Here are the news articles you might find interesting today for commercial real estate and business:
Recap of CCIM Live 2011 – MC Perspective – Day 2 Again, I want to make sure I give thanks to all of the CCIM Institute staff and other committee members for all of their hard work in putting this together! Day 2 started off with networking and catching up with fellow colleagues from around the country. When walking around before the first educational session, everyone was making comments about how great the speakers and sessions were from Day 1 and they were really looking forward to seeing what was in store for them today. View article…
EBAY TO EXPAND TELECOM FACILITY IN PHOENIX . . . BUYS 2+ ACRES OF ADJOINING LAND eBay Inc. of San Jose, Calif. (NASDAQ:EBAY) has acquired 2.15 acres of land surrounding a 134,856-square-foot telecommunications facility the company owns and operates just south of the southwest corner of 3rd Street and Indian School Road in Phoenix. Although eBay representatives are not commenting on the company’s plans for the newly-acquired parcels, sources say the undeveloped land is needed for future expansion. Records show eBay Inc. paid just under $3.285 million to buy the property in two cash transactions. View article…
HSL PROPERTIES TO DEVELOP $30 MILLION APARTMENT COMMUNITY NORTH OF TUCSON HSL Properties Inc. in Tucson (Humberto Lopez, principal), one of the state’s largest owners of multi-family units, plans to develop a 272-unit apartment complex just north of Tucson in Marana. The 20.3-acre site is located within the Dove Mountain community at the northwest corner of Tangerine Road and Camino de Oeste. HSL Dove Mountain Properties LLC (the HSL entity) paid cash for the land. The seller was Rita Land Corp., a company formed by Cottonwood Properties Inc. in Tucson (David Mehl, principal). View article…
WEIDNER SURPASSES 5,000-UNIT MARK IN VALLEY WITH PURCHASE OF 348 APARTMENTS IN MESA A company formed by Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) paid $13 million ($37,356 per unit) to acquire the 348-unit Country Club Verandas apartments located at 1415 N. Country Club Drive in Mesa. The seller was The Registered Certificate Holders of Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through Certificates Series 2001-1. View article…
Cling Manufacturing leases new space in Tempe Cling Manufacturing, a family owned company that produces aircraft and helicopter machine parts, leased a 55,000-square-feet, free-standing industrial manufacturing building at 1000 S. Priest Drive in Tempe. The lease term is 11 years and financial details were not disclosed. John Soldo with Commercial Properties Inc. in Tempe represented Cling. View article…
2 downtown Scottsdale restaurants expanding seating Two restaurants along Scottsdale road in the downtown area are expanding seating. Breakfast Club: For eight years, diners have flocked to the Breakfast Club for a leisurely morning or afternoon meal. View article…
Scottsdale retail vacancy rate at 8.6 percent Scottsdale’s retail vacancy rate for the third quarter was 8.6 percent, 3.8 percentage points below the rate for metro Phoenix, according to the latest figures from CBRE, the commercial brokerage formerly known as CB Richard Ellis. The metro-Phoenix retail vacancy rate a year ago was 12.3 percent. The third-quarter vacancy rate was 11.1 percent in north Scottsdale and 11.8 percent in the Paradise Valley Mall area of northeast Phoenix. View article…
Mesa council struggles with downtown site Two decades ago it was the retail centerpiece of a development that was going to transform downtown Mesa. Now, however, it has become such an albatross that some on the City Council think bulldozers might be the only option. The funky building at 51-55 E. Main St. was part of the “Park Place” project in the late 1980s that also included the adjacent midrise office tower and a movie theater. View article…
Developer lays out ideas for dude ranch in Scottsdale Taber Anderson had just stepped from his Range Rover to explain his plans for a north Scottsdale guest ranch when a roadrunner appeared, as if on cue, and scurried across the road. Anderson wants to turn his 220-acre site southeast of Dynamite Boulevard and 128th Street into a modern version of the kind of dude ranches that have largely disappeared from Arizona over the past few decades. View article…
Arizona construction jobs up from a year ago Arizona has gained 8,200 construction jobs during the past year – a 7.6 percent increase, according to a report released Friday by Associated General Contractors of America. The report showed Arizona gained 3,500 of those jobs in September and now has a total of 115,700 construction jobs. View article…
PMI Group subsidiaries in Arizona seized by state PMI Group Inc.’s two main Arizona subsidiaries were seized by the Arizona Department of Insurance on Thursday, and will begin paying just 50 percent of its claims, according to the company’s website. In lieu of halting claim payments, the department is instituting a partial payment plan, with the remaining amount deferred as a policyholder claim begins on Monday, according to message posted on the company’s website. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…
5051 E Thomas Road – Former Dentist Office For Sale/Lease (Price Just Reduced) For a brochure, click here…
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.