Here are the news articles you might find interesting today for commercial real estate and business:
Intermountain Lock & Security Supply Pays $1M for Phoenix Industrial Intermountain Lock & Security Supply purchased Building 7 in the Canal Crossing Business Park, located at 5620 S. 32nd St. in Phoenix, AZ for approximately $1.29 million, or $60 per square foot. The property will be occupied by the buyer. The 21,541-square-foot distribution building was constructed in 2008 during Phase II of the park’s construction, located at the northwest corner of 32nd St. and Canal Ave. in the South Airport South of Roeser Industrial submarket of Maricopa County. View article…
SCOTTSDALE OFFICE/FLEX SPACE SELLS FOR $4.3M A 66,240-square-foot office/flex building in Scottsdale has sold to Helio Real Estate for $4.3 million. It is located at 8388 E. Hartford Drive. Helio was represented in-house by Adrian Evarkiou. View article…
LOS PORTICOS IN SCOTTSDALE SELLS FOR $1.7M The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. View article…
30-Unit Woodridge Has New Owner A Southern California seller has unloaded the 30-unit Woodridge Apartments to a Phoenix buyer for $700,000, which breaks down to $23,333 per unit. The investor, 2259 West Ella, LLC c/o Desert Value Partners, takes on the 1980s complex as a value-add play, with plans to extensively remodel and reposition the asset. View article…
ASU could hire 10,000 people in next six years, Michael Crow says just got off the phone with Arizona State University President Michael Crow, and he told me he will need to hire up to 10,000 people within the next six years to support his ambitious research goals. Crow plans to increase university research expenditures to $700 million within the next six or seven years, up from an existing $386 million. View article…
Distressed Cycle Passes Half-Way Mark Bargain hunters hoping to pick up deals among distressed assets may need to move quickly. More than half the distressed assets on banks’ books have been dealt with and the amount of loans falling into distressed situations has reached a cyclical low. “At this point, it’s fair to say that we are moving into the later innings of the distressed cycle,” says Dan Fasulo, managing director at New York-based Real Capital Analytics. View article…
NAU sees slight increase in spring enrollment Northern Arizona University is seeing a slight increase in its spring enrollment. The student population is at 24,039, about 1.1 percent higher than the previous year. Most of those students are at the university’s main campus in Flagstaff. View article…
Arizona No. 2 for combined sales tax rate This probably comes as no surprise to Arizonans, but we have some of the highest combined state and local sales tax rates in the country, according to a new report from the Tax Foundation. In fact, we have the second-highest combined rate at 9.16 percent, behind only Tennessee, whose residents have a 9.44 percent combined sales tax rate. Louisiana (8.87 percent), Washington (8.86 percent) and Oklahoma (8.67 percent) round out the top five. View article…
HOUSING:
Delinquency Rate Falls 14% from 2011, but Remains Elevated At the end of 2012, the national mortgage delinquency rate fell nearly 14 percent over a one-year period, while more than 80 percent of metropolitan areas saw their rates decline, according to a TransUnion report. The rate of mortgages past due 60 or more days dropped to 5.19 percent in Q4 from 6.01 percent in the same quarter in 2011. The delinquency rate also declined 4 percent from 5.41 percent in Q3, marking the fourth consecutive quarterly decrease. View article…