Commercial Real Estate & Business News – July 16, 2014

U.S. strip mall vacancies fell slightly in the second quarter, while retail mall vacancies remained unchanged, real estate research firm Reis Inc said in a report. The national vacancy rate for strip malls was 10.3 percent, down from 10.4 percent in the first quarter and 10.5 percent in the second quarter of 2013… Read more »
Jeff Blandford of Blandford Homes as acquired 128.76 acres of unimproved land at the northeast corner of Guadalupe and Crismon Roads in Mesa comprising parcels one through four of the five parcel, 172.5 acre Crescent Ridge master-planned community. The $21,623,412 purchase price for 552 final platted lots equates to $167,934 per acre… Read more »
Shoppers near Chandler Boulevard and Price Road have more options with recent additions to the Chandler 101 Centers. The plaza welcomed a new Pier 1 Imports, Cheddar’s Casual Café, Conn’s Home Plus and DXL (Destination XL). Pier 1 sells an eclectic mix of imported home furnishings and gifts… Read more »
On behalf of Clarion Partners, the Phoenix office of JLL has completed a 93,489-square-foot lease with Benson Industries, LLC at Durango Commerce Center in Phoenix. The deal represents one of the largest industrial lease transactions in Phoenix’s Southwest Valley submarket this year. It also brings the 670,000-square-foot, two-building Durango Corporate Center to 91% occupied… Read more »
After receiving close to a dozen offers during the 30-day marketing period, ORION Investment Real Estate announces the closing of Plaza Fountainside located at 12645 North Saguaro Blvd. in Fountain Hills for $4.1 million ($178 per square foot) to LIPA, LLC and KUNA, LLC, family partnerships with principals in California and Arizona. The seller was Pinciero, LLC out of Calgary, Alberta… Read more »