Roderique, president and
CEO of the Downtown Phoenix Partnership.

The Arizona Center was developed by high-profile mall developer Rouse Co. in 1990 in an effort to jump-start
redevelopment in downtown Phoenix.

The city contributed the land, then worth about $8 million, and granted the developer $40 million in sales-tax
rebates.

General Growth acquired the Arizona Center in 2004 through its $12.6 billion acquisition of Rouse.

The company is primarily a regional mall developer and didn’t seem to know what do with a mixed-use project such as
the Arizona Center.

Roderique said the addition of the Sheraton Phoenix Downtown Hotel, Arizona State University’s downtown campus and
the new convention center have made the area more viable and a retail and entertainment destination.

The 16-plus-acre Arizona Center consists of roughly 800,000 square feet of offices in two high-rises; 160,000
square feet of retail space, including an AMC Theatres complex; and several parking garages.

Included in the deal were three development sites that were originally zones for two more office towers and a
hotel.

Bob Young, a CBRE agent who represented the seller in the transaction, said the development parcels give
the buyer the opportunity to substantially increase the size and value of the project at some point down the road.

“In addition to acquiring an iconic asset, Arizona Center provides the future upside potential with the
development of three pad sites,” he said.

Steve Brabant, Glenn Smigiel and Rick Abraham of CBRE’s Phoenix office also worked on the deal.

David Keating, a spokesman for General Growth Properties, said the company intended to retain ownership of the
Tucson and Park Place malls in Tucson and the Mall at Sierra Vista in Sierra Vista.

General Growth Properties also is a part owner, with Westcor parent Macerich Co., of Arrowhead Towne Center in
Glendale and Superstition Springs Center in Mesa.

AZ Central – Arizona Center marketed for sale

by Max Jarman – Feb. 13, 2011 12:00 AM
The Arizona Republic

General Growth Properties, which emerged from Chapter 11 bankruptcy protection in November, has put its high-profile Arizona Center development in downtown Phoenix on the block and could announce a buyer by March.

The company declined to discuss the possible sale but its Chapter 11 reorganization note said it intends to focus on its regional malls going forward and shed properties, such as the mixed-use Arizona Center, that don’t fit the criteria.

The company earlier transferred its 355,000-square-foot Park West Mall in Peoria to its planned community development arm, the Howard Hughes Corp., which was spun off to stockholders in November.

General Growth plans to retain the Mall at Sierra Vista in Sierra Vista and the Tucson and Park Place malls in Tucson, which are traditional regional malls.

The 18.5-acre Arizona Center consists of roughly 800,000 square feet of offices in two high-rises; 160,000 square feet of retail space, including an AMC Theatre complex, and a covered parking garage.

The Arizona Center is technically owned by the city of Phoenix, which leases it to General Growth for a nominal sum under a government property-lease excise tax, or GPLET, agreement. The deal allows the Arizona Center to pay substantially lower property taxes because it is technically a government-owned property. The project is zoned for an additional 1.1 million square feet of offices, a 600-room hotel and 400,000 square feet of retail shops.

General Growth Properties also is a part owner with Westcor parent Mecerich Co. in Arrowhead Towne Center in Glendale and Superstition Springs Center in Mesa.

A buyer that has been mentioned for the 1.06 million-square-foot Arizona Center is the CommonWealth REIT of Newton, Mass. The real-estate investment trust has $6.7 billion worth of office and industrial properties in its portfolio, including six properties in Arizona, totaling about 925,000 square feet. They include Regents Centre in Tempe, the Blue Cross/Blue Shield building in Phoenix and the One South Church Avenue office building in Tucson.

The company also declined to discuss the possible Arizona Center acquisition.

The Arizona Center was developed by high-profile mall developer Rouse Co., whose projects include Faneuil Hall Marketplace in Boston and Harborplace in Baltimore.

When it opened in 1990, it was touted as a retail and entertainment magnet that would draw people to downtown Phoenix and jump-start redevelopment of the central Phoenix business district. The city of Phoenix contributed the land, then worth about $8 million, and granted the developer $40 million in sales-tax rebates.

But, the center never lived up to its grand potential. National retail stores such as Gap and Foot Locker eventually closed and were replaced with tourist-oriented shops and restaurants. In 2003 the mall’s food court closed and was converted into office space.

General Growth acquired the Arizona Center in 2004 through its $12.6 billion acquisition of Rouse. The company filed for Chapter 11 protection in April 2009.

AZ Central – Desert Ridge developer on defaut of 32 acre parcel..

by Michael Clancy – Feb. 10, 2011 12:47 PM
The Arizona Republic

Gray Development Group is in default on land it bought in the Desert Ridge area in 2004.

Vanessa Hickman, deputy commissioner of the Arizona State Land Department, said a default notice was sent in December for the 32-acre parcel on the northeastern corner of 56th Street and Loop 101.

The default is the second for the Gray group and at least the sixth in the Desert Ridge area.

