Here are the news articles you might find interesting today for commercial real estate and business:
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Phoenix distribution centers sell for $33 million Two distribution buildings in the West Valley have been sold for $33.25 million, one of the largest industrial market sales in the area this year. CreXus Holdings AZ I LLC, a New York-based real estate investment trust, purchased the two distribution buildings for $52 per square foot. View article…
Gilbert shopping center sells for $19 million The Crossroads Towne Center in Gilbert has sold for $19.1 million, or $129.75 per square foot, to Mark IV Capital Inc. of Newport Beach, Calif. The seller was Vestar Development Co. in Phoenix. View article…
Sonoma Villas Buys Asante Village for $7.5M Tritex Real Estate Advisors II, Inc. sold the 265-unit Asante Village apartment complex in Mesa, AZ to Sonoma Villas LLLP for $7.45 million, or approximately $28,000 per unit. The 169,560-square-foot multifamily community consists of one- and two-bedroom units in 33 buildings. It was built in 1979 in the Mesa East submarket and was 85 percent occupied at the time of sale. View article…
Mark-Taylor buys south Scottsdale parcel for $6.4M ML Manager LLC sold a 15-acre parcel of land today near SkySong, the ASU Scottsdale Innovation Center, in south Scottsdale for $6.4 million. The buyer was Scottsdale-based Mark-Taylor, a long-standing apartment developer in the Valley and several other states. The property includes an aging strip center that previously was anchored by a Bashas’ grocery store. View article…
Tempe Industrial Sells for $3M Cabot Properties, Inc. acquired the industrial building at 475 W. Vaughn Dr. in Tempe, AZ from California Bank & Trust for $3.025 million, or about $45 per square foot, in an REO sale. The 67,452-square-foot warehouse was constructed in 1987 in the Tempe Southwest Industrial submarket. The investment property was 100 percent occupied at the time of sale. View article…
HMS Host Leases 48,000 SF in Phoenix HMS Host, one of the world’s largest providers of food, beverage and retail services for travelers, signed a 139-month lease for about 48,417 square feet in the industrial building at 1250 E. Hadley St. in Phoenix, AZ. The building totals 145,228 square feet and is located one mile west of Sky Harbor. The property was constructed in 2001 and situated on 9.6 acres. View article…
CGB Ents Leases 209K SF in Phoenix CGB Enterprises, Inc., based in Covington, LA, has signed an 18-month lease for 208,835 square feet of industrial space in Phoenix. CGB provides an array of services to the grain farming industry, including financing and risk management, as well as buying, storing, selling, and shipping of crops. Located at 109 N. 37th Ave. in the Reywest Commerce Center, the distribution building was completed in 1997 and offers 3,000-amp heavy power, 38 loading docks, and two drive-in bays. View article…
National Retailer Takes 303K SF A national retailer has signed a lease for 302,640 square feet of warehouse space to fully occupy Prologis’ Tolleson Distribution Center. The company will hold the property at 9704 W. Roosevelt St. in Tolleson, AZ beginning December 2011 on a three-year lease valued at roughly $4 million. The distribution building was completed in 1994 and features 34 loading docks, four drive-in bays, 2,000-amp heavy power, and 8,000 square feet of built-out office space. Prologis acquired the then-vacant building in August 2011 for $9.95 million according to CoStar data. View article…
Christopher & Banks overhauling Arizona stores Clothing retailer Christopher & Banks announced several weeks ago that it would close 100 stores nationwide, and now plans are coming into focus. The Minneapolis-St. Paul Business Journal is reporting specifics on the closures all across the country. No Arizona stores will close, but a pair will change into a dual-format store. View article…
Chandler core being rebranded A new logo depicting downtown Chandler is part of a rebranding of the area recently begun by the board of the Downtown Chandler Community Partnership. Taking a cue from the marketing concepts of Old Town Scottsdale, the Mill Avenue district in Tempe and “The OC” for Orange County, Calif., the board has decided to forge a new brand for downtown Chandler and refer to it as “The DC.” View article…
BBVA Compass Bank to open mortgage operations center in Tempe BBVA Compass Bank is planning to open a mortgage operations center in Tempe and working to hire about 100 new employees. Company officials say the new center will support the growth of the bank’s mortgage business, and allow it to better service its customers residing in the Pacific time zone. View article…
Industrial Market Continues Rebound; Experts Forecast Strong 2012 Industrial real estate may not grab headlines, but the sector has recovered slowly throughout 2011 and insiders expect that trend to continue in 2012 and beyond. Industrial’s recovery is uneven, however, with larger distribution markets experiencing strong growth while outlying markets have higher vacancy rates and are drawing less interest. View article…
ADP: Economy adds 206,000 jobs in November November may have been a stronger month than expected for the U.S. job market. Bloomberg reports today that the monthly employment report from ADP shows the U.S. economy added 206,000 jobs in November. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate! Investment, multi-tenant retail center. For a brochure, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale (CALL FOR OFFERS-DEADLINE 12/1/2011) For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.