Here are the news articles you might find interesting today for commercial real estate and business:
Phoenix’s Select Top Office Sales for Q3 2011 The following is an account of the Phoenix market’s select top five office sale transactions for third quarter 2011. KBS Realty Advisors purchased the two-building Fountainhead Office Plaza at 1601-1625 W Fountainhead Parkway in Tempe for $137 million, or roughly $312 per square foot. Both properties total 439,070 square feet and were 100% leased to the University of Phoenix through 2023 at the time of the sale. View article…
Phoenix’s Select Top Office Leases for Q3 2011 The following is an account of the Phoenix market’s top 10 office lease transactions for third quarter 2011. Fennemore Craig renewed 121,000 square feet for 12 years at 2394 E. Camelback Road in Phoenix. View article…
Maricopa County college district buys $1.5M property from Bank of America affiliate The Maricopa County Community College District has paid $1.5 million to a Bank of America affiliate for a property in uptown Phoenix. The former data processing facility, owned by BOK Financial Corp., provides the college district with 32,500 square feet of space at 3700 N. Third Ave. The building was built in 1980. View article…
Sam Fox details new CityScape restaurant replacing Oakville Grocery Sam Fox says his new effort at Downtown’s CityScape project won’t pull business from his Arrogant Butcher restaurant also located in the mixed-use retail center. The founder and CEO of Fox Restaurant Concepts, Fox is entering into a business partnership with Ashly Young to operate Oakville, which will change its name to Chloe’s Corner in the coming months. View article…
Ports America sign goes up downtown A sign of large aluminum letters has been installed on the Boyer Building in downtown Chandler that will house Ports America, the largest independent marine-terminal operator in North America. The company will move into space previously occupied by city employees and other office tenants at 55 N. Arizona Place. Ports America is moving up to 200 employees in by the end of October. View article…
Surprise lands family-entertainment center Scratch one item off residents’ wish lists: After years of planning, Surprise’s first bowling and family entertainment center will debut next spring. Uptown Alley, a Virginia company, has announced plans to open a 60,000-square-foot facility that will include bowling lanes, laser tag, a climbing wall, arcade and restaurant. It will complete construction on an existing building at the intersection of Waddell and Litchfield roads. View article…
New Gilbert call center to bring hundreds of jobs to town A new call center will bring hundreds of jobs to Gilbert over the coming months, company officials said. Acquinity Interactive, which describes itself as a privately held Internet marketing company, will open a facility at 1030 N. Colorado St. in late November or early December. The 23,000-square-foot site, near Country Club Drive and Guadalupe Road in northwest Gilbert, was formerly occupied by Antares Advanced Test Technologies. View article…
Gilbert ‘luxury’ apartments back on table A “luxury” apartment complex originally approved for Morrison Ranch in 2008 is back on the table. Highland Groves Luxury Apartments would offer 228 units on the northeastern corner of Elliot Road and Beebe Street, next to Mission Community Church and Big League Dreams, according to plans reviewed Thursday by the Gilbert Design Review Board. The site is surrounded on the north and west sides by about 450 homes in the existing Highland Groves at Morrison Ranch subdivision. View article…
Scottsdale updating developer impact fees To comply with a new state law, Scottsdale is updating its developer impact fees, which pay for new growth. Arizona cities can impose fees on developers building housing and commercial projects to cover the cost of new roads, fire stations and other infrastructure. Scottsdale, which has only water-related development fees, plans to standardize its fees for non-residential projects. The changes should not affect city revenues, a city official said. View article…
Arizona No. 3 in U.S. for solar industry jobs Arizona ranks third in the U.S. in the number of jobs related to the solar industry, with nearly 5 percent of the nation’s solar workers residing in the state. The report, released Monday by the Solar Foundation and Green LMI, showed Arizona has about 980 businesses dedicated to the industry, employing 4,786 people. View article…
Phoenix No. 12 for personal income growth, Tucson 5th Phoenix and Tucson were among the national leaders in total personal income growth between 2000 and 2010. Phoenix’s total personal income (TPI) grew at an annual rate of 4.89 percent between 2000 and 2010. View article…
Four Banks Closed on Oct. 14 Four banks were closed Oct. 14 by state and federal banking regulators. These failures bring the year’s tally to 98 failed institutions. View article…
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Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…
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7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor (New to market) For a brochure, click here…
COMMUNITY:
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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.