Here are the news articles you might find interesting today for commercial real estate and business:
Kimco Realty buys Tempe center for $10.5M A Tempe retail center anchored by Whole Foods was purchased by Kimco Realty Corp. for $10.5 million. The New-York-based Kimco, a real estate investment trust, bought the property from College Park Shopping Center LLC and CP Shopping Center II LLC. View article…
Planning for Desert Ridge bioscience hub set to begin Efforts are under way to develop the Desert Ridge area south of Loop 101 into a bioscience and technology hub, just days after Mayor Greg Stanton announced plans for the Desert Ridge Bioscience Technology Collaborative. According to Dr. Wyatt Decker, chief executive of the Mayo Clinic in Arizona, more concrete plans could take form within six months, although full development of the plan is likely to take much longer. View article…
NAU joins downtown Phoenix Northern Arizona University is coming to the Phoenix Biomedical Campus. By summer, NAU will move a few staff members into the Health Sciences Education Building now under construction near Seventh and Van Buren streets. NAU will open two programs in high demand in the health-care industry: a physician-assistant program and a physical-therapy program. View article…
Scottsdale resorts set for development Scottsdale is poised for another wave of resort development with three properties that could add 1,000 rooms, villas and casitas over the next four years. The Reserve, Reata Ranch and Sereno Canyon all would be built north of the McDowell Mountains and adjacent to the McDowell Sonoran Preserve. “This will broaden and deepen the resort offerings for Scottsdale on the world stage,” said Taber Anderson, who is developing Reata Ranch on 220 acres southeast of 128th Street and Rio Verde Drive/Dynamite Boulevard. View article…
Market Trend: Phoenix’s Office Vacancy Decreases to 20.7% The Phoenix Office market ended the fourth quarter 2011 with a vacancy rate of 20.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 620,202 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,141,997 square feet. View article…
Phoenix hits top 10 in U.S. for financial service workers Phoenix ranks No. 10 in the U.S. for financial services employment, according to a new report. On Numbers, a division of Bizjournals.com, a sister publication of the Phoenix Business Journall, found the Valley has 110,673 financial sector employees at 7,240 establishments. View article…
HOUSING:
2011 real estate data show potential for Phoenix recovery Fletcher Wilcox, a real estate analyst for Grand Canyon Title Agency Inc., provides some interesting data crunching based on information gleaned from the Arizona Regional Multiple Listing Service. In 2011 there were 100,985 sales, or about 10,000 more sales than were recorded in 2010 when that number was 90,110. View article…
Home Prices Down in 2011, but Market Stability Forecast for 2012 While year-over-year home price measurements notched down in 2011, prices are expected to see a slight uptick in 2012, according to Clear Capital. Should the valuation company’s predictions ring true, it would be the first time since 2006 that the change in annual home prices has landed in positive territory. View article…
CoreLogic’s Home Price Index Shows Fourth Straight Monthly Decline CoreLogic released its November Home Price Index (HPI) Monday, which shows prices nationally fell 1.4 percent month-over-month and 4.3 percent year-over-year. November marks the fourth consecutive month CoreLogic’s index has returned negative results, with much of the depreciation coming from distressed sales such as REO and short sale transactions. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate! Investment, multi-tenant retail center. For a brochure, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. 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.