Here are the news articles you might find interesting today for commercial real estate and business:
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Fender HQ in Scottsdale Sells for $29.9M Perimeter Scottsdale Property LLC acquired the Fender HQ building at 17600 N. Perimeter Dr. in Scottsdale, AZ from WDP Partners LLC for $29.85 million, or about $234 per square foot. The two-story office building was 100 percent leased at the time of sale, with Fender Musical Instruments Group occupying 110,000 square feet. View article…
Canadian investor buys Chandler building for $15 million A Canadian investor has snatched up a 90,911-square-foot office building adjacent to the Chandler Municipal Airport for $15 million, according to a statement Thursday from CBRE Inc. in Phoenix. View article…
SAN MARCOS RESORT IN CHANDLER SOLD FOR $11 MILLION TO LA JOLLA, CALIF.-BASED INVESTOR San Marcos Hotel LLC, a company formed by Interwest Capital Corp.in La Jolla, Calif. (Shahyar Zayanderoudi, aka: Alex Roudi, manager), paid $11 million ($44,176 per room) to buy the 249-room Crowne Plaza San Marcos Gold Resort. The seller was CP San Marcos LLC, a company formed by Guaranty Bank and Trust Co.. in Denver, Colo. The buyer acquired the hospitality asset with a $14 million loan from the seller. View article…
VELOCITY RETAIL SELLS WOODLANDS VILLAGE SHOPPING CENTER IN FLAGSTAFF, ARIZONA Velocity Retail Group’s Darren Pitts, executive vice president and Ron Ault senior vice president, were hired to represent the shopping center owner with Ben Brown from Mountain West Retail/Investment. The 91,810 square foot shopping center is located at 2600 Woodlands Village Drive in Flagstaff on 9.36 acres of land. The seller of the center, PDC Community Centers, LLC is an entity controlled by General Growth Properties, Inc. of Chicago Illinois. View article…
Tenant Buys Phoenix Industrial for $1.2M PT O’Brien Holdings LLC acquired the industrial property at 2830 N 29th Ave. in Phoenix, AZ for $1.2 million, or $30 per square foot, from Garren Development LLC. The buyer had occupied the property as Conceptual Creations Pet Products, the sole tenant in the building. The single-story, 40,005-square-foot manufacturing building was built in 1976 on 2.3 acres in the W. Phoenix South of Thomas Road Industrial submarket of Maricopa County. It features two drive-in doors, a fenced lot, 800-amp heavy power and rail access on the Burlington Northern Santa Fe line. View article…
Goodyear Retail Sells for $1.7M FirstBank acquired the retail building at 1559 N. Litchfield Rd. in Goodyear, AZ from the Briad Group for $1.73 million, or approximately $296 per square foot. The 5,848-square-foot property was constructed in 2000 and sits on 1.5 acres. The retail building was 100 percent occupied by T.G.I. Friday’s at the time of sale. View article…
Retail Investment Sales Up 20 Percent in 2012 As expected, investment sales volume in the retail sector in 2012 took a leap upwards from 2011. Real Capital Analytics (RCA), a New York City-based research firm, reports that retail investment sales totaled $52.8 billion in 2012 – a 20 percent increase from the year prior. The number of closed transactions involving significant retail properties also went up by 20 percent, to roughly 4,400. View article…
Market Trend: Phoenix’s Office Vacancy Decreases to 19.4% The Phoenix Office market ended the fourth quarter 2012 with a vacancy rate of 19.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,610,615 square feet in the fourth quarter. That compares to positive 455,041 square feet in the third quarter 2012. Vacant sublease space decreased in the quarter, ending the quarter at 851,794 square feet. View article…
Arizona Cardinals still considering training camp move to Glendale The Arizona Cardinals are still looking at moving their summer training camp from Flagstaff down to Glendale. Team president Michael Bidwill – the son of owner Bill Bidwill – said on KGME-910 AM today that the National Football League team is still deciding between continuing camp at Northern Arizona University or moving it to University of Phoenix Stadium in Glendale. View article…