Here are the news articles you might find interesting today for commercial real estate and business:
CBRE Completes $20.55 Million Sale of East Thunderbird Square South in Scottsdale CBRE has completed the $20.55 million sale of East Thunderbird Square South, a 161,997-square-foot grocery-anchored shopping center located on the northwest corner of Thunderbird and Scottsdale roads in Scottsdale, Ariz. Glenn Smigiel, Bob Young, Steven Brabant, Rick Abraham, Nancy Romanovsky, Kevin Schuck and Max Bippus of CBRE’s Phoenix office represented the seller, Gregg Williams of Trident Pacific Real Estate in Scottsdale, Ariz., the court-appointed receiver for the asset. The buyer was Holualoa Companies; Michael Kasser, president, and Aroon Chinai, chief investment officer. View article…
2 Peaks Corporate Park Bldgs Sell for $7.7M Peaks Corp Park LLC Park LI has purchased two buildings totaling 140,275 square feet at 7689 and 7669 E. Pinnacle Peak Rd. in Scottsdale, AZ for $7.7 million, or approximately $55 per square foot, in an REO sale from Armed Forces Bank NA. Both two-story offices were in shell condition and have never been occupied. Bldg A totals 70,542 square feet and was built in 2007. Bldg B totals 69,733 square feet and was finished in 2008. Both properties are located in the N Scottsdale / Carefree submarket of Maricopa County, part of the Peaks Corporate Park. View article…
Investor Buys 1.3M-SF Fowler Distribution Center Building Two of the Fowler Distribution Center, located at 800 N. 75th Ave. in Phoenix, sold to an affiliate of Industrial Income Trust for $90.29 million, or about $71 per square foot. The seller was the Buzz Oats Group of Companies. This 1,267,110-square-foot distribution building was built in 2009 and is 100 percent occupied by Amazon.com on a 10-year, triple-net lease that commenced in the fourth quarter of 2011. View article…
Scottsdale Office Sells for $2.1M Dunbar Investments acquired the Scottsdale Hayden Office Building at 3260 N. Hayden Rd. in Scottsdale, AZ from Midfirst Bank for $2.05 million, or about $60 per square foot, in an REO sale. The two-story, 33,945-square-foot office building was built in 1985 in the Scottsdale South submarket. It was just 53 percent occupied at the time of sale. View article…
Arrowhead Gateway Bldg Trades for $3.9M John F. Long Properties has purchased the 6,170-square-foot retail building at 17550 N. 75th Ave. in Glendale, AZ for $3,875,000, or approximately $628 per square foot. The building is fully leased to Fidelity Investments through January 2022. The property was constructed in 2008 and is located in Arrowhead Gateway, adjacent to the Arrowhead Towne Center. View article…
Seattle Espresso in Ahwatukee closing Les and Christine Fisher have reason to be sentimental about Seattle Espresso, a coffee shop hidden in a strip mall at 48th Street and Ray Road in Ahwatukee Foothills. They had their first date there. They went back at least every other day for a while, and then every day. Then, on an evening in 2007, they stopped in for a visit that changed their lives forever. View article…
6,900 Scottsdale apartments in pipeline Scottsdale’s first wave of apartment development is advancing downtown but the big surge isn’t expected to sweep across the city until next year. Scottsdale was flooded with rezoning requests and plans over the past two years to build apartments after a decade with only a few hundred new units added to the city’s housing supply. Most of the projects were approved but there has been a lag in development while builders finalize their plans and secure financing. View article…
Construction boom defining Mesa’s future From one end to the other — and at many points in between — Mesa is enjoying a construction boom that will help define how the city looks and functions for decades. The projects will consume well over half a billion dollars in public money. View article…
Phoenix No. 2 for construction job gains Arizona is still struggling with a construction labor shortage in the aftermath of the recession, but the latest federal data shows the local industry is making encouraging strides out of its years-long rut. The metro Phoenix construction labor force added 5,600 jobs in July compared with a year earlier — the second-highest number of new jobs of added during that period, according to the U.S. Bureau of Labor Statistics data compiled and released Tuesday by the Associated General Contractors of America. The annual job growth rate was 7 percent. View article…
HOUSING:
Arizona, U.S. foreclosure numbers continue to fall Fewer homeowners throughout the nation are losing their homes to foreclosure compared with a year ago, and while the Phoenix market also reflects this trend, Arizona is still struggling with distressed properties. View article…
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CURRENT FOR SALE OPPORTUNITIES:
Former SunTykes Property in Tempe Arizona – Owner/User Opportunity. For more information, click here…
Freestanding Auto in Mesa, Arizona – Owner/User Opportunity. For more information, click here…
+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…
1 Industrial Condos in Bahia Business Park (UNIT 104-SOLD – 105 Still available) Owner/User opportunity to purchase 1 industrial condos. For more information, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale. For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise. 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.