Here are the news articles you might find interesting today for commercial real estate and business:
Robb and Stuckey Showroom Acquired by Lender for $11m+ Basil Christopoulus of C and H Development has sold the Robb and Stucky Furniture Showroom located at the Northwest corner of Scottsdale Road and Hayden-Greenway Loop has been sold for $11,274,112 or $101.38 per ft2. The buyer was Daniel Roark of Ladlow’s Fine Furniture who had previously lent $10m to C and H Development secured by the property and released with sale. The showroom is an 111,202 ft2 freestanding building, built in 1997 on 6.4 acres. C and H Development acquired the property from DMB Associates on June 11th, 1999 for $14.675m with $3.6m down and $10,856,507 new debt, seller carry. The property’s sole tenant, Robb and Stucky Furniture, filed for Chapter 11 bankruptcy protection on February 18th, 2011. View article…
Bell & Grand Storage Facility Sells for $4.2M Business Property Trust LLC, an Oregon-based investment company, acquired the self-storage facility at 13331 W. Bell Rd. in Surprise, AZ for $4,265,000, or about $52 per square foot. The Bell & Grand Mini Storage facility consists of 790 total rental units ranging in dimensions of 4 x 5 up to 20 x 20. The facility totals 82,633 square feet on 4.43 acres in Maricopa County. View article…
Krispy Kreme to open Mesa store The end of the year is already a time for sweets and treats, which makes next month the perfect time for the Phoenix area’s third Krispy Kreme Doughnuts to open. The North Carolina-based doughnut chain’s newest location will open at 5:30 a.m. Dec. 4 in Mesa at 1984 W. Main St. at the corner of Main St. and Dobson Road. View article…
Glendale’s new $308M Coyotes deal brings Valley’s sports subsidy, spending tab to $1.5B Glendale’s approval Tuesday night of a new $308 million arena deal helps prospective buyer Greg Jamison in his arduous bid to purchase the Phoenix Coyotes hockey team. It also brings regional government spending on sports stadiums, arenas and pro teams to more than $1.5 billion since the early 1990s when the city of Phoenix helped Jerry Colangelo build what is now US Airways Center in downtown Phoenix. View article…
Arizona among 10 most poorly run states in America Apparently Arizona is just as poorly run a state as it was a year ago — at least according to 24/7 Wall St. The state ranked No. 47 again this year on the financial website’s list of the best run states in the country. View article…
Beige Book Shows Regional Economic Differences The Federal Reserve painted a picture of a split economy with concerns about the “fiscal cliff” in its periodic Beige Book released Wednesday. The economy, according to the Beige Book, expanded “at a measured pace” in seven of the 12 federal reserve districts – Cleveland, Richmond, Atlanta, Chicago, Kansas City, Dallas, and San Francisco. There was also “a somewhat stronger increase in activity” in Minneapolis and St. Louis View article…
Arizona will not create a state-based health exchange Gov. Jan Brewer notified the Obama administration Wednesday that Arizona will not pursue the creation of a state-based health insurance exchange. Instead, Arizona will participate in a federally-operated exchange. View article…
HOUSING:
Arizona winter visitors will find plenty of homes to rent Winter visitors to Arizona should have little trouble finding a place to live, a local home rental service said. Winter visitors have a double-dose of good news this year: rent prices have stayed relatively stable for a couple of years and there are plenty of places available. View article…
Phoenix has nearly the youngest housing stock in the nation More than half a million homes in the Phoenix area have been built since 2000, and that gives the Valley the ninth-youngest housing stock in the country. New research from On Numbers finds that 28 percent of the housing units in the Phoenix area were built between 2000 and 2011. Only eight metro areas have a larger percentage of homes that are newer. View article…
Latest new home data tempers the recent hype Federal housing data released Wednesday seems to have put a damper on all that recent hype and Wall Street optimism about a resurgence of the new-home market — at least for certain parts of the country. The nation posted a seasonally adjusted rate of 368,000 new-home sales in October, essentially unchanged from the 369,000 units in September, according to jointly released figures by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. View article…