Commercial Real Estate News 1-29-13 | Arizona Builders Exchange

1. ?With more A/E/C and CRE professionals working from home, simplicity comes from the Internal Revenue Service with new home office deduction regulations effective for the 2013 tax year ? not for the 2012 taxes being filed now. Instead of the 49 line depreciation calculation with utility and maintenance apportionments, home offices may be calculated as $5/SF, with a maximum of $1,500 per year allowed.

Major Sales

2. ?In Tucson, the Arizona Daily Star reports CRE activity this month has been accelerating with more than $33M in sales closing. Some of the larger deals include:

• College Town apartments, 1300 E. Fort Lowell. College Town Tucson LLC, Phoenix, paid $10.5M to acquire the complex from MCS711 College Town Tucson, LLC, Phoenix.
• Montecito condominiums, 5751 N. Kolb Rd. Montecito Ventana LLC, Corona, Calif., is the new owner, paying $3.6M to Veranda at Ventana Investments, Nashville, Tenn., to buy the condo complex.
• Los Arboles Mobile Home Park, 17200 S. Villita Rd., Sahuarita. The community sold was by Los Arboles Community LLC, Tucson, for $3.2M to Los Arboles Community #2 LLC, Tucson.
• Krebs Engineers, 7740 N. Business Park Dr. Krebs Engineers (a division of FLSmidth Krebs Inc.)is moving into a new, larger location after paying $2.3M to PDM Real Estate Investment LLC, Tucson.

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3. ?Two commercial properties?one a 119K SF office building, the other an adjoining 2.8 acre undeveloped commercial parcel?were picked up ViaWest Group for $13.2M. The 82 percent leased West 101 Business Center, 95^th Ave. and McDowell Rd., Phoenix, includes tenants Maricopa County, ITT Educational Services, Inc., and Aetna. Eastdil Secured represented seller, Carlson Real Estate Company LLLP, Minneapolis, MN. CBRE is handling leasing.

4. ?REITs are buying up single-tenant commercial plots for portfolio investors.

5. ?Consolidated-Tomoka Land Co., Daytona Beach, Fla., a publicly traded REIT paid $5M for a 35K SF ($145/SF) building leased to a Big Lots! store at Arrowhead Towne Center, Bell Rd. and 75^th Ave., Glendale. Colliers International, which handled the deal for CTL, says the 3.6-acre site sold for a premium above the typical $91/SF Phoenix area retail price.

6. ?Eight industrial properties in Chandler sold for a combined $4.8M ($88/SF) to CJV, LLC, Costa Mesa, Calif. The consolidated 54K SF include Westech 10 Corporate Center and 1920 E. University Dr. Lee & Associates represented sellers CC Prop, LLC on the former property and University & Perry LLC for the latter. Westech has three free-standing buildings (36K SF), and sold for $3.2M ($88/SF). The University Dr. property was for part of an industrial condo, 18K SF, selling for $1.6M ($88/SF).

7. ?The Virginia Financial Building, 301 E. Virginia Ave., Phoenix, sold for $2.1M ($68/SF) to Canadian investor, Continental Group. The four-story office building has 31.2K SF of Class B office space. Colliers International handled the deal for the 100 percent occupied building.

Major Leases

8. ?Zipps Sports Grill is coming to downtown Tempe and leasing 6.2K SF in Centerpoint on Mill, Mill Ave. at University Dr. The eatery is the newest tenant for the DMB project. The Hanover Co., Houston, Tex., picked up the residential component from DMB for a mid-rise apartment adjoining the Zipps site (ABEX, December 11^th).

9. ?No Anchovies, a Tucson sports and pizza bar, is eyeing expansion into the old Cactus Moon location, 5470 E. Broadway. The second location for the eatery is pending approval of a liquor license by the city council on February 12. The new restaurant will be 12K SF, but its final approval faces concerns with the council over the owner?s past history with Tucson stemming from violent 2001 incident at a club he owned.

Closures and Foreclosures

10. An improving economy has put 29 people out of work and will close the Department of Economic Security?s Phoenix call center. The facility, opened to handle the increased load of unemployment filings, is no longer needed, according to DES. The closure comes as a result of reduced federal funding, which pays 100 percent of unemployment claim processing administration costs (AZCentral premium content).

11. ?Savers retail store, 1683 E. Florence Blvd., Casa Grande, closed January 16^th, following a year of poor sales. The consignment store is back to its Tucson and Tempe locations. The community donation center is also closed. The store is part of a Bellevue Wash.-based chain of consignment outlets.

12. ?Wittman?s Speedworld may be shut down over a combination of issues including nonpayment of rent to State Land Department, failure to provide insurance, and erecting buildings on the site without permits. The operator is suing the county over the building permit issues saying it has no authority for development on state-owned land. The next court hearing is February 1. The county has fined the owners $50K with a $750/day fine accruing effective January 28. Among the various non-permitted structures are bleachers for 5K-7K spectators and grading and drainage activities without an engineered set of plans (AZCentral premium content).

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Source: http://azbex.com/commercial-real-estate-news-1-29-13/?utm_source=rss&utm_medium=rss&utm_campaign=commercial-real-estate-news-1-29-13

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