Commercial Real Estate & Business News – October 18, 2013

2013 Store Closings Likely to Be in Line with Last Year’s

Now that the nation no longer faces the threat of imminent default, it’s safe to assume store closings this year will be either on par with or lower than in 2012, industry insiders say. The fourth quarter is always a time of anxiety for the sector as holiday sales can tip the scales toward red or black for many retailers. But the general feeling is that consumer confidence is strong enough… Read more

Mesa Land Auctioned Off for $30.2 million, New Homes Planned

The Arizona State Land Department auctioned off a large block of state land in east Mesa this morning to the highest bid of $30.2 million, only $200,000 more than the minimum bid allowed. The auction itself was swift and rather anticlimactic as only two of the roughly 45 people in attendance actually participated… Read more

Coyote Landing Condos Luring Canadian, Midwestern Buyers

Another east Mesa condo project is reviving construction efforts amid a gradually recovering economy, attracting a swarm of Canadian and Midwestern buyers looking for a second home in the sun. Coyote Landing, near Crismon Road and Southern Avenue, breezed through its first round of construction and sales… Read more

Foreclosures Slow to a Trickle

The number of foreclosures has dropped dramatically in metro Phoenix since peaking in 2011. But during the housing crash, they dominated the market. Lenders have taken back more than 250,000 homes since 2008. As the economy has improved, the number of foreclosures returned to precrash levels… Read more

Hobbytown USA Founder Plans Kart Racing And Remote Control Facility In Phoenix

In what could be a flagship location, the founder of HobbyTown USA plans to develop a kart racing and remote control racing facility in northwest Phoenix. Scale Racing Sports, with a trade name of Phoenix Karting Indoors By HobbyTown USA, has leased a 94,500-square-foot building within the Greenway Square shopping center at the southeast corner of Greenway Road and 35th Avenue… Read more