Lee & Associates - Arizona | Week in Review | Friday, February 7, 2014
Lee News: California Developer Enters Phoenix Market With $6.95M Industrial Buy
Overton Moore Properties (OMP), a Gardena, CA-based development company purchased a 127,680 SF warehouse facility at Freeport Center, 420 S. 53rd Ave., Phoenix for $6.95M ($54.43 PSF). The price included a 2.09 acre site adjacent to the building. COMMERCIAL EXECUTIVE
Loop 101-Via Ventura Growing into Family Theme Park Center
The Cove, a 67KSF family entertainment center, is the next piece of an evolving family theme park on the northeast corner of the Loop 101-Via de Ventura interchange on the Salt River Pima-Maricopa Indian Community. AZBEX
Historic Camelback Corridor Shopping Center Sold for $12.2M
Camelback East Shops—home to Tarbell’s, Tomaso’s Italian Restaurant and Sportsman’s Liquor, among many other Biltmore-area staples—has been acquired by Hannay Realty Advisors for $12.2M.
Demolition underway at Mountain Shadows Resort in Paradise Valley
Demolition has finally commenced at the Mountain Shadows Resort, a Paradise Valley landmark that was a popular hangout for locals and celebrities before shutting down nearly a decade ago.
Pollack: Arizona’s economic growth a long process
The outlook remains positive but uninspired. ROSE LAW GROUP REPORTER
NATIONAL & INTERNATIONAL NEWS
Lee News: Are Winter Storms Disrupting Real Estate Business in NYC?
It has been just brutal outside, a mess of snow, sleet, rain, ice and slush, requiring acrobatic skills to jump from snow mound to snow mound. COMMERCIAL OBSERVER
Job growth remains weak in January; unemployment rate falls to 6.6%
Job growth was sluggish in January for the second straight month, the government said Friday in a report likely to heighten concerns that the economy and labor market recovery may be faltering again.
Influx of Commercial Real Estate Lending Expected in 2014
After three years of momentum building in commercial property lending, analysts are projecting that institutional lenders will place what could be record amounts of capital into commercial real estate in 2014. REIT.COM
Ireland Plots Its Return From Real-Estate Brink
Ireland's commercial property market, which plunged the country into financial chaos when prices collapsed in 2009, is on the rebound. WALL ST. JOURNAL
Millionaires See Real Estate as Top Investment for 2014
U.S. millionaires see real estate as the top alternative-asset class to own this year, according to Morgan Stanley. BLOOMBERG