Here are the news articles you might find interesting today for commercial real estate and business:
Bldgs I & IV Sell at Siete Square for $8.6M Omninet Capital, a California-based investment company, acquired Buildings I & IV in the Siete Square office park located at 3737 and 3877 N. 7th St. in Phoenix, AZ from Fenway Properties for $8.6 million, or about $75 per square foot. The buildings total 115,414 square feet and were reported at 89 percent occupied at the time of sale. The properties are located three blocks south of E. Indian School Rd. at Fairmount Ave. and N. 7th Street. View article…
Forward Air Takes Down 49,000 SF Forward Air Inc. has signed a five-year lease for 48,735 square feet, effectively doubling its current size. The logistics company, a business unit of Forward Air Corp., will take possession of its new space in September 2011. The lease is valued at approximately $3.50 per square foot, which includes tenant improvements. Forward Air is currently at 2465 S. 19th Ave. The deal means the 165,699-square-foot, three-building industrial complex at 1711 S. 47th Ave., competed by EJM Development Co. during the early 2000s, is 100% leased. View article…
Abrazo opens ‘green’ office in Glendale Abrazo Medical Group recently opened a new family medical practice that will soon be the first LEED-certified medical office in the Valley. West Olive Family Medicine Center, 5112 W. Olive in Glendale, is working toward achieving a LEED certification from the Green Building Council. It is using energy-efficient skylights, renewable finishes such as recycled content for cabinetry and tile, and natural stone for countertops. View article…
‘College Dropouts’ coming back to ASU A newly remodeled bar will open tomorrow near the Arizona State University campus, and its name doesn’t seem to be trying too hard to win parents over. The club is called College Dropouts, and it’s located at 560 S. College Avenue in Tempe on the corner of College Avenue and Fifth Street — just steps from Sun Devil Stadium. View article…
Apartments will replace CJS Film Studios in Avondale Avondale’s loss is Avondale’s and Rawhide’s gain. The city is losing the CJS Film Studios, 2005 N. 103rd Ave., a piece of film-making and Halloween-scaring history. In its place, a developer is building a 500-unit, environmentally-friendly apartment complex called Studio City Lofts near McDowell Road and 99th Avenue, the city’s hottest retail corner. View article…
Phoenix voters reject QuikTrip, renew city’s budget control Phoenix voters have denied QuikTrip the chance to build a gas station near residents in an east Phoenix neighborhood. But voters renewed a “home rule” measure that lets the city set its budget without a state-mandated spending formula, preliminary election results showed Tuesday. View article…
Phoenix among leaders in job growth Phoenix is back among the U.S. leaders in job growth, according to figures released Wednesday morning by the U.S. Bureau of Labor Statistics. Eighty-six of the nation’s 100 biggest markets added private-sector jobs during the past year, and that includes Phoenix, which added 32,900 from July of last year to this year. That raw change in job numbers ranks Phoenix No. 8 in the nation for new jobs. View article…
Phoenix No. 1 in home price depreciation The Phoenix-Mesa-Glendale metro area is No. 1 in price depreciation for depreciation of single family homes, according to a study conducted by CoreLogic, a national research and analytics company. Non distressed single family homes depreciated 7.9 percent for the 12 months ending July 31. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.