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Here are the news articles you might find interesting today for commercial real estate and business:
L.A.-BASED FUND PAYING $50+ MILLION FOR RETAIL PLAZAS AT SCOTTSDALE ROAD & SHEA BOULEVARD In a $50.32 million deal ($181.49 per foot) slated to close at press time, a company formed by Karlin Real Estate in Los Angeles, Calif. (David Cohen, Matthew Schwab, co-founders) was expected to acquire 277,253 sq. ft. of retail space in two centers near the northeast corner of Scottsdale Road and Shea Boulevard in Scottsdale. Karlin Scottsdale Shea LLC is paying cash for the retail properties. The sellers are Herberger Enterprises Inc. and Shea East LLC, both companies formed by the Herberger family in Scottsdale (Gary Herberger, Judd Herberger, et al., members). View article…
EL DORADO HOLDINGS ENTITY PICKS UP 128 ACRES IN MESA FOR $10.79 MILLION El Dorado Elliot 128 LLC, a company formed by El Dorado Holdings Inc. in Phoenix (Mike Ingram, chairman), paid $10.79+ million to purchase a 128-acre parcel located at the northwest corner of Elliot and Ellsworth roads in Mesa. The seller was First National Bank of Wynne in Wynne, Ark. View article…
CECIL VAN TUYL TRUST SPENDS $30.5 MILLION FOR 324-UNIT APARTMENT COMPLEX IN PHOENIX A company formed by investor Cecil Van Tuyl in Merriam, Kan. paid $30.5 million ($94,136 per unit) to purchase the 324-unit Ironhorse at Tramonto apartments at 34807 N. 32nd Drive in Phoenix. The seller was Ironhorse Phoenix Holdings LLC, a company formed by RFC CDO 2006-1, Ltd., an exempted company incorporated under the laws of the Cayman Islands. View article…
Chandler Airpark parcel sells for $4.7 million Sun Property Holdings LLC of Phoenix has purchased nearly 27 acres of land at the Chandler Airpark for almost $4.7 million. The land is located within Watermark, a 38-acre master planned commercial development located south of the southwest corner of Gilbert and Germann roads. The land is entitled for the development of nearly 442,000 square feet of professional office and retail space. View article…
Goodyear backs apartment complex at busy intersection One of Goodyear’s highest-profile intersections south of Interstate 10 could see a 340-unit apartment complex as well as a mix of retail shops and restaurants. The City Council on Monday approved a rezoning request that will allow a California developer to build apartments on land that was originally zoned for commercial use at the southeastern corner of Estrella Parkway and Van Buren Street. View article…
Tucson armor maker to open new plant A Tucson-based armor maker is set to open a new manufacturing plant. Bourque Industries says the new plant on the city’s east side could eventually employ 200 people. The company says the plant will produce advanced ballistic armor for military and law enforcement use and ultra-high-performing metal alloys for various industrial applications. Bourque officials said in July that it had leased a 20,000-square-foot industrial plant. View article…
Adelante Healthcare to open new center at EVIT Adelante Healthcare plans to build a public health center on the East Valley Institute of Technology’s campus in Mesa. The 45,000-square-foot center is expected to open in the fall of 2012 on the northwest corner of the EVIT campus, which is at 1601 W. Main St. in Mesa, near the Metro light rail stop. 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.