Here are the news articles you might find interesting today for commercial real estate and business:
Mesa Industrial Sells for $1M J&R Repair Service of Arizona LLC has purchased the industrial building at 4245 E. Norcroft St. in Mesa, AZ from Wells Fargo Bank NA for $1 million, or about $59 per square foot in an REO sale. The 17,080-square-foot building was constructed in 2007 in the Mesa Ridge Business Park in Maricopa County. It was 100 percent vacant at the time of sale. View article…
Thrivent Financial Pays $7.2M for Phoenix Industrial The Michael P. & Patricia A. Black Trust sold the 170,625-square-foot industrial building located at 125 N. 67th Ave. in Phoenix, AZ to life insurance company Thrivent Financial for Lutherans for about $7.17 million, or $42 per square foot. Built in 2002, the industrial building sits on 11 acres and features 38 loading docks, 28-foot ceiling heights, and 2,000-amp heavy power. It is currently leased to three tenants on long-term, triple-net terms. View article…
Pace of Recovery Accelerates For Lower-End CRE Properties CRE investors are stepping up their efforts to find value outside the best buildings in the top U.S. metros, casting their nets in a growing number of secondary markets and asset types as price growth slows for the highest-end properties, according to this month’s CoStar Commercial Repeat Sale Indices (CCRSI) report. View article…
Upscale Peoria restaurant, nightclub Skye closes The Skye Supper Club in the West Valley near the Peoria Sports Complex has closed. A posting on the upscale restaurant and nightclub’s website from owner Terry Davies announced Skye’s closure. “We have been open over six years and over the past three years, it has been extremely challenging to survive financially and despite the best efforts of the employees and your tremendous support and loyalty, we simply cannot continue,” Davies said. View article…
HD television studio opens in Scottsdale A new, independent broadcast studio in Scottsdale is hoping to take advantage of advances in broadcasting and telecommunications technology. BroadcastAZ is using a high-definition broadcast system that links the studio near Cactus Road and 108th Street to global television networks via a dedicated high-speed, fiber-optic line to New York. View article…
Work begins on Mesa light-rail extension Work has begun in Mesa on a three-mile extension of metro Phoenix’s light rail system. The $200 million extension will link downtown Mesa to Tempe and Phoenix. Crews will spend several weeks drilling holes into the road to confirm that underground lines are buried in the same place they’ve been drawn on construction documents. View article…
Chicago Cubs, ASU butt heads on Mesa stadium A plan for Arizona State University’s baseball team to share the Chicago Cubs’ new complex in Mesa may be in deep trouble. ASU President Michael Crow sent Mesa Mayor Scott Smith a scathing e-mail last week in which he accused Cubs management of being “erratic” and “not people of their word” in negotiating the stadium deal. ASU and the Cubs have been talking for almost a year about the university piggybacking with the major-league team to save the cost of building a replacement for Packard Stadium. View article…
Update on Basel III and Final Rule for Basel 2.5 On June 7, 2012, the Federal Reserve Board of Governors unanimously approved the release of three Notices of Proposed Rulemaking (NPRs) for Basel III and the final rule for Basel 2.5. Under the proposal, the approach for calculating risk weighted assets would also change the treatment of residential mortgages, making it more risk-sensitive. Under the NFP, residential mortgages are divided into two categories and the risk weights would depend heavily on LTV and would range from 35%-200%. View article…
Leaders warned on Arizona’s economic development Arizona is destined for Third World status without better leadership and education, a group of state business and political leaders was warned last week. William Harris, president and CEO of Science Foundation Arizona, struck that ominous note during a Maricopa Association of Governments meeting aimed at boosting Arizona’s role in the world economy. The meeting was a renaissance of sorts for the so-called Sun Corridor, a concept that hibernated while the Great Recession gnawed at Arizona’s economy. View article…
HOUSING:
Scottsdale home is a market barometer A longtime Scottsdale real-estate broker who has been tracking a Sweetwater Ranch home for the past three years as a barometer of the local market has seen the first increase in its value. The home’s value estimated by Zillow, an online real-estate database, is up just a few percentage points. But Gary Shapiro of Coldwell Banker is encouraged by the uptick. “It’s a typical northeast quadrant house,” Shapiro said. “Over the last few years it’s had its downs and now its ups.” View article…
CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS) Investment, multi-tenant retail center. For a brochure, click here…
NEW: Former SunTykes Property in Tempe Arizona – Owner/User Opportunity. For more information, click here…
NEW: 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…
2 Industrial Condos in Bahia Business Park (UNIT 104-IN ESCROW – 105 Still available) Owner/User opportunity to purchase 1 or both industrial condos. For more information, click here…
Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ (IN ESCROW-ACCEPTING BACK UP OFFERS) – Former Corporate HQ for TDC in Tempe, AZ For Sale. 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…
2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. 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.