Here are the news articles you might find interesting today for commercial real estate and business:
Recker Brown Center Closed – $1,450,000 Mesa – Kinetic Companies (Joel Moyes, Jeff Hawke Principals) of Phoenix, paid $1.45 million ($27.23 per foot) to buy a 53,245-square-foot retail building located at1135 N Recker Road in Mesa. The Seller was Arizona Investment Funds, LLC out of California. The buyer was represented by Nick Miner, CCIM of Commercial Properties Inc. in Scottsdale. View article…
Phoenix Walgreens Sells for $4.2M Nevada California Pacific Properties LLC acquired the Walgreens at 2420 E. Baseline Rd. in Phoenix, AZ from Stuart Ketchum Real Estate for $4.27 million, or about $295 per square foot. The 14,490-square-foot retail building was constructed in 2002 in the South Mountain Retail submarket of Maricopa County. Walgreens fully occupies the property on a triple-net lease that runs through June 2062. View article…
Federal agency planning move to south Phoenix The federal agency that handles citizenship and green-card applications will move into a newly remodeled office complex in one of Phoenix’s first Latino neighborhoods. The U.S. General Services Administration has signed a 10-year lease for $1.7 million in annual rent on behalf of the federal Citizenship and Immigration Services agency to move into the renovated building at 1330 S. 16th St., owned by a limited-liability company in Phoenix. View article…
Biotech company moves to Phoenix from Edmonton Dr. Joseph Sinkule, who had moved his biotech company out of the state after he couldn’t secure venture capital, is back in town. He has been named president and CEO of Compass Biotechnologies Inc., which is moving its headquarters to Phoenix from Edmonton, Alberta. View article…
Scottsdale residents, bar owners clash over entertainment district, nightlife noise Jane Peterson still gets only two good nights of sleep each week because of the booming noise coming from downtown Scottsdale’s entertainment district. Peterson lives north of Camelback Road across from the Mint ultra lounge, one of the many trendy nightclubs and bars that populate the area south of Camelback. She lived there 30 years without any problems, but that all changed when the Mint opened in June. Now, she says, noise coming from the popular night spot has changed things. View article…
Unemployment Rate Falls to 8.5% The nation’s unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning. The reported rate is down from 8.6 percent in November. The change in total nonfarm payroll employment for November was revised downward from +120,000 to +100,000. October’s data was revised upward from +100,000 to +112,000. View article…
Recovery Will Be ‘Lengthy’ and ‘Gradual’: Report At a national level, the housing market is on the mend, but recovery will be slow this year with little overall change, according to the latest quarterly VeroFORECAST report released Thursday by Veros Real Estate Solutions. “The good news is that many markets are no longer expected to be radically declining, said Eric Fox, VP of statistical and economic modeling at Veros. View article…
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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.