The Gray parcel sold in May 2004 for more than $1 million per acre, making it one of the most expensive parcels the State Land Department ever sold.

The department originally owned all land in the 5,700-acre, master-planned development. Since 1993, it has been rolling parcels out for auction and subsequent development.

But the recession has had a serious effect on land values – driving those who acquired land at the height of the market into default – and the department’s ability to sell parcels.

Under the rules of state land sales, developers are on a seven-year payment schedule. When payments are missed, default notices go out. The notices trigger a 60-day period that gives developers time to make good on their deals. If they fail, the land reverts to the Land Department.

Hickman said the state has not reclaimed the Gray parcel yet.

Gray was scheduled to go before the Phoenix Planning Commission on Wednesday to amend the Desert Ridge Specific Plan as it pertains to the parcel. But that effort was withdrawn earlier in the day.

Gray’s previous default was on a 41-acre parcel north of Desert Ridge Marketplace. The company last year won a lawsuit claiming the master developer of Desert Ridge, Northeast Phoenix Partners, hindered its efforts to develop the parcel.

AZ Central – Biltmore owners file for bankruptcy

by Megan Neighbor – Feb. 3, 2011 12:00 AM
The Arizona Republic

In a strategic move by its new ownership group to get a fresh financial start, the Arizona Biltmore, one of Phoenix’s oldest and most iconic resorts, has gone into bankruptcy.

The resort’s business will continue as usual during peak tourism season despite the filing, according to CNL-AB LLC, which is made up of investors from Paulson & Co. Inc. and Winthrop Realty Trust.

The announcement that CNL-AB was filing for Chapter 11 reorganization came only days after CNL-AB assumed ownership of the property at a Jan. 28 foreclosure auction.

Morgan Stanley Real Estate, the property’s lender from 2007 until last month, defaulted on a collateralized loan that CNL-AB had backed.

As a result, CNL-AB absorbed the Biltmore and seven other resorts included in an investment portfolio. It also assumed over $1.525 billion of debt, $1 billion of that from a securitized mortgage that matured Feb. 1, the day of the bankruptcy-protection filing.

Only five of the eight resorts in the portfolio are listed in the filing. One of the resorts acquired but not listed in the bankruptcy filing is the JW Marriott Desert Ridge in northeast Phoenix.

Its debt will become mature in May 2012, according to Armel Leslie of Walek & Associates, the corporation’s public-relations firm.

The Biltmore is one in a long string of hotels and resorts in the Valley that have switched hands in recent years. Property owners that sought financing during the economic boom in 2006 and 2007 are often saddled with debt payments that far exceed the property’s value and are forced into foreclosure or bankruptcy.

The Pointe Hilton Tapatio Cliffs Resort in Phoenix, the Intercontinental Montelucia Resort and Spa in Paradise Valley and the Wigwam Golf Resort and Spa in Litchfield Park are a few of the large resorts that have experienced more recent ownership changes due to financial troubles.

The Biltmore is a testament to the resilience of the industry. In February 1990, then-ownership group Lepercq/DBL filed for bankruptcy protection after defaulting on a $125 million loan.

The resort remained open and operating during the proceedings, as it will in 2011, the new ownership group said.

“The cost of paying management obligations of roughly $21 million to the resort manager is far outweighed by the benefit of preserving and maintaining the value of the debtor’s assets,” said Derek Pitts, managing director of Houlihan Lokey Capital Inc., the debtor’s financial adviser and investment-banking firm, in court documents.

The Arizona Biltmore is managed by Hilton Worldwide under the Waldorf Astoria Hotels and Resorts collection, its luxury brand. A spokeswoman for the hotel would not comment on the bankruptcy Wednesday.

Under the Biltmore’s former ownership, the resort underwent a $16 million renovation. One upgrade included Ocatilla, a “hotel within a hotel,” which opened in 2009.

The Biltmore has 740 rooms and suites, and 100,000 square feet of meeting space.

In December 2009, Valley businessman and sports executive Jerry Colangelo and his partners purchased the Wigwam and two of the Biltmore’s golf courses for $45 million. The courses were not among the eight resorts and 14 golf courses listed in the bankruptcy filings.

In addition to the Biltmore, resorts in the filing are La Quinta Resort and Club in California; Grand Wailea Resort Hotel and Spa in Hawaii; Doral Golf Resort and Spa in Miami; and Claremont Resort and Spa in Berkeley, Calif.

Those not included in the filing, but part of the Jan. 28 acquisition, are JW Marriott Desert Ridge, Ritz Carlton Grand Lakes and JW Marriott Grande Lakes, both in Orlando.

The case is in U.S. Bankruptcy Court, Southern District of New York, under MSR Resort Golf Course LLC.


August 2014
M T W T F S S
« Jul    
 123
45678910
11121314151617
18192021222324
25262728293031

Follow

Get every new post delivered to your Inbox.

Join 4,235 other followers