User purchases in October continue to keep the momentum, medical office space being an important part that represented aggregate sales of $3.5 million in 8 transactions for the first few weeks of October 2014.
Rock Harbor, LLC dba Arizona Medicos ( Dr. Rashmi Chhabra, principal) bought the medical office at 120 W Calle De Las Tiendas in Green Valley for $425,000 ($161 PSF) where they were a tenant prior to the sale. Arizona Medicos will continue to occupy the 2,634-square-foot office built in 2004 as an Internal medicine and Geriatrics practice. The seller was The Family Trust of James E Abernathy of Mesa, AZ.
Dr. Sean Hamm and company, I & H, LLC, sold the medical office… Read more
Promenade at Desert Sky (courtesy photo)
PHOENIX, AZ – Colliers International in Greater Phoenix recently completed the sale of Promenade at Desert Sky, a 300-unit Class B apartment complex in Phoenix, for $11.85 million ($39,500 per unit).
Desert Sky Estates, LLC, of Woodmere, New York, purchased the property, at 6233 W. Thomas Road, from WT Promenade LLC of Englewood, Colo.
Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily Southwest team, represented both buyer and seller.
Built in 1987, Promenade at Desert Sky features the highest quality architecture and design compared to Class B competitors in the Phoenix multifamily market. The apartment community consists of 216,140 square-feet, in 17 two-story buildings,… Read more
Cushman & Wakefield | Picor in its Q3 2014 Office and Industrial reports say an improving national economy and an employment picture looking better has office leases being led by higher education and medical space. A slight negative absorption of 42,770-square-feet market-wide brought Q3 vacancy to 12.6% in the Tucson metro area. Class A space saw the most improvement over two quarters this year, Q1 with a 13.9% decrease in vacancy and Q3 a 10.0% decrease.
Lease rates remained stable with average quoted rates across all classes at $18.11 PSF. Class A asking rates averaged $21.64 PSF while the CBD categories were averaging $23.31 PSF.
Sale momentum continued to trend up with user purchases increasing activity over three… Read more
When RealtyTrac released its 2014 Election Housing Scorecard report recently, suggesting it could be used to predict results in the upcoming election, we had to give it a try.
Based on five factors that impact housing health over the past two years, the theory is people may be tired of the slow economic recovery and the place they feel it the most is when affecting their own personal investments. Americans don’t save much, so the majority of their investments are in their homes, when housing health is impacted it affects all of us. The vote is the only way we have to send a message to elected officials whether we feel better or worse off and demand change.
The… Read more
Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz for the day will be.
On Thursday, the Dow Jones Industrial average rose 216.58 points, or 1.3%, to 16,677.90. The S&P 500 gained 23.71 points, or 1.2%, to 1,950.82. The NASDAQ composite climbed 69.95 points, or 1.6%, to 4,452.79.
Benchmark U.S. crude rose $1.57 to close at $82.09 a barrel on the New York Mercantile Exchange. Brent crude, a… Read more