Here are the news articles you might find interesting today for commercial real estate and business:
VALLEY BUILDERS STAYING ACTIVE . . . LAND FOR 415 LOTS TRADES FOR $19+ MILLION Five Valley builders have paid a combined $19.576 million to purchase 415 lots located across the Valley. The cash deals show that the activity in the Phoenix area housing market continues to remain at a steady clip as the home builders scramble to acquire land for subdivisions in all parts of the Valley from east to west and north to south. The five newly planned subdivisions listed below are just a fraction of the land acquisitions completed in 2013. View article…
Positive Fundamentals Prompt Elevation Chandler Partnership Real Estate Capital Partners’ and Vedura Residential’s partnership to build the 163-unit Elevation Chandler at 2300 W. Pecos Rd. was prompted, in part, by long-term ties. Elevation Chander represents the 13th investment of RECAP’s Metropolitan Opportunity Fund III, and Vedura’s second planned “Elevation” branded multifamily project in Arizona. View article…
Black Canyon Commerce Park and Red Mountain Corporate Center Noticed on $40m CMBS Debt A Notice of Trustee Sale has been issued on a $40m note secured by the entirety of the Black Canyon Commerce Park and the Red Mountain Corporate Centers in Phoenix. The Black Canyon Commerce Park consists of three 2-story offices, totaling 181,629 ft2 of Class A space, located east of the southeast corner of I-17 and Peoria Avenue at 2101, 2133 & 2225 W Peoria Avenue. Black Canyon was built in two phases; Offices A & B of 62,588 ft2each were built in 1999 and Office C of 57,473 ft2 was built in 2001, all on 16.06 acres zoned A-1. View article…
Canadian LP Acquires Dover Shores for $5.9M (Congrats to Brent & Bob in the office!) TSA Group USA Ltd. acquired the 96,925-square-foot Dover Shores office complex from MainSpring Capital Group for $5.8 million, or approximately $60 per square foot. Located at 2222 S. Dobson Rd. in Mesa, AZ, the 11-building office park is situated on a 4.3-acre parcel. It was reported that the complex was only 70 percent occupied at the time of sale. View article…
Gold Medal Gymnastics Signs for 25,000 SF Gold Medal Gymnastics, a program founded by 1996 Olympic Gold Medalist Amanda Borden-Cochran, has signed a lease for 24,492 square feet. The new space represents a relocation and expansion for the tenant. Gold Medal Gymnastics has been in Chandler at 255 W. Warner Rd. since 2008. The new lease brings the program up the road to 455 E. Warner Rd. View article…
Rezoning approval paves way for planned Chandler business park The Chandler City Council on Thursday approved the rezoning of a 29-acre parcel near the southwestern corner of Price and Willis roads from agricultural to commercial to make way for a business park. The site, in the South Price Road Employment Corridor, was initially a part of a larger plot on which San Diego-based developer Douglas Allred Company planned to build multitenant buildings. View article…
Massage Envy expanding with new stores in Chandler, Gilbert Scottsdale-based Massage Envy has opened two new clinics and expanded another in the Phoenix region. The massage chain opened a clinic at Chandler Crossroads on Gilbert Road and Loop 202 and another at the Gilbert Highland shopping center near Higley and Baseline roads. View article…
Market Trend: Phoenix’s Industrial Vacancy Decreases to 11.8% The Phoenix Industrial market ended the first quarter 2013 with a vacancy rate of 11.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,581,744 square feet in the first quarter. View article…
Phoenix-area home foreclosure rate continues to fall Foreclosure and mortgage delinquency rates in the Phoenix area declined in February from a year ago, another sign of a stabilizing housing market in Arizona. New data from CoreLogic shows that the rate of Phoenix-area foreclosures among outstanding mortgage loans was 1.31 percent in February, a decrease of 1.67 percentage points compared with a year earlier. View article…
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