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Here are the news articles you might find interesting today for commercial real estate and business:
Chase Sky Harbor Operations Center sells for $53.5M CB Richard Ellis Investors in Los Angeles purchased the Chase Sky Harbor Operations Center for $53.5 million. The 396,200-square-foot building at 1820 E. Sky Harbor Circle South in Phoenix is the mission critical data center and security hub for the JPMorgan Chase & Co. network in the U.S. The seller was Brookfield Real Estate Opportunity Fund. View article…
Fountain Oaks Purchased for $8.3M Summit Equity Investments, Inc. purchased the Fountain Oaks Apartments in Phoenix, AZ from GE Capital for $8.3 million, or about $37,000 per unit. The 158,814-square-foot complex at 1225 N. 40th St. was constructed in 1983 and has 224 units in 11 garden-style, two-story buildings. The units are all two-bedroom, one-bath, ranging in size from 702 to 720 square feet. The property was 95 percent occupied at time of sale. View article…
Palm Court apartments bought for $19.7M SARE Investments LLC of San Diego, Calif., purchased the Palm Court apartments in north Phoenix for $19.7 million. The 256-unit apartment complex is located at 20401 N. 19th Ave. near the junction of Loop 101 and Interstate 17. It was built in 1999. View article…
Real estate briefs: Developers buy land near Tucson Scottsdale-based RB Land Ventures has partnered with the Cardon Group and Soundview Real Estate Partners to purchase Sanders Grove near Tucson for $6.25 million. The master-planned community of more than 800 acres and 2,500 lots is on Marana Road west of Interstate 10. View article…
First Solar sells two largest solar power plants First Solar Inc. has sold its two largest solar power plants under development in California, a day after getting a final loan guarantee approval from the U.S. Department of Energy. Tempe-based First Solar (Nasdaq: FSLR) sold the 550-megawatt Desert Sunlight solar farm to NextEra Energy Inc. (NYSE: NEE) and GE Financial Services, which will split the ownership. The company also sold its 230-megawatt Antelope Valley Solar Ranch One to Exelon Corp. View article…
Phoenix post office may close One Phoenix post office is among a dozen in Arizona that could close to cut costs as fewer people mail letters. The financially troubled U.S. Postal Service could save $8 billion annually if it closed post offices, eliminated routes, closed distribution centers and dropped Saturday delivery. Postmaster General Patrick Donahoe rolled out the proposals last month before a Senate committee. View article…
Scottsdale’s Star Buffet Inc. files for bankruptcy protection A Scottsdale-based operator of 30 restaurants has filed for Chapter 11 bankruptcy protection. Star Buffet Inc., 1312 N. Scottsdale Road, filed for bankruptcy protection on Friday. The firm operates 30 restaurants in seven states, including Arizona. In Arizona the firm operates HomeTown Buffets in Scottsdale, Tucson and Yuma. View article…
Restaurant roundup: Phoenix’s Thai Elephant to close Downtown Phoenix’s Thai Elephant is closing its doors Nov. 1 after four years. Assistant Manager Nee Vo said the restaurant’s lease at 20 W. Adams St. was up, which contributed to the decision. Several similar restaurants, including Thai’d Up and Thai Basil Signature, have opened nearby in the past few months. View article…
Amazon.com brings local technology to Phoenix, East Valley Amazon.com has brought its local deal technology to Phoenix and the East Valley, going head to head with other daily deal-type sites. AmazonLocal offers specials on businesses a chance to offer deals directly to the site’s subscribers. The Seattle-based online retailer has been expanding its deal software and going up against such sites as Groupon. View article…
Windgate Ranch’s home sales up 20% this year Behind the gated walls of Scottsdale’s Windgate Ranch, streets are filling up with residents, mesquite trees are maturing and homes are selling at a modest pace. It has been more tortoise than hare through the recession for Toll Brothers, but the Pennsylvania-based homebuilder has sold 270 homes here over the past five years. View article…
OPPORTUNITIES:
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…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.