I hope you had a wonderful Veteran’s Day yesterday! God bless our troops!
Now, here are the news articles you might find interesting today for commercial real estate and business:
Westwood Financial Corp Pays $4.5M for Phoenix Retail California-based Westwood Financial Corp. has purchased the Village Shops at 12th Street, located at 1125-1149 E. Glendale Ave. in Phoenix, AZ for $4,.511 million, or approximately $318 per square foot. The 14,205-square-foot retail strip center was renovated in 2008, and lies in the East Phoenix Retail submarket of Maricopa County. View article…
21 Acre Hospital Development Site Acquired for $5.5M The John C. Lincoln Health Network purchased 21.39 acres of development land in Phoenix, AZ from The Macerich Company for $5.59 million, or about $261,000 per acre. The 937,753-square-foot property, also known as Sonoran Crossing, is slated to be developed as an emergency room with a radiology center and eventually, into a full-service hospital. The buyer paid the seller an additional fee of $6.15 per square foot to develop the infrastructure. The expected opening date of the complex will be late 2013. View article…
Phoenix Office Sells for $1.4M A private investor acquired 4441 E. McDowell Rd. in Phoenix, AZ from ABC Medical, Inc. for approximately $1.5 million, or $82.50 per square foot. The single-story, 18,000-square-foot office building was built in 2004 in the 44th Street Corridor submarket. It was 100 percent leased at the time of sale. View article…
Chaparral Business Center VI Sells for $10.5M Salt River Development Company purchased the Chaparral Business Center VI building at 5401 N. Pima Rd. in Scottsdale, AZ from Lincoln Property Company for $10.5 million, or about $152 per square foot. The 69,192-square-foot building was developed by Lincoln Property Company in 2008 as part of the Chaparral Business Park located in the desirable Scottsdale submarket. View article…
Sunbelt Holdings Acquires Laveen Vistas for $7.2m+ Mark Shekerjian of Parkway Bank & Trust has sold 190.73 acres of agricultural land North of the Northwest corner of 51st Avenue and Carver Road to Sunbelt Holdings for $7,218,100 or $37,990 per acre. Sunbelt Holdings paid $2,165,430 in cash to acquire the property and secured it with $5,052,670 new debt, seller carry, with a maximum allowable lien of $10,105,340. View article…
Big evangelical church buys downtown Phoenix’s First Presbyterian City of Grace Church – one of the largest Evangelical Christian churches in the Valley – has purchased the Historic First Presbyterian Church in downtown Phoenix for $3.75 million. The 65,000-square-foot Presbyterian church building is at Monroe Street and Fourth Avenue in downtown Phoenix. It was built in 1927. View article…
ASU eyes 2016 Phoenix move for law school Arizona State University has decided to relocate the Sandra Day O’Connor College of Law from the Tempe campus to downtown Phoenix, with plans to potentially build a six-story, $120 million facility. University officials hope to open the Arizona Center for Law and Society in 2016, but they need to overcome a few more hurdles before they finalize the deal. View article…
With remodeled store, Bashas’ looks future in eye A longtime Valley-based supermarket chain believes its newly remodeled store in Tempe is evidence that the franchise is making a comeback. There are several updated features at the Bashas’ store at McClintock Drive and Warner Road. View article…
HOUSING:
Youth plan to own homes, learn from bubble mistakes The housing bust that crippled the nation in recent years has not deterred younger generations from pursuing the so-called “American dream” of homeownership. A recent nationwide survey by Better Homes and Gardens Real Estate LLC found that 75 percent of Americans between the ages of 18 and 35 believe owning a home is still a key barometer to success. View article…
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