Here are the news articles you might find interesting today for commercial real estate and business:
CLARION PARTNERS PICKS UP TEMPE INDUSTRIAL PROJECT IN PORTFOLIO DEAL WITH PROLOGIS A limited partnership formed by New York City, N.Y.-based Clarion Partners LLC, a wholly-owned subsidiary of Amsterdam-based ING Group, paid just under $9.072 million ($58 per foot) to purchase a 156,410-square-foot industrial building located at 6655 S. Kyrene Road in Tempe. The seller was Prologis North American Properties Fund I LLC, a venture formed by Prologis Inc. in Denver, Colo. (NYSE:PLD), and the Ohio State Teachers Retirement System. View article…
COLE REAL ESTATE PAYS $13.25 MILLION FOR RETAIL PLAZA IN QUEEN CREEK . . . WANTS MORE A company formed by Cole Real Estate Investments in Phoenix (Chris Cole, principal) paid $13.25 million ($186.68 per foot) to buy a 70,978-square-foot retail plaza at the northeast corner of Power and Rittenhouse roads in Queen Creek. The seller was DTD-Devco 2 LLC, a company formed by Desert Troon Equities in Scottsdale (Tore Diskerud, Dan Smith, principals). The plaza, called Power Marketplace, is 91.5 percent leased. The center was developed in 2007 by a venture formed by Desert Troon and Diversified Partners in Scottsdale. L.A. Fitness is the anchor tenant in the plaza. View article…
INVESTOR MAKES FIRST VALLEY BUY IN SEVEN YEARS . . . PAYS $42+ MILLION FOR 357 APARTMENTS go Multi Venture LLC, a company formed by investor Lawrence Hess in San Diego, Calif., paid $42.012 million ($117,681 per unit) to buy the 357-unit Residences at Forty Two 25 apartments at 4225 E. McDowell Road in Phoenix. The seller was The Boulevard at McDowell L.P., a partnership formed by Embrey Partners in San Antonio, Tex. (Walter Embrey, Jr., manager). View article…
Gilbert youth fitness center expanding USA Youth Fitness Center, 1530 S. Gilbert Road , Gilbert, is expanding its offerings of classes and personal instruction for children of all ages. The center broke ground for a second building that doubles the 22,500 square feet of space it currently uses for classes, camps and various competitive meets. View article…
NAU expected to elevate Communiversity @ Surprise The Communiversity @ Surprise has had gains and losses since opening its doors and online portals two years ago. A new partnership with Northern Arizona University is a recent gain that should help bolster the higher-education center, which brings community colleges together with four-year universities under one roof. View article…
Market Trend: Phoenix’s Industrial Vacancy Decreases to 14.8% The Phoenix Industrial market ended the second quarter 2011 with a vacancy rate of 14.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,510,814 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 1,319,936 square feet. The largest lease signings occurring in 2011 included: the 1,267,110-square-foot lease signed by Amazon.com, Inc. at 800 N 75th Ave – Bldg 2 in the Southwest market and the 400,000-square-foot deal signed by Amazon.com, Inc. at 6835 W Buckeye Rd in the Southwest market. View article…
Arizona jobless rate rises to 9.4% on public sector losses The state and Valley lost jobs in July as the soft job market and economy continue to hinder hiring. The July jobs data from the Arizona Department of Administration shows the Phoenix area losing 15,500 jobs last month from June and the state losing 22,700 jobs. View article…
Existing home sales down, Phoenix prices drop Existing home sales nationwide dropped 3.5 percent from June to July, according to the National Association of Realtors. In Phoenix, July median home prices were $122,800 — down 13.3 percent from July 2010 when the median price was $141,700, according to NAR. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.