Arizona
Investment Property News
Arizona
- Why It Makes So Much Sense To Invest
Canadians are flocking to Arizona these days and it's
not just for the blue skies and warm temperatures.
Arizona real estate is on many people's minds when
they touch down at Phoenix Sky Harbour Airport and
it's for good reason -low, low prices, a Canadian
dollar near par and the lowest interest rates in history.
These three factors combined make this a unique opportunity
for Canadians looking for a cash flow investment or
great vacation property.
Arizona
is the fastest growing state in the U.S. and its economy
is faring better than the other sunshine states such
as California, Nevada and Florida. With a population
forecast to double by 2035 and an unemployment rate
lower than the U.S. national average, Arizona is poised
to continue to lead the nation in job growth in the
areas of health care, green technologies, education
and tourism-related industries.
Arizona
real estate prices have dropped more than 50 per cent
since their peak in 2006 and newer homes can be purchased
for as little as $50 per square foot, making this
a great opportunity to purchase a second home for
those in retirement or planning to spend more time
in the sunny south sometime in the future. Contrast
that to the historical average annual increase of
seven per cent per year since 1980 and this market
bottom has nowhere to go but up over the medium to
long term. Homes are in great demand for seasonal
or full-time rental and property management companies
tell us that there are not enough rental properties
available for the large number of qualified tenants.
Source:
Edmonton
Journal
Massive
Shopping Center Deal Closes in Tempe, Arizona
That
"thaw" in the desert isn't just coming in
the form of new jobs reports showing Metropolitan
Phoenix ranking second in the country for new job
growth. On Tuesday, it arrived in the form of a massive
deal for one of the region's landmark shopping centers:
Tempe Marketplace.
Located
at the Loop 101 and 202 Freeway in Tempe, Arizona,
the 120-acre, 1.3 million square foot Tempe Marketplace
has been heralded since opening in 2007 for its tenant
success, architecture and environmental excellence.
Indeed, Tempe Marketplace was just recognized again,
this time by the International Conference of Shopping
Centers' U.S. Design and Development Shopping Center
Awards for the country's most innovative shopping
center design and its sustainable elements. The project
currently has a ninety-four percent occupancy rate.
On
Tuesday, Vestar Development Company. and Rockwood
Capital acquired Tempe Marketplace for $280 million
by buying out an original partner. In conjunction
with the closing, Tempe Marketplace received a new
$200 million permanent financing package from GACC.
Vestar
was the developer of Tempe Marketplace and had previously
partnered with DLJ/Credit Suisse. Both Rockwood and
Vestar made significant investments in the acquisition.
Under terms of the deal Vestar will be the managing
partner.
At
$280 million, this transaction is the largest real
estate transaction completed in Arizona in 2010 and
one of the largest shopping center transactions completed
in the United States during 2010.
Source:
PR
Wire News
