The Commercial Real Estate Industry lost a great person and a really good friend of mine, Daniel Pollack, over the weekend. Please keep your thoughts and prayers with the Pollack family during this time of sorrow.
Now, here are the news articles you might find interesting today for commercial real estate and business:
MedPlast keeps headquarters in Tempe MedPlast Tempe Inc. has renewed its lease at 405 E. Geneva Drive in Tempe in a deal valued at more than $2.5 million. The health care and pharmaceutical manufacturer is headquartered at the 48,900-square-foot site. The renewal is for a term of eight years. Medplast is the sole tenant of the building, which includes molding and assembly operations. View article…
Newspaper building moves from Avondale to Chandler There’s a newspaper moving from Avondale to Chandler. It’s actually an old newspaper building. So no, it isn’t that newspaper from Avondale. You know, the newspaper (whose name shall remain unspoken) that is thrown in driveways around the Southwest Valley and available in boxes in some places. It’s not that newspaper that likes to advertise how it has more peanut butter on its sandwich than the Southwest Valley Republic. View article…
Fairmont Scottsdale Princess starts $20M expansion The Fairmont Scottsdale Princess started a new $20 million construction project this week. The project involves a new conference center that adds more than 52,000 square feet of space to the resort. Once finished, the resort will have 150,000 square feet of meeting space. View article…
Real estate briefs: Movie Grill, Los Arcos Crossing Dallas-based Studio Movie Grill plans to open its renovated nine-screen theater in Scottsdale in early November. It will operate in the former Sonora Village theater near Hayden Road and Frank Lloyd Wright Boulevard. Studio Movie Grill will offer reserved seating and in-theater dining options that include salads and hamburgers, along with draft beer, wine and liquor. View article…
Macayo’s celebrates 65th year in Valley Not only is Harkins Theatres turning 78 this month, another long-time Valley business is also marking a birthday. Macayo’s Mexican Kitchen is celebrating its 65th year in business with a range of specials. View article…
Kierland shoppers in Phoenix will get high-tech crosswalk Shoppers will soon get a little help visiting two Phoenix shopping centers. A high-tech crosswalk in north Phoenix is planned on Scottsdale Road to allow shoppers to safely walk between Phoenix’s Kierland Commons shopping center on the west side of Scottsdale Road, and Scottsdale Quarter, which sits directly across the street on the eastern side of the busy thoroughfare. View article…
Brookings: Education gap hurting Arizona economy An education gap may be hampering economic recovery in Phoenix and other metropolitan areas, according to a report released Friday from the Brookings Institution. The report showed that metro areas with larger education gaps – shortages of educated workers compared to employer demand – had consistently higher unemployment rates from 2005 to 2011. View article…
Trepp Finds 40% of Maturing CMBS Loans Result in Payoffs Data released this week by Trepp LLC shows that the percentage of loans held in commercial mortgage-backed securities (CMBS) paying off on their balloon date came in at just under 40 percent last month. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.