AZ Central – Hayden Ferry Lakeside building sells for $86M

by J. Craig Anderson – Feb. 14, 2012 04:58 PM
The Republic | azcentral.com

Hayden Ferry Lakeside II, a 12-story, multi-tenant office building at 60 E. Rio Salado Parkway in Tempe, has been sold for $86 million, a broker involved in the transaction said.

Jim Fijan in commercial real estate firm CBRE’s Phoenix office represented the buyer, an affiliate of Parkway Properties Inc., which owns the adjacent, eight-story Hayden Ferry Lakeside II.

CBRE also represented the seller, whose name it would not disclose.

As of March 2011, the building was owned by New York-based Sumitomo Corp. of America, which had acquired the property in 2008 from developer SunCor for $92.5 million.

The building is in a mixed-use project consisting of 1.6 million square feet of office, retail and residential condominium units on Tempe Towne Lake.

Built in 2007, Hayden Ferry Lakeside II was 95 percent occupied at the time of sale, the broker said.

AZ Central – Rapid growth is fortifying ASU’s stature downtown

Arizona State University will enroll its largest number of students this fall at its downtown Phoenix campus. And while some area businesses are excited at the potential for new business, some residents say they would like to see more community engagement from those connected to the campus.

Nearly 10,000 students enrolled at ASU’s downtown Phoenix campus this fall compared with 9,367 students last fall. The campus has grown each year since opening with 3,059 students in 2006.

Because enrollment numbers change daily with new students signing on and others withdrawing, campus officials said official enrollment numbers won’t be available for weeks.

Chris Callahan, vice provost of the downtown campus, said he is amazed at how fast the campus has grown in such a short time.

“It’s remarkable. I’m looking out my window at a campus that didn’t exist six years ago,” he said.

Downtown enrollment could have been larger if so many people weren’t still impacted by the economy, said Patrick Panetta, associate director of ASU’s real-estate development office.

“I think we were actually expecting a larger bump last year, but I think the economy put a damper on the enrollment a little bit. Folks chose not to go back to school and spend the money,” he said. “I think with the economy recovering a little better, we’re going to see sort of a return to the previous growth trajectory we’ve been on.”

ASU plans to expand its downtown presence even more by bringing another college to the campus and increasing its relationship with the Phoenix Biomedical Campus, the downtown Phoenix campus that includes the University of Arizona College of Medicine and programs from Northern Arizona University.

 Plans for growth

Enrollment at the youngest ASU campus already is higher than both the West Campus and the Polytechnic Campus.

The campus is home to the College of Nursing and Health Innovation; the Walter Cronkite School of Journalism and Mass Communication; the College of Public Programs and the College of Health Solutions. The campus also has programs from the School of Letters and Sciences, Mary Lou Fulton Teachers College, Barrett, the Honors College, University College and Graduate College.

ASU is converting the U.S. Post Office at 522 N. Central Ave. into a student union. Phoenix purchased the building and leases it to the university. The post office will still operate in the building, but in a much smaller space, Panetta said. It will be open in time for the spring semester.

“We don’t really have (a student union). It gives students sort of a central home. Student organizations will be headquartered there,” Panetta said.

ASU is expanding the downtown Phoenix YMCA as well. The project will add 75,000 square feet to the existing YMCA. The renovation will be completed before the fall 2013 semester. Both students and community members will share the newly renovated spaces, but some areas, such as classroom space, will be reserved for ASU students.

“Both facilities will be essentially treated as one, so (students and YMCA members) have access to both buildings. There are only a couple of exclusive areas in the new building,” Panetta said.

University officials hope to bring the Sandra Day O’Connor College of Law to Phoenix from the Tempe campus in the next several years.

“I don’t believe there’s a specific timetable for it other than it’s a high priority for President (Michael) Crow — having a world-class law school in the middle of a major metropolitan area,” Callahan said.

 Impact on business

Many downtown Phoenix businesses had hoped to see significant bumps in customers with the infusion of students, but some have fared better than others.

