Here are the news articles you might find interesting today for commercial real estate and business:
Investor Acquires Crescent Center for $5.7M The Muller Company sold the Crescent Corporate Center at 2400 W. Dunlap Ave. in Phoenix, AZ to Cavan Real Estate Investments for $5.7 million, or approximately $53 per square foot. The three-story, 108,451-square-foot office building was constructed in 1987 on a 7.3-acre parcel in the Northwest Phoenix submarket. The asset was 71 percent occupied at time of sale. View article…
Larry H. Miller Group buys 7 Arizona car dealerships Larry H. Miller Dealerships – the Utah-based owner of several Phoenix-area car dealerships – has made major acquisitions in Avondale and Tucson. Miller has acquired three Avondale dealerships – Avondale Chrysler, Jeep; Avondale Fiat and Avondale Dodge, Ram. View article…
1st hotel set for Chicago Cubs complex in Mesa Only the shell of a new stadium is poking out of the ground, but the Chicago Cubs’ new complex in northwest Mesa already has landed its first major commercial development. Mesa-based Sunridge Properties Inc. has agreed to build a 100-room Marriott SpringHill Suites hotel on the edge of a city park that will serve as the eastern gateway to the $99 million baseball complex. View article…
Tempe entertainment venue in works to battle for family-fun bucks Competition is heating up – again – among family-entertainment venues near the convergence of Chandler, Tempe and Ahwatukee. Work has begun on Main Event Tempe, in the Emerald Center northeast of Interstate 10 and Warner Road in Tempe, adjacent to Ikea and Dick’s Sporting Goods. A late-fall opening is planned. View article…
Expansion gives new look to high-end A Second Look Customers looking for high-end resale clothing at northeast Phoenix’s consignment store A Second Look can now take breaks while shopping to grab coffee or lunch without ever leaving the store, thanks to a recent expansion and redesign. The store, in a strip mall on the corner of 32nd Street and Shea Boulevard, expanded into an adjacent tenant space that had long been empty, said Judy Rhodes, co-owner of A Second Look. View article…
Ahwatukee’s Biscuits restaurant expands to Gilbert Three years after opening his first Biscuits AZ Breakfast and Lunch, owner Lloyd Melton has his second installment running in Gilbert. Melton in August 2010 opened his first Biscuits at 4623 Elliot Road in Ahwatukee, where he has lived since 1976. Now his employees also are flipping pancakes, frying up chicken steaks, and serving other traditional diner fare in the Sam’s Club Plaza, 1235 N. Gilbert Road. View article…
Retail proposed for Arcadia offices The owner of an office building at a prime intersection in the Arcadia area of Phoenix is hoping to bring retail to the property. Stephen Anderson, a land-use attorney who represents 77 Group Investments, LP, said the owner wants to make retail available to his existing office building on the northeastern corner of 44th Street and Camelback Road. View article…
Phoenix Office: Sluggish Absorption, Flat Rents Though the metro office market started out the year with somewhat positive absorption, the overall Q1 picture seems to be one of sluggishness. According to recently released figures from Jones Lang LaSalle’s Phoenix office, total net absorption stood at 160,959 square feet, with overall vacancy standing at 24.3% out of an area-wide inventory of 29.9 million square feet. View article…
HOUSING:
Gilbert neighbors say no way to new zoning request As a Pennsylvania-based homebuilder advances plans for another new subdivision in south Gilbert, some residents feel the unique, low-density character of their neighborhood is slipping away, one rezoning request at a time. The Gilbert Planning Commission on Wednesday is set to consider rezoning a 59-acre plot near Riggs Road and Adora Boulevard, where Toll Brothers is looking to double the number of new homes it can build on the parcel. View article…
Is the Housing Recovery ‘Artificial’? Does It Matter? It’s no secret investor demand is playing a large part in the current housing recovery as cash buyers contribute to close to one-third of home sales. The question on the minds of many is whether the market is experiencing an “artificial” recovery and whether it will last. View article…
Survey: Interest in Buying Increases Among Young Renters Nearly two-thirds of millennials expressed an increased interest in buying, and it’s not because they are tired of apartment living, according to a survey from Pulte Group, Inc., a national homebuilder. The Pulte Group Home Index Survey (PGHI) showed 65 percent of renters between ages 18 to 34 with an annual income of at least $50,000 said their intention to buy has increased significantly or somewhat over the past year. View article…