Here are the news articles you might find interesting today for commercial real estate and business:
Blupacific Holdings Buys KinderCare in Phoenix Blupacific Holdings LLC, a California based investment company, acquired the single-tenant KinderCare at 7755 S. 51st Avenue in Laveen, AZ from Baseline Investors LLC for $3 million, or about $295 per square foot. The 10,145-square-foot-building was constructed in 2007 and located on the Southwest corner of the Laveen Ranch Marketplace. View article…
Resident hear Goodwill’s pitch for first Glendale location A vacant building that once sold motorcycles might soon house a thrift store. A handful of residents attended a meeting Wednesday to hear and ask questions about Goodwill potentially coming into their neighborhood. A conditional-use permit was recently filed with Glendale for the former Metro Motorsports building at 6161 W. Bell Road. View article…
City notes: Scottsdale land sale, 9/11 events The Scottsdale City Council on Sept. 13 will consider a $1.22 million land-sale agreement with Mark-Taylor Inc. to sell nearly 4 acres of city-owned land. Under the deal, the city would sell the 3.74-acre parcel east of 74th Street and south of McDowell Road, which Mark-Taylor could use for larger redevelopment of the area. Appraisals placed the land’s value at $1.3 million and $1.14 million. View article…
Vitamin T adding space at CityScape in Phoenix CityScape’s urban taco shop, Vitamin T, is expanding its footprint at the downtown mixed use project and adding a breakfast menu. Peder Bondhus, a partner in Vitamin T with Chef Aaron May, said the eatery will expand to its southern side to offer more indoor and outdoor seating. View article…
Sunflower Farmers Market to move regional headquarters Sunflower Farmers Markets will move its regional offices to an office in Phoenix. The company is leasing 23,214 square feet on the northwest corner of 19th Avenue and Loop 101 in the Deer Valley Office Park in Phoenix. The Boulder, Colo.-based company had been housed at a site near Metrocenter Mall in Phoenix. View article…
Lee & Associates’ Fred Darche and John Cerchiai Broker Fennemore Craig’s 12 Year Lease with Biltmore Finance Center Fennemore Craig has signed a 12-year lease with the owners of the Biltmore Finance Center III building at 2394 E. Camelback Road. The lease commences April 2013. Lee & Associates’ Fred Darche and John Cerchiai represented the owner and CBRE represented Fennemore Craig. Fennemore Craig will occupy approximately 121,000 square feet. The building is located within the Biltmore Financial Center at the northwest corner of 24th Street and Camelback Road. View article…
Cassidy Turley BRE Commercial Completes Sale 12.49 Acres Residential Land Cassidy Turley BRE Commercial announced they have completed the sale of 12.49 acres north of the northeast corner of Val Vista Drive and Chandler Heights Road in Gilbert. H.H.B. Real Estate Investing purchased the residential land for $750,000 from Arizona State Credit Union. View article…
Bell Road corridor remains bright spot on Valley retail scene Despite some big-name store closings along Bell Road near Arrowhead Towne Center, real-estate brokers say shopping in the busy commercial corridor is holding its own in tight economic times. The Borders bookstore near 73rd Avenue and Bell Road is among the victims of the latest big-box bankruptcies. The store’s windows are plastered with sale signs. Although losses of larger anchors can take a toll, Peoria and Glendale’s stretch of Bell Road, from about 51st Avenue to just past Loop 101, remains one of the Valley’s busiest retail areas, according to Rick Murphy, senior vice president at real-estate brokerage CB Richard Ellis. View article…
Westmarc joins foes of proposed prison in Goodyear One of the West Valley’s largest lobbying groups is the latest heavyweight to oppose a proposal to build a private prison in Goodyear. Westmarc, a public-private partnership that champions the area, recently sent a letter to Arizona Department of Corrections Director Charles Ryan explaining its official opposition to building a prison at Arizona State Prison Complex-Perryville. The group, which is made up of government, business and education officials, says it represents 15 cities and towns and 70,000 jobs. View article…
Gyms Working Out for Landlords Vacancy-plagued shopping centers in the U.S. are getting a lift from tenants who deal in sweat rather than typical retail goods. Health clubs and gyms accounted for 8.8% of new leases signed so far this year by retail chains in the U.S., compared with 7.9% at the same point last year, according to real-estate research company CoStar Inc. The rush into shopping centers has helped fuel a 57% increase in square footage occupied by U.S. health clubs since 2007, to more than 70 million square feet. View article…
2 Banks Closed Over Labor Day Weekend Two banks were closed and one credit union was conserved by state and federal banking regulators on Thursday, Sept. 1, and Friday, Sept. 2. These failures bring the year’s tally to 87 failed institutions. View article…
Yield Curve Is Not Signaling Recession, Says Grubb & Ellis Economist While it is impossible to sugarcoat the stagnant state of the labor market in August, Grubb & Ellis chief economist Bob Bach says that the yield curve is not signaling a recession. The spreads between the yields on short- and long-term Treasury securities are high by historic standards, which Bach believes is an encouraging sign. Typically a flattening or negative yield curve presages a recession, and long-term inflation expectations recede, pulling long-term interest rates down with them. “The difference between two-year and 30-year yields was 3.32 percentage points [on Thursday, Sept. 1] versus 2.27 points in the recession year of 2008,” says Bach. View article…
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