Here are the news articles you might find interesting today for commercial real estate and business:
Private Buyer Pays $30M for Fender’s HQ A little more than two years after WDP Partners LLC acquired the vacant former headquarters of the First National Bank of Arizona (FNBA), the Phoenix-based investor sold the office building, with Fender Musical Instruments Group as its main tenant, to Bruce Karsh, head of Oaktree Capital Management in California. The buyer paid $29.8 million for the 127,750-square-foot building, which is Fender’s headquarters. View article…
Hines Fund Buys 302,000-SF 24th at Camelback I Making its first investment since closing its US Office Value Added Venture II Fund (VAV III), Hinesbought the 302,209-square-foot 24th at Camelback I for $81 million. The seller was Germany’s GLL Real Estate Partners, which has owned the class A office building since 2006. The building, designed by Pickard Chilton, was developed by Hines and completed in 2000. Since its completion, Hines has managed the property, which is situated on 8.5 acres on 24th Street and Camelback Road. View article…
Holualoa Sells Campbell Plaza for $32M Camelback Corporate Center Joint Venture LLC, a company controlled by locally based Holualoa Cos., ended its close to 15-year hold on Campbell Plaza, selling it to entities belonging to Krausz Cos., which is headquartered in San Francisco. When the dust settled, the seller received $32.3 million for the 190,000-square-foot retail asset, which is anchored by an Albertsonsgrocery store. View article…
Tempe indoor entertainment center planned near Ikea Bowling, billiards, laser tag, rock climbing, gravity ropes, arcade games and glow-in-the-dark golf soon will join the mix at Tempe’s home-furnishing hub near Warner Road and Interstate 10. Main Event Entertainment of Plano, Texas, recently handed over $2.05 million for a 6.4-acre site adjacent to Ikea in the Emerald Center, where it plans to erect its first entertainment venue outside the Lone Star state…View article…
Nonni’s buys Glendale’s Villa Veneto, La Dolce Vita products Nonni’s Foods LLC has purchased the Villa Veneto Corp. and its La Dolce Vita products. The deal for the Glendale-based Villa Veneto was completed at the end of December and announced Tuesday. Financial terms were not disclosed. View article…
Phoenix construction sector posts strong job gains Metro Phoenix’s construction industry added the fifth-highest number of jobs in the nation in November, according to a new report Tuesday from the Associated General Contractors of America. The Phoenix area added 5,400 new construction jobs year-over-year in November, tallying a total workforce of 88,800 for the month, according to the report, which comprises its data from the U.S. Bureau of Labor Statistics. View article…
HOUSING:
Agency Expects More Short Sales in 2013 with Debt Relief Act’s Extension YouWalkAway.com, a foreclosure agency, conducted a survey of its clients and revealed 78 percent of those who responded said they were walking away from their primary residence. In addition, at least 74 percent of all respondents would be eligible for tax relief through the Mortgage Debt Relief Act of 2007. View article…