Here are the news articles you might find interesting today for commercial real estate and business:
Texas REIT buys Scottsdale shopping center for $29M A North Scottsdale shopping center has been sold for $28.8 million. Whitestone Real Estate Investment Trust acquired the 113,000-square-foot Pinnacle at Scottsdale center at the northeast corner of Pinnacle Peak and Scottsdale roads. The Pinnacle center is anchored by a Safeway Food and Drug store and also includes an Ace Hardware, Subway restaurant and Starbucks coffee shop. View article…
Sears to close 100-plus stores as sales droop Sears Holdings Corp. said Tuesday morning it would close 100 to 120 Sears and Kmart stores in 2012 after a decline in sales this year. The Chicago-based company said its same-store sales at Kmart and Sears were down 5.2 percent for the final quarter and 2.6 percent for the year. View article…
Online-commerce firm expanding, plans to hire 125 A northern California company that provides highly targeted online marketing and supports reward/loyalty programs for large financial firms plans a major burst of hiring in its Scottsdale office. Rearden Commerce, a privately held firm based in Foster City, Calif., intends to hire roughly 250 people in 2012, with half of those positions in Scottsdale, said Mathew Caldwell, the company’s director of talent acquisition. View article…
El Mirage makes controversial move to annex mine site In a controversial maneuver, the El Mirage City Council has taken the first steps to begin negotiating the annexation of a county island in the Agua Fria River that appears destined to become the site for a sand-and-gravel mining operation. About 40 people crammed into the council chambers Thursday to protest the move, with Youngtown Mayor Michael LeVault vowing to sue if El Mirage follows through with the annexation. View article…
Board approves guidelines for Pinal County metropolis A plan to guide Pinal County’s growth over the next decade now includes a roadmap to transform about 275 square miles of state land into a sustainable desert community near the Superstition Mountains. In a 2 to 1 vote last week, the Board of Supervisors adopted a major amendment to the county’s comprehensive plan that includes nearly 30 new policies for the future development of an area called Superstition Vistas, a desert metropolis that planners envision will offer major employment centers, ample recreation and a wide variety of housing. View article…
Why All Is Not (Uniformly) Rosy in the Apartment Sector Multifamily properties have outperformed other commercial property types in the past two years, benefiting directly from the continuing travails of the for-sale housing market. Occupancies and rents have improved consistently, in seeming defiance of slow economic growth and the lethargic pace of job creation. Signs of weakness have begun to appear, however, for certain segments of the apartment market, suggesting that even the best performing property type in real estate nowadays is still subject to fundamental economic rules. View article…
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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.