“The food and things have done really well. Some of the direct services are doing well. The apartments are doing very well, but not every business has seen the same level of increase in business as a result of ASU,” said David Roderique, president and CEO of Downtown Phoenix Partnership. “There are some service providers like dentists or doctors that may not have seen that same level of pickup that fast-food restaurants have seen.”

The partnership is a tax-funded non-profit comprising business members with offices downtown.

Roderique said the campus’ financial impact in the area goes beyond the students.

“In addition to the student population, the piece that’s often overlooked is that you have a significant amount of faculty and staff down there as well,” he said.

Some downtown businesses have struggled to partner with the university, particularly with the Sun Card, a university-issued student-identification card often used to make off-campus purchases.

“It’s not widely accepted around local businesses, and one of the reasons is that there are a lot of fees that are placed on the Sun Card,” Roderique said. “I don’t know if they are working on trying to resolve that or not, but we’ve brought that to their attention.”

Community engagement

In its infant stages, the downtown Phoenix campus boasted that students would serve the community and build relationships with residents. Callahan said campus officials are still working on ways to get students off the campus to volunteer with schools and community organizations and take advantage of the arts and cultural opportunities that a major downtown has to offer.

“What we’ve been focusing on a lot is how we can even better connect our students with the downtown Phoenix community,” he said.

But some community members think ASU officials need to work harder. Steve Weiss is a founding member of the Downtown Voices Coalition, a community group focused on growth and development in downtown Phoenix. Weiss said ASU’s commitment to reach out to the community has wavered over the years.

“During and right after the (2006) bond election, the attitude of the campus changed from community engagement and outreach to ‘if you want to come to us, we’re here,'” said Weiss, an ASU alumnus. “We’re having a hard time trying to figure out how to get our students out of the gated community that is ASU downtown.”

Weiss acknowledges some local business owners have benefited from ASU’s downtown presence.

“I don’t want to present it as completely negative, because there are some people that have benefited from their ability to outreach to the campus, but it’s not the reverse,” he said.

Callahan said most of the people are pleased with ASU’s engagement.

“I would like to think that it has added to the richness of it. That’s certainly the feedback I get when I talk to people in the community — that ASU students being part of the fabric of the community,” he said.

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

 

AZ Central – Hayden Ferry Lakeside building sells for $86M

by J. Craig Anderson – Feb. 14, 2012 04:58 PM
The Republic | azcentral.com

Hayden Ferry Lakeside II, a 12-story, multi-tenant office building at 60 E. Rio Salado Parkway in Tempe, has been sold for $86 million, a broker involved in the transaction said.

Jim Fijan in commercial real estate firm CBRE’s Phoenix office represented the buyer, an affiliate of Parkway Properties Inc., which owns the adjacent, eight-story Hayden Ferry Lakeside II.

CBRE also represented the seller, whose name it would not disclose.

As of March 2011, the building was owned by New York-based Sumitomo Corp. of America, which had acquired the property in 2008 from developer SunCor for $92.5 million.

The building is in a mixed-use project consisting of 1.6 million square feet of office, retail and residential condominium units on Tempe Towne Lake.

Built in 2007, Hayden Ferry Lakeside II was 95 percent occupied at the time of sale, the broker said.

New Listing – 2116 N. McAllister Tempe AZ

For More Information on the property, Contact Andrew Holm.

Close To Papago and Eldorado Park. Great Neighborhood. Scottsdale Schools, Close to Tempe Market Place as well as Scottsdale Fashion Square. 3 bedrooms, 2 full baths with over 1400 sqft. New Kenmore Elite stainless steel appliances. Entertainers backyard: Pool with water feature, large wooden porch area as well as a private spa. Living room with custom built-in entertainment center.

