Showing posts with label Tempe. Show all posts
Showing posts with label Tempe. Show all posts
Thursday, August 20, 2015
Friday, July 10, 2015
Thursday, July 9, 2015
Saturday, June 27, 2015
Arizona plummets on list of top states for business
Not good news for our state. This if from the Phoenix Business Blog
Monday, June 22, 2015
What is Really Happening in Real Estate?
I posted links to several several real estate related news stories this morning here. Individually they each make a valid point about the current real estate market.
- Lack of new construction leading to stagnation
- Maricopa County homes sell at 20% below asking price
- Existing home sales are at the highest level since 2009
- 37% of Phoenix homeowners are still underwater
But taken all together they create a confusing and even scary picture of the market. Other stories today (that I didn't link to) show home prices rising as well as interest rates. Some experts tell us that we have arrived at the "New Normal" (I don't even know what that really means) while some say that we are "on the road to recovery" and all is well while still others warn of "the impending second crash."
If the nationally known economists can't agree on what the future brings, I'm not even going to try to predict. I will offer some advise, however, that will serve you well no matter who is right:
- YOUR HOME IS NOT AN INVESTMENT.
- If you have a home you like, are comfortable in and can afford the mortgage, GREAT! Don't worry about if you owe more than you could sell the home for. If you don't intend to sell anyway it doesn't really matter - just enjoy your home. If you stay in your home making the mortgage payments long enough it will eventually catch up.
- If you are looking to purchase a home; purchase on the basis of what you can comfortably afford, your lifestyle, the location you want or nay other criteria that be important to you (schools, nearness to employment, views, whatever) your home is no more an investment than your car or your television.
- REAL ESTATE IS STILL A GREAT INVESTMENT
- The unique financing and favorable tax treatment of real estate still make it one of the best investments available
- Investment decisions must be made on realistic cash flow expectations. Positive cash flow on a property allows you to pay all the operating expenses and debt service and still have money left at the end of the year. (with the tax advantages of real estate some of all of this may even be tax free money)
- Keep appreciation out of your investment decision. If we continue to have appreciation and your investment property is worth substantially more when you sell than when you buy, that is a great BONUS, but that is the big unknown. Now don't get me wrong, I want you to make money on appreciation - I just don't want you to base your investment strategy on appreciation. Make sound investment decisions based on conservative cash flow estimates and you still have a good solid investment even if appreciation does not occur.
Keeping these two principals in mind, you will be fine whichever of the popularly predicted outcomes for our economy come to fruition.
Thursday, January 1, 2015
Tempe Town Lake Project Hits Roadblock
http://m.bizjournals.com/phoenix/news/2014/12/30/1b-tempe-project-hits-roadblock-chinese-backed.html?ana=e_du_pub&s=article_du&ed=2014-12-30&u=tR+xrba%2FNLBMkn4oLuNPFw07906714&t=1420173809&r=full
Thursday, October 23, 2014
Form BREW
http://brewaz.com/content/index_story_free.php?story_id=9636&volume_num=XX&issue_num=42&issue_date=October
Friday, September 19, 2014
WENTWORTH VENTURE BUYS TEMPE OFFICE PROJECT . . . PLANS $20 + MILLION REMODEL
Published in today's issue of 
Tempe - A venture formed by Wentworth Property Co. in Phoenix (James Wentworth, Sr., James Wentworth, Jr.principals) and Northwood Investors in New York City, N.Y. (John Kukral, pres.) paid just under $13.833 million ($59 per foot) to purchase a 234,446-square-foot office development located at 1665 W. Alameda Drive in Tempe. The seller was FNB Fountainhead LLC, a company formed by members of the Raymond Lamb family in Scottsdale (Patrick Lamb, et al., members). Maricopa County records show 1665 Alameda Property Owner LLC (Wentworth/Northwood entity) paid cash for the property. The deal was brokered byJeff Wentworth, Sean Spellman, Mike Beall and Chris Walker of Cassidy Turley in Phoenix. The single-level building, which was built in phases in 1970, 1984 and 1987, was developed and occupied by State Farm Mutual Insurance Cos. for 30 + years. The property is now mostly vacant. There will be one tenant left when the renovation work begins in December. The new owner will work around that business during the demolition, which should be finished by late Spring next year. Wentworth Jr. says the property will be completely gutted with just exterior walls left standing. Refurbishment plans for the creative office space include constructing new entrances and lobbies, replacing building skins and installing full height windows around the structure. Cost of the renovation is estimated at $20 million to $25 million. The joint venture will likely look to secure construction financing for a portion