Here are the news articles you might find interesting today for commercial real estate and business:
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City National Bank Sells Granada Lakes in Tempe City National Bank sold the 69-unit Granada Lakes multifamily complex located at 5701 S. Rural Road in Tempe, AZ to Granada Lakes LLC and Bay Area Family Homes LLC for $2.28 million, or approximately $33,000 per unit. The 42,000-square-foot apartment community was constructed in 1978 and situated on 3.4-acres. The REO asset was reported at 90 percent occupied at the time of sale. View article…
Chase Ground Lease Sells in Phoenix Jameson Trust, a California-based investor, purchased the Chase ground lease for the bank branch at 5305 Superstition Mountain Dr. in Gold Canyon, AZ from Pacific Companies for $2.47 million. The 4,300-square-foot building was constructed in 2007 and is an outparcel to the Bashas-anchored shopping center. The existing lease is a 20-year, absolute triple-net (NNN) corporate ground lease with JPMorgan Chase Bank, N.A., with 16 years remaining. View article…
Scottsdale council OKs sale of land to developer The Scottsdale City Council on Tuesday agreed to sell a 3.74-acre parcel of city-owned land to Mark-Taylor so the developer can build a 24-acre, 536-unit apartment complex east of SkySong, the Arizona State University Innovation Center. The council voted 6-1 to accept $1.22 million for the property, just south of the closed Los Arcos Crossing shopping center on 74th Street. Vice Mayor Bob Littlefield voted against the sale, saying the city should put the property up for public bid to better ensure it gets a fair market price. View article…
Law Firm Leases 121,000 SF in Phoenix Fennemore Craig, a full-service law firm, signed a 12-year lease for 121,000 square feet at the Biltmore Financial Center III in Phoenix, AZ. The six-story, 128,659-square-foot office building at 2394 E. Camelback Rd. was built in 1990 and sits on 1.3 acres. Fennemore Craig will take occupancy April of 2013. View article…
Madison Traditional Academy opens in Phoenix The Madison Traditional Academy in the Madison School District in Phoenix is celebrating the opening of its new $8.2 million school at 10th Street and Maryland Avenue. The school will hold an open house at 4:30 p.m., Tuesday, Sept. 20. to celebrate the new the 58,000-square-foot school. It was built by McCarthy Building Cos. in Tempe and was designed by Orcutt/Winslow architects in Phoenix. View article…
Commercial Development Soft During Early 2011 Colliers International’s First-Half 2011 Research & Forecast Report for land offers good news and bad news. The good news is that demand for industrial space is increasing, as is the for multifamily properties. The not-so-good news is that commercial real estate fundamentals overall continue to struggle, meaning limited speculative development for at least the next two or three years. View article…
Tempe streetcar plan gets on track, lacks federal funding Tempe has big plans for the Valley’s first modern streetcar system, even though federal funding is still uncertain and construction won’t start until the middle of next year. The city is proposing building a 2.6-mile route that will snake through downtown Tempe and travel south toward U.S. 60. But municipal and transit leaders already envision extending the streetcar tracks from downtown Tempe eastward on Rio Salado Parkway, past Arizona State University and toward the proposed Chicago Cubs stadium in west Mesa. View article…
Arizona is sixth poorest state in the nation Many Americans have fallen on tough times, but Arizonans are facing even deeper struggles. According to the Census Bureau, Arizona is ranked among the poorest states in the nation. Mississippi is the poorest state, followed by Louisiana, District of Columbia, Georgia, New Mexico and then Arizona. The report just released by the Census Bureau says 1.2 million people in Arizona are living in poverty. That’s $22,000 a year for a family of four. View article…
Rebound for luxury condos in Valley Upscale, condominium projects in coveted metro Phoenix locations were icons of the region’s housing boom and then some of the most visible signs of the crash. Dozens of condo towers and loft projects were planned or under construction just as the housing market started slowing. On prime lots across the Phoenix area, signs promoted the projects, sometimes noting prices well above $500,000. View article…
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