Here are the news articles you might find interesting today for commercial real estate and business:
Market Trend: Phoenix’s Industrial Vacancy Decreases to 14.4% The Phoenix Industrial market ended the third quarter 2011 with a vacancy rate of 14.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,329,467 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 1,393,931 square feet. View article…
West USA buys new Kierland office West USA Realty has purchased a new Kierland office for its 350 agents in the Northeast Valley. Clay and Dianna Fouts of One K Investments LLC bought the 7,700-square-foot office condominium at 7077 E. Marilyn Road for $1.1 million. Clay Fouts is West USA Realty president. View article…
Lee & Associates Closes Lease Deal and Two Sales, as East Valley Commercial Real Estate Activity Remains Elevated Lee & Associates Arizona is pleased to announce a pair of commercial property sales and a five-year lease in the East Valley. In the first deal, the Freeway Executive Center II office development located at 10439 South 51st Street in Phoenix was sold for $3,750,000, or $78 per square foot. Lee & Associates Principals Chris McClurg and Adam Tolson represented the buyer, Child & Family Support Services. Bryan Taute, Senior Vice President at CBRE, and Eric Wichterman, Executive Vice President at Cassidy Turley BRE, represented the seller, FEC 2, LLC. View article…
Construction begins on new Scottsdale shopping center PK Enterprises has started construction of a new shopping center northeast of Frank Lloyd Wright Boulevard and the Loop 101 frontage road. The 33,300-square-foot Gateway 101 project has signed leases with the Vitamin Shoppe, Starbucks, Teharu Sushi, Pet Club, Bruegger’s Bagels and Jersey Mike’s Subs. It is on 4.3 acres of former state trust land that sold for $2.15 million in May 2010. View article…
New Tempe art studio on Mill Avenue plans grand opening An art gallery and studio celebrates its grand opening Thursday evening on Mill Avenue, where visitors can meet nine resident artists and browse artwork for sale. Montage Art Studio on Mill is at 740 S. Mill Ave., between P.F. Chang’s China Bistro and Mellow Mushroom pizzeria. The project began with a request from Tempe Mayor Hugh Hallman, said Jimmy Cerracchio, director of business development for Downtown Tempe Community. View article…
3 Chandler businesses celebrate with ribbon cuttings Three businesses in Chandler are celebrating with ribbon-cuttings this month. Catalyst Computer Technologies has a new location at 25 S. Arizona Place, Suite 230, which is the northeastern corner of Arizona Avenue and Boston Street in the First Credit Building in downtown Chandler. The open house is from 4:30 to 5:30 p.m. Dec. 16. View article…
Five Guys restaurant opens at Surprise Town Center Five Guys, a popular fast-casual hamburger restaurant, has debuted in the West Valley. The chain officially opened in Surprise Town Center, near Grand Avenue and Bell Road in November. The new restaurant marks Five Guys’ ninth location in the Phoenix area, and its first in the West Valley. View article…
RSC wins as firms turn to renting instead As companies struggle to recover from a severe recession, one large Scottsdale-based nationwide firm has landed in a sweet spot, thanks in part to a new wave of frugality. Because so many companies are renting equipment instead of buying, the volume of equipment rented out by RSC Equipment Rental Inc. rose 19 percent and rental revenue jumped 24 percent in the third quarter, compared with a year earlier. View article…
Revolutionary downtown Mesa zoning plan advances A revolutionary zoning code for downtown Mesa is now available for public review as it moves toward City Council approval next year. The code is an addition to a massive rewrite of the overall zoning code that went into effect this year. Downtown was singled out for special attention because Mesa believes that the coming of light rail, scheduled for 2015, could transform the district into a magnetic urban center. View article…
JLL: 2012’s CRE Outlook Still in Flux; Bright Spots Exist If there’s going to be one constant for the commercial real estate outlook next year, it’s that multi-family is going to remain the darling investment class. During a presentation yesterday, members of Jones Lang LaSalle’s research teams each gave their outlooks for 2012 as the global economy remains in a state of flux. The overall consensus was that, while things are set to improve, there are going to be very few areas that return to their pre-recession levels. View article…
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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. 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.