nick@nickminer.com  480-612-0384

Daily News for Commercial Real Estate & Business – October 31, 2011

HAPPY HALLOWEEN!

Here are the news articles you might find interesting today for commercial real estate and business:

Retail: Vacancy Steady, Rents Declining, Investment on the Rise A slight uptick in area-wide vacancy and continued downward pressure on rents was the main news in Colliers International’s Research & Forecast Report. As such, this particular news wasn’t too much of a surprise. Vacancy rates across the area slid slightly from 12.7% to 12.8% during the quarter, with asking rents declining 2.4%. Furthermore, asks are 7.8% lower from a year ago. Where there seems to be a disconnect, however, is that despite the higher vacancies and lower rents, investment activity seems to be heating up. View article…

MARCUS & MILLICHAP SELLS A 13,833-SQUARE FOOT SINGLE-TENANT NET-LEASED BUILDING Marcus & Millichap Real Estate Investment Services has announced the sale of Walgreens, a 13,833-Square Foot Single-Tenant Net-Leased property located in Glendale, AZ, according to David A. Guido, Regional Manager of the firm’s Phoenix office. The asset commanded a sales price of $3,200,000. View article…

CBRE Completes 22,186-Square-Foot Lease for Acquinity Interactive for New Call Center in Gilbert, AZ CBRE has completed a 22,186-square-foot lease at a single-story office building located at 1030 N. Colorado St. in Gilbert. Acquinity Interactive, a privately held Internet marketing firm, recently announced it will open a new call center at the building in late November or early December, hiring up to 200 workers before the end of the year. View article…

Major development planned just outside Grand Canyon Just before tourists reach the entrance to the Grand Canyon’s South Rim, they see Tusayan, a tiny town with a scattering of modest hotels, restaurants and gift shops that could be getting a lot bigger. High-end boutiques, five-star hotels, a dude ranch, hundreds of new homes, a spa resort, an American Indian cultural center and a high-density shopping area just off the highway are all part of a plan by an Italian development group to transform the town of 550. View article…

Tom’s Tavern in Phoenix back in business After a few months of renovations, Tom’s Tavern is back in business. Tom’s Tavern & 1929 Grill in downtown Phoenix reopened this month, unveiling a new look and a new menu under its new ownership — the Bidwill family, which also owns the Arizona Cardinals. The Bidwills bought the restaurant at Central Avenue and Washington Street this year from the Ratner family. View article…

Club-Doggie opens today in east Mesa At a new Mesa gym, members can access state-of-the-art training equipment in a climate-controlled 5,000-square-foot space in Power Square Mall. But this gym is going to the dogs. Club-Doggie has been a private outdoor agility-training facility in Queen Creek since 2009, and today the mother-and-daughter team of Jubie and Kama Rueschenberg will celebrate the expansion of their business with a grand-opening Halloween Bash at the new indoor facility at Power and Baseline roads in east Mesa. View article…

Real estate briefs: Fitness center, new offices Fitness center to serve disabled The Virginia G. Piper Sports and Fitness Center for People with Disabilities is set to open Monday in Phoenix. The 45,000-square-foot center at 5025 E. Washington St., offers sports, fitness and health programs for Valley residents with disabilities. View article…

W. P. Carey School Breaks Ground on New State-of-the-Art Building One of the nation’s largest and highest-ranked business schools broke ground on a new state-of-the-art facility today. As part of Arizona State University’s Homecoming festivities, about 300 people attended the groundbreaking ceremony for the new McCord Hall at the W. P. Carey School of Business. The 129,000-square-foot building will be added to the school’s two existing structures to help ease crowding for the student population that has expanded over the last decade and to provide facilities competitive with other top business schools across the country. View article…

Mesa Fiesta District plans to be unveiled Tuesday Residents will get their first look next week at how Mesa plans to revive the Fiesta District. The city will hold a public meeting from 6 to 7:30 p.m. Tuesday in the upper level of Fiesta Mall between the Macy’s and Sears stores. Topics include the police substation that will be built just east of the mall, and a major overhaul of streetscapes in the area. Dennis Kavanaugh, who represents southwest Mesa on the City Council, got an advance peek at the drawings this week and said Fiesta is in for some major changes. View article…

South Gilbert Road widening to start soon in Chandler An increasingly congested mile of south Gilbert Road in Chandler will soon get a long-planned expansion from two to six lanes. But the $9.5 million project, set to start in late December or early January, is going to bring nearly a year of additional gridlock and slower speed limits between Queen Creek and Ocotillo roads. View article…

Arizona leads nation in retail job losses Only three states have added retail jobs since the recession’s onset in 2007, and Arizona has lost a larger percentage of its retail jobs than any other state. New research from On Numbers shows that Arizona lost nearly 12 percent of its retail jobs between September of 2007 and September of this year. Only three other states lost at 10 percent or more. View article…

Arizona adds millionaire households in 2011 Arizona added about 750 millionaire households in 2011, and held its No. 21 ranking for its number of high-net worth residences. The new report published by Phoenix Marketing International found that Arizona has 117,843 millionaire households — or about 5 percent of the total households in the state. View article…

ULI Report: Capital Markets Executive Says “Be Patient” “Be patient” was the advice of executives opening day two of the ULI Fall Meeting. With the economy’s direction tough to predict right now but in their opinion unlikely to take a second dip into recession, waiting out the volatility will bear fruit, they said during Thursday’s keynote capital markets panel. “It’s a time to be patient, and if you’ve got dry powder and stick to the fundamentals it could be another golden year,” Simon Treacy, group chief executive of MGPA, went so far as to say. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center –
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 (CALL FOR OFFERS-DEADLINE 12/1/2011) 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…

COMMUNITY:
I’m Participating in MDA Lock-Up! Please Help!
A “friend” signed me up! Now, I need your help! The goal is $2,400! Please help me achieve my goal before November 9, 2011! Click here to donate! Thank you!

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.