Sunday, February 28, 2010

Multifamily housing deals up slightly from 2008 to ’09

Phoenix Business Journal - by Jan Buchholz Friday, February 26, 2010
The multifamily investment market in Phoenix chugged along during 2009’s Great Recession. The number of sales transactions increased from 60 transactions in 2008 to 68 in 2009, according to Scottsdale-based Orion Investment Real Estate Solutions. Total volume increased from $557 million to $611 million.

But here’s the bad news: In 2007, by comparison, there were 193 transactions adding up to almost $3.5 billion.

Orion’s 2009 summary reports are sobering for other property types, too.

There were 42 office transactions in 2009 totaling $195 million. There were 81 sales totaling $962 million in 2008, and 190 sales totaling $3 billion in 2007.

On the industrial front, there were 14 sales in 2009 amounting to $105 million. That compares with 51 sales totaling $619 million in 2008, and 78 sales topping $939 million in 2007.

As for retail properties, 22 were sold in 2009 for an aggregate of $139 million. In 2008, there were 44 sales totaling nearly $440 million, and in 2007 there were 68 sales totaling $531 million.

For more:

Residential brokerages expand
Two residential real estate brands have expanded in the Valley. Long Realty Co., based in Tucson, opened two new franchises, including one at Central Avenue and Camelback Road. Formerly associated with Windermere Real Estate, that office will be called Long Realty–The Marsh Partners Central Phoenix.

The other new franchise is located at Fifth Avenue and Goldwater Boulevard in Scottsdale. It will be known as Long Realty –The Marsh Partners.

Re/Max Professionals also has opened a shop in Phoenix, at Central Avenue and Camelback Road. The designated broker and co-owner is Frank Russo.

For more: and

Shop Phoenix
Two California-based real estate investment firms are putting out the message that they are shopping for commercial properties in Phoenix. Los Angeles-based BH Properties said it is seeking retail and industrial acquisitions.

“We are contacting our favored brokers with as much information as possible to assist us in our search for acquisitions in the Southwestern U.S.,” said Steve Jaffe, BH’s executive vice president. “BH is now particularly interested in the Phoenix region with its fast-growing businesses.”

BH research concludes that retail sales will increase by 25 percent in Phoenix during the next five years, compared with an increase of 20 percent in other large markets. Despite the tough economic conditions locally, BH also believes the local population will grow by more than 500,000 in the next five years.

According to its news release, BH has a portfolio of 75 properties in 16 states.

Meanwhile, KBS Realty Acquisitions, based in Newport Beach, Calif., recently announced the hiring of Christopher Aust as senior vice president of acquisitions for Arizona.

“Arizona and the Southwest are increasingly important acquisition markets for KBS, so it is absolutely vital that we have someone on the ground with significant

local experience and relationships to maximize that potential,” said William Milligan, the company’s Western U.S. regional president.

For more: and

Finding work down south
Several Valley companies are working on projects in Tucson.

Real Estate News

HootSuite - Social Media Dashboard