Property Amenities
• 3 Bedrooms
• 2 Baths
• 1,486 sq. ft.
• Private Pool & Spa
• Desert Landscaping
• No Interior Steps
• Skylights
• Family Room with Built-in Storage
• Formal Dining Area, Eat-in Kitchen
• Kitchen Features: Range/Oven Gas, Disposal, Dishwasher, Refrigerator, Kitchen Island
• Master Bedroom: Full Bath, Separate Exit
• Washer & Dryer Included
• Backyard Deck, Alley Access

For More Information, Contact:

Andrew Holm
REALTOR®
Cell 480.206.4265
[email protected]
www.TheHolmGroupAZ.com

AZ Central – Centerpoint sale brings hope to Mill Avenue

by Dianna M. Nanez – Feb. 24, 2011 10:31 AM
The Arizona Republic

The sale of the Centerpoint Condominiums involved a web of complex legal entanglements dating to the fall of commercial lender Mortgages Ltd., but for downtown businesses the bottom line is simple.

Friday’s sale of Centerpoint means that by year’s end there will be 375 apartment units for rent.

Downtown Tempe businesses have struggled to survive the fallout of the recession. Even national outlets like American Apparel, which closed this past weekend, have failed. So for many businesses, the thought of having hundreds of shoppers living a stone’s throw from downtown sounds like a dream. It would help put an end to a real-estate nightmare.

Shannon Randle, manager of Churchill’s Fine Cigars, across the street from the towers, said many business owners had hoped the project would remain luxury condos and fill with wealthy homeowners who had discretionary income to spend. But after watching the project become an eyesore, reality has hit, he said.

“I’m at the point of saying, get them filled now, and rent them out for now,” he said.

Centerpoint’s troubles began in 2008 when the sole shareholder of Mortgages Ltd., the condos’ financial backer, committed suicide. A series of bankruptcy proceedings thwarted the sale, which was almost completed in the fall when Zaremba Group was slated to pay $30 million for the condos. The deal fell apart amid disagreements with the title holder over construction liens on the project. The new deal involved ML Manager, the seller, acquiring the liens from Zaremba with funds from the $30 million.

Angie Miller, a spokeswoman for Zaremba, acknowledged the disappointment of Tempe business owners who lament filling downtown with students who are likely to rent near Arizona State University.

“Obviously what was slated to be condos are now going to be rental apartments,” she said. “(But) we’re going to stay very true to the luxury concept. It really will be an economic boon to the Tempe community.”

Zaremba has changed the name of the project to West Sixth, in reference to the address 111 W. Sixth St. The 22-story tower will be ready for move-in by Aug. 1, Miller said. The second 30-story tower will be complete by December.

Randle hopes the towers open, but he questions whether the legal woes that have plagued the project are over. “I’ll believe it when I see it,” he said.

ASU – Market is still driven by foreclosures

by Ken Alltucker – Feb. 12, 2010 12:00 AM
The Arizona Republic

Foreclosures remained a dominant force in the Phoenix area’s housing market in January, as foreclosures and resales of foreclosure homes accounted for two-thirds of existing-home transactions during the month, according to an Arizona State University report.

Even with brisk sales, a key to the housing market’s recovery remains creating new jobs, said Jay Butler, the report’s author.

“The whole thing is the return of the job market,” said Butler, associate professor of real estate at the W.P. Carey School of Business. “If the job market strengthens, that will create consumer confidence. Job growth is the key.”

Lenders foreclosed on about 3,500 homes in January, down from 4,060 foreclosures recorded in December.

Butler said it is too early to tell whether the monthly decline represents a slowdown of foreclosures, because some lenders imposed moratoriums on new foreclosures toward the end of last year.

About 4,200 detached existing-home sales closed in January, up from last January’s 3,600 sales.

Butler said the free fall of housing values from the boom years seems to be over, with the median sales price in January at $136,500, up $500 from January 2009. Still, prices were down slightly from $140,000 in December. The report also indicates that the condominium and townhouse market continued its struggles with 500 foreclosures in January, up from 280 during the year-earlier period.

ASU’s data tracks Maricopa County transactions, including sections of Pinal County that are considered parts of the Valley.

If you are looking for a foreclosure click here:

https://www.theholmgroupaz.com/foreclosures.htm