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Commercial Real Estate & Business News – November 6, 2012

Here are the news articles you might find interesting today for commercial real estate and business:

To view the Tenant Credit Ratings: Nov 2012 report by HIG, click here…

Grand Canyon University Expands in Phoenix Grand Canyon University has purchased the single-story industrial and flex building located at 5115 N. 27th Ave. in Phoenix, AZ from an affiliate of Crown Realty & Development, Inc. for $6.4 million, or about $49 per square foot. The 131,062-square foot industrial building is situated on 15 acres in the Black Canyon Industrial submarket of Maricopa County. The buyer purchased the property for a new call center. View article…

Corner on 7th Sells for $6.8M A private investor sold the Corner on 7th retail building at 1515 N. 7th Ave. at in Phoenix, AZ to Hannay Realty Advisors for $6.838 million, or about $422 per square foot. The 16,202-square-foot property was originally built in 1945, but was completely remodeled in 2011. The building was 89 percent leased by national tenants including Chipotle, Five Guys, How Do You Roll, Jersey Mikes, The Joint, Verizon and local food eatery Vovoneena. View article…

John C. Lincoln buys hospital site for $5.6M from Westcor Shopping mall developer Macerich and its Westcor division sold 22 acres of land for $5.6 million to John C. Lincoln Health Network, which will develop a new 120-bed hospital and medical campus on the site. Santa Monica, Calif.-based Macerich still owns 55 acres at the Sonoran Crossing development along Interstate 17 near Carefree Highway. View article…

Public Storage Acquires Mesa Storage Facility Val Vista Storage LLC sold the self-storage building located at 2920 E. Baseline Rd. in Mesa, AZ to Public Storage, Inc. for $3 million, or about $49 per square foot. The property was built in 1998 and features 393 units, one-third of which are climate controlled. The property was about 70% leased at the time of sale. View article…

Indoor shooting range to occupy space near Ikea Tempe’s well-known cluster of furniture and home-furnishing stores anchored by Ikea near Warner Road and Interstate 10 soon will be home to the city’s first indoor shooting range. C2 Tactical Indoor Shooting Range, lead by investor Boe Bergeson, recently paid $1.12 million for a 17,219-square-foot showroom in the Emerald Design Center just south of IKEA near Warner and Priest Drive, View article…

America’s Taco Shop plans national growth America’s Taco Shop, a fast-casual Mexican chain based in Scottsdale, Ariz., is beginning to expand nationally. The concept, which has six restaurants in the Phoenix, Ariz., area, will open a new franchised unit in Bethesda, Md., on Nov. 9 through a deal with Kahala Corp. of Scottsdale. View article…

Union preps for opening at Biltmore Fashion Park Growing up here in the Phoenix area, whenever I heard mention of Biltmore Fashion Park, I always thought of high-end national stores like Saks Fifth Avenue. But after this week is over, mention of the Phoenix shopping center will bring to mind a more local flavor. This Friday, the Biltmore will have the grand opening for Union, its 7,200-square-foot collective of local shops tucked away on the shopping center’s east side next to Stingray Sushi and Seasons 52. View article…

LEDIC opening office in Phoenix LEDIC Management Group, a Memphis-based affiliate of Hunt Companies Inc., is starting a regional office in Phoenix to handle new apartment management contracts in Arizona. LEDIC has secured seven new multi-family management contracts in Arizona with 1,213 units total. View article…

Two Bank Failures Raise 2012 Total to 49 The FDIC added two more banks to this year’s failed bank list Friday, bringing the total year-to-date to 49. The two shuttered banks were located in Illinois and Florida, each marking the eighth bank in their state to close this year. View article…

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