Here are the news articles you might find interesting today for commercial real estate and business:
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North Shore Holdings Buys Freeway Executive Center II North Shore Holdings LLC purchased the 47,836-square-foot Freeway Executive Center II at 10439 N. 51st St. in Phoenix, AZ for $3.75 million, or about $78 per square foot, from FEC 2 LLC. The two-story, class A office building was constructed in 2009 along the I-10 Freeway in Maricopa County. View article…
19,000-SF Industrial Bldg Sells in Phoenix Goodrich Corporation, a global supplier of systems and services to the aerospace and defense industries, has purchased the warehouse building at 3624 S. 7th St. in Phoenix, AZ for $1,025,000, or about $54 per square foot. The 19,104-square-foot building was constructed in 1985 on 3.15 acres. The property was previously occupied by Evergreen Hardware. Goodrich will take occupancy in the first quarter of 2012. View article…
Scottsdale City Council rejects airpark apartment complex A divided Scottsdale City Council Tuesday rejected a proposal to build an apartment complex in the Scottsdale Airpark despite assurances from the property owner’s attorney that it wouldn’t harm operations at Scottsdale Airport. The council voted 4-3 against adopting a non-major General Plan amendment to the Greater Airpark Character Area Plan that would have allowed a 605-unit apartment complex south of Hayden Road and west of Northsight Boulevard. View article…
Peoria Big Lots store set to close Bargain shoppers are losing a big option in the Northwest Valley. The 21,000 square-foot Big Lots in Peoria is closing in mid-January, store cashiers told customers who asked about the storewide 20 percent discount last week. A store official confirmed that the discount retailer, just south of Bell Road near 77th Avenue in Arrowhead Crossing, is closing as its lease is nearly up. View article…
Scottsdale buys nearly 2,000 acres for Sonoran Preserve Scottsdale was the winning and only bidder Wednesday for 1,937 acres of state trust land that will be added to the McDowell Sonoran Preserve. State Land Commissioner Maria Baier said the city paid the appraised price of $41 million for the land. That amounts to $21,165 per acre. View article…
Downtown Mesa pop-culture store Evermore Nevermore closing After a little more than two years in downtown Mesa, Evermore Nevermore, the off-key, pop-culture shop credited with paving the way downtown for other non-traditional businesses, will, after Friday, be as its name suggests – nevermore. Following downtown Mesa’s Second Friday Night Out, the artwork, costumes, comic books, props and assorted trinkets from around 150 local consignment artists will disappear. View article…
Phoenix shoots but misses short list for new Sears HQ The Valley’s hat was in the ring for Sears Holdings’ possible headquarters move out of suburban Chicago. But Arizona and Phoenix-area economic developers have just learned that the Valley is not on Sears’ short list of potential sites. View article…
Arizona & U.S. Economies to Improve in 2012 Experts Deliver News at W. P. Carey School/JPMorgan Chase Event We can expect to see improvement in both the Arizona and U.S. economies next year, but full recovery is still a few years away. That’s according to experts who spoke today at the 48th Annual Economic Forecast Luncheon, co-sponsored by Arizona State University’s W. P. Carey School of Business and JPMorgan Chase. View article…
HOUSING:
Industry Home Price Reports Show Further Declines Home price indexes from CoreLogic and Lender Processing Services (LPS) both recorded continuing declines through the month of October. CoreLogic’s study shows national home prices dropped 1.3 percent between September and October, marking the third straight monthly decline. View article…
Mortgage Delinquencies to Decline in 2012: Study The current year will close with a 7 percent yearly decline in mortgage delinquencies, matching last year’s decline, according to predictions released Wednesday by TransUnion. The percent of borrowers 60 days or more delinquent will fall to 5.95 percent by the end of the year, and will fall to 5 percent by the end of 2012, according to TransUnion. 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. 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.