Tempe Public Market opening @ NEC of Rural & Warner

Recent Tempe Closings by: Matt Schrauth

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Case Study: Horne Plaza

A Retail Center in Gilbert, AZ

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Finally Some Lift in the Phoenix Office Market

Q3 2015 shows the Phoenix office market achieved record absorption numbers since the downturn and also achieved the best vacancy rate in years.

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Three Tips to Better Commercial Borrowing

Know Your Banker

This seems like an obvious statement; however, digging deeper there are a number of issues that can impact your borrowing as you work through the process. Is the loan a size that your contact can approve through his office? Does your contact need to review your loan through Loan Committee? Is your contact on the Loan Committee? Ask the questions and understand what your contact is able to approve or NOT approve.

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Changes Coming to the 32nd St. and Shea Intersection

By: Matt Schrauth

After years of work by the city and involved citizens, some major changes are coming to the intersection of 32nd St. and Shea Boulevard in NE Phoenix, AZ. In April of 2012 the 32nd St. Working Group was formed by the city and the neighborhood. The Working Group had over 24 meetings to develop plans to help revitalize the 32nd St. Corridor North of the 51 Freeway. There were three committees, the Branding and Events Committee,  the Transportation and Street Improvements Committee,  and the Land Use and  Regulations (planning, zoning, design) Committee.  I was the Chairman of the Land Use Regulations Committee  and wrote the report that was submitted to the city for that committee.

The Urban Land Institute also got involved and convened  an ULI Technical Assistance Panel in  late 2012. I participated  on the panel along with Marty DeRito, Randy Heller, Lorenzo Perez,  Buzz Gosnell and many others. The ULI sent its report to the city in February of 2013. Based upon the input from these two groups, city planners and staff as well as, the city Planning and Development Department came out with a new vision for the 32nd St. corridor in early 2015. This vision strove to preserve the uniqueness of the area with its proximity to the Mountain Preserve while encouraging redevelopment and repurposing of the commercial properties in the study area.

Now all of that work is starting to pay off. A new Town Home project at the intersection of Cheryl and 31st St. is going through planning and Bosa Donuts just opened north of Shea. I sold the 35 year old, 15,000 sq. ft. retail center located on a 3.6 acre parcel North of the NEC of the intersection of 32nd St. and Shea. It  will be torn down and redeveloped as the View 32 Apartment complex, a four story 135 unit upscale development. The city received federal funds to help pay for a road resurfacing and restriping on 32nd St. starting at the 51 Freeway and extending north to Union Hills. That work has begun on the south end is moving north with completion scheduled early next year. I was able to sell the  approximately 90,000 sq. ft. 50 year old shopping center on the NWC of 32nd St. and Shea  in 2013. The new owner of the center has done renovations on the property, is building a new Walgreens  on the corner, and new landscaping of the property is being installed. Ace Hardware has leased approximately 10,000 sq. ft. in this center and should be opening early 2016.

Look for more renovation on older commercial buildings in the future, but this area is off to a good start.

Save Time and Money with this Purchase Assessment Tool

One quick tool to use in evaluating the profit potential in purchasing an investment property is the Annual Property Operating Data form, also known as the APOD. This easy to use analysis tool provides a quick look at the return on investment by plugging in basic building information.

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Apartments As Far as the Eye Can See

The latest real estate cocktail conversation in Phoenix seems to be around multi-family construction. “I like that project, I don’t like the construction of that one”, “how can they get that built with no set back”, and of course “wow they are really building a lot of apartments here”. Is apartment construction the next bubble? Do we simply need more apartments do to the lack of availability of single family residential? Can the owners obtain the lease rates they will need to make the projects work in the long term?

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Should you use a Property Manager or a Leasing Agent to Lease a Commercial Property?

The main difference between a property manager and a leasing agent having the leasing assignment for a commercial property is motivation.

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By: Michael H. Folb, Designated Broker

While there are several asset classes within commercial real estate, it is overwhelmingly dominated by income producing properties. To determine value, we consider data on comparable sales and replacement cost, but we mostly look at the income being produced and divide by a capitalization rate (cap rate).

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CCIM Institute certification’s return of investment

The CCIM Institute was established in 1954 to give commercial real estate practitioners a previously unrealized opportunity to further their business practices through focused education and networking opportunities. Today, with the addition of advanced technology tools, CCIM is the global leader in commercial and investment real estate education and services. A CCIM designee is a recognized expert in the commercial and investment real estate industry and proficient in both theory and practice. Brokers, lending professionals, investment counselors, asset managers, appraisers, corporate real estate executives, developers, institutional investors, commercial leaders, attorneys, bankers and all other allied professionals can all fall under this category having achieved the CCIM designation.

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