of the redevelopment. The architect is Gensler in Phoenix and the contractor is Kennedy Design Build LLC in Mesa. The Cassidy Turley agents have been awarded the leasing assignment. The office property will be able to accommodate from one to three tenants. Wentworth/Northwood intends to increase the parking to 7 spaces per 1,000 sq. ft. Rental rates still to be determined. The Lamb company owned the Tempe building for over 10 years. In May 2004, BREW reported FNB Fountainhead LLC paying $9.25 million ($39.45 per foot) to buy the 25-acre Alameda Drive property. The project, at the south end of Fountainhead Corporate Park, was occupied by First National Bank of Arizona for three years. First National Bank of Arizona, which was headed by Ray Lamb, failed in 2008 and was taken over by the FDIC. BREW has reported Wentworth Property developing, buying and selling several office and industrial projects in the Valley. The Alameda Drive investment is the second venture for Wentworth Property and Northwood Investors, both privately-held companies. In July 2011, BREW reported a company formed by Wentworth and Northwood paying $53.7 million ($61.30 per foot) to acquire a 876,000-square-foot office-industrial project located on 135 acres along the north side of Elliot Road and just west of the Loop 101 (Price Freeway) in Tempe. Freescale Semiconductor Inc. in Austin, Tex. (NYSE:FSL) was the seller of that property, which has been repositioned as an employment park called Discovery Business Campus. The Wentworth/Northwood venture is looking for more investment opportunities in the Phoenix area. Find out more from the Wentworths at (602) 296-1100. Brady Thurman is the contact at Northwood Investors . . . call him at (212) 573-0800. Patrick Lamb is at (480) 305-8500. Reach the Cassidy Turley agents at (602) 954-9000.
Tempe - A venture formed by Wentworth Property Co. in Phoenix (James Wentworth, Sr., James Wentworth, Jr.principals) and Northwood Investors in New York City, N.Y. (John Kukral, pres.) paid just under $13.833 million ($59 per foot) to purchase a 234,446-square-foot office development located at 1665 W. Alameda Drive in Tempe. The seller was FNB Fountainhead LLC, a company formed by members of the Raymond Lamb family in Scottsdale (Patrick Lamb, et al., members). Maricopa County records show 1665 Alameda Property Owner LLC (Wentworth/Northwood entity) paid cash for the property. The deal was brokered byJeff Wentworth, Sean Spellman, Mike Beall and Chris Walker of Cassidy Turley in Phoenix. The single-level building, which was built in phases in 1970, 1984 and 1987, was developed and occupied by State Farm Mutual Insurance Cos. for 30 + years. The property is now mostly vacant. There will be one tenant left when the renovation work begins in December. The new owner will work around that business during the demolition, which should be finished by late Spring next year. Wentworth Jr. says the property will be completely gutted with just exterior walls left standing. Refurbishment plans for the creative office space include constructing new entrances and lobbies, replacing building skins and installing full height windows around the structure. Cost of the renovation is estimated at $20 million to $25 million. The joint venture will likely look to secure construction financing for a portion of the redevelopment. The architect is Gensler in Phoenix and the contractor is Kennedy Design Build LLC in Mesa. The Cassidy Turley agents have been awarded the leasing assignment. The office property will be able to accommodate from one to three tenants. Wentworth/Northwood intends to increase the parking to 7 spaces per 1,000 sq. ft. Rental rates still to be determined. The Lamb company owned the Tempe building for over 10 years. In May 2004, BREW reported FNB Fountainhead LLC paying $9.25 million ($39.45 per foot) to buy the 25-acre Alameda Drive property. The project, at the south end of Fountainhead Corporate Park, was occupied by First National Bank of Arizona for three years. First National Bank of Arizona, which was headed by Ray Lamb, failed in 2008 and was taken over by the FDIC. BREW has reported Wentworth Property developing, buying and selling several office and industrial projects in the Valley. The Alameda Drive investment is the second venture for Wentworth Property and Northwood Investors, both privately-held companies. In July 2011, BREW reported a company formed by Wentworth and Northwood paying $53.7 million ($61.30 per foot) to acquire a 876,000-square-foot office-industrial project located on 135 acres along the north side of Elliot Road and just west of the Loop 101 (Price Freeway) in Tempe. Freescale Semiconductor Inc. in Austin, Tex. (NYSE:FSL) was the seller of that property, which has been repositioned as an employment park called Discovery Business Campus. The Wentworth/Northwood venture is looking for more investment opportunities in the Phoenix area. Find out more from the Wentworths at (602) 296-1100. Brady Thurman is the contact at Northwood Investors . . . call him at (212) 573-0800. Patrick Lamb is at (480) 305-8500. Reach the Cassidy Turley agents at (602) 954-9000.
Subscribe to:
Posts (Atom)