Here are the news stories you might find interesting today regarding commercial real estate and business:
Mesa apartment deals generate $34M Acacia-Capital Corp., a real estate investment and development company in San Mateo, Calif., has purchased two B class apartment units in Mesa for a combined $33.5 million. Argenta, located at 4104 E. Broadway Road, sold for $18.15 million. Built in 1985, it contains 395 units. View article…
Three Red Roof Inns hit with foreclosure Three Phoenix area Red Roof Inns have been noticed for trustee sales that are scheduled for Sept. 2. All were involved in a massive $1.3 billion transaction in 2007 when international hotel brand Accor sold the Red Roof group to investors in Citi’s Global Special Situations Group and Westbridge Hospitality Fund. View article…
EMCOR Group Renews 30,603 SF After a lengthy review of the market, EMCOR Group Inc. has decided to stay in its existing space at Koll Cotton Center. The new five-year lease for 30,603 square feet of office space will save the firm 25% to 30% in occupancy costs…View article…
Traffic picking up at Scottsdale hotels Following on strong March numbers, occupancy rates at Scottsdale hotels in April marked another rebound from a year ago. View article…
Talking Stick Resort’s opening is pushed back Fire-safety issues have delayed the opening of the 15-story Talking Stick Resort for 10 weeks and forced a hotel-industry conference to move to another resort earlier this month. View article…
SparkPlug finalizes MetroBridge deal Sparkplug Communications, a wireless business voice and data broadband provider, completed its acquisition of MetroBridge Networks Phoenix assets on schedule as first announced in May. View article…
Phoenix hourly wage averages $20.16 The average hourly wage in metro Phoenix was $20.16 in May 2009, about 4 percent below the nationwide average of $20.90, according to the Bureau of Labor Statistics. View article…
Heard on the Street: KB Home’s Next Act Investors soon will learn if home builders have nine lives. They nimbly survived the crisis, first by issuing long-term debt before the foundations cracked, which helped prevent a liquidity squeeze. Then home builders milked billions of dollars in government tax rebates as they endured heavy losses from the housing bust. View article…
If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.