Here are the news stories you might find interesting today regarding commercial real estate and business:
Vacant Shopping Center Trades for $1M The Shops at Fiesta Ranch, a 16,718-square-foot, vacant retail property, has sold for $1.1 million, or $66 per square foot, in one of the Valley’s first short sales during this current downcycle. The seller, San Diego, Calif.-based Fiesta Ranch LLC, negotiated the short sale with the construction lender, Wells Fargo. The buyer, Phoenix-based Guadalupe Retail LLC, paid cash for the property, which is located at the Northeast corner of Guadalupe and McQueen Roads. View article…
Equiant Financial Services signs lease at Chaparral Business Center Equiant Financial Services Inc. will move from the Scottsdale Galleria to Chaparral Business Center VI at 5401 N. Pima Road, this summer. Equiant signed the five-year lease for 17,350 square feet with Lincoln Property Co., the owner and manager of the business center. Lincoln spokeswoman Julie Igo said it’s about the same amount of space Equiant occupies at the Galleria. View article…
SanTan Brewing Co. expanding, aiming for new markets The SanTan Brewing Co. is undergoing a $4 million expansion set to be completed in June. The project will increase the firm’s brewing area by more than 3,000 square feet and add seven fermentation tanks to increase its production capacity. The project will also add canning machinery that will allow for retail sales of select brews, including the firm’s HopShock IPA and Epicenter American Amber. View article…
Fannie Mae: Inventory hindering housing recovery Fannie Mae’s economists see signs of a strengthening economy but say the housing market still faces headwinds. In its April Economic Outlook, Fannie Mae says excess inventory and foreclosure sales are hindering the housing market. New home sales are at record lows and will be slow to recover until inventory of existing homes and foreclosure overhang are worked off, Fannie Mae says. View article…
Ariz. lawmakers pass toughest illegal immigration law in U.S. Arizona lawmakers on Monday approved one of the toughest illegal immigration laws in the United States. The immigration bill now heads to Arizona Gov. Jan Brewer, who has five days to sign it, veto it or do nothing and allow it to become law. Brewer said she’d be reviewing the legislation over the next several days, indicating that she will likely take the maximum time allowed to her before taking action. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.