Here are the news articles you might find interesting today for commercial real estate and business:
Giaconda East Sells for $1M A private investor acquired Giaconda East at 205-215 Giaconda Way in Tucson, AZ for $1,015,000, or about $58 per square foot. The 17,638-square-foot retail building was constructed in 2000 in the North Tucson/Oro Valley submarket. The property was 50 percent vacant at the time of the sale. View article…
9M Surprise Development Planned Uptown Valley, a $9 million retail development project in Surprise, AZ, will feature a full-service restaurant with an outside patio, 40 bowling lanes, gaming arcade, laser tag, two bars, a sports theater, live entertainment and an exclusive adult lounge with billiards, entertainment and a private bar. Trifecta Management Group has partnered with Uphoff Ventures to create this new Uptown Alley experience. The project is planned to debut in the spring of 2012. View article…
San Diego investor buys Mesa acreage for $9M Buckeye Casa Grande LP of San Diego purchased 309 acres south of Phoenix-Mesa Gateway Airport for a little more than $9 million. The farmland is at the southeast corner of Pecos and Ellsworth roads in Mesa. View article…
Mastro’s City Hall steakhouse extends lease The Lincoln Property Co. announced that it has signed a new tenant and extended a lease for Mastro’s City Hall steakhouse at Camelback Square, 6991 E. Camelback Road. Echo Global Logistics is the new tenant for an 11,114-square-foot office. The company provides transportation and supply-chain management for a wide range of industries. Camelback Square, formerly Camelback Executive Park, recently was renovated with limestone flooring, an upgraded lobby and signage. It is a 172,690-square-foot, three-story office building. View article…
Retail space vacancy rates spur Chandler review Shopping trends, shifting traffic patterns, growing vacancies and an oversupply of retail space are prompting Chandler to examine its development policies. A long-awaited report from Mayor Jay Tibshraeny’s 4-Corner Retail Committee went to the City Council on Thursday, setting in motion discussions of how they will deal with industry trends that don’t bode well for empty big boxes. With a retail vacancy rate that rose from 7.1 percent in 2008 to 13.2 percent in 2011, View article…
EUREKA! SELECTS VELOCITY RETAIL GROUP FOR ITS ARIZONA EXPANSION Eureka! is an authentic one-of-a-kind gastropub experience serving a wide selection of certified Angus Chuck Beef burgers, gourmet salads, signature hand-cut fries, and a distinctive assortment of the best craft beers and whiskeys in a warm atmosphere surrounded by good vibes and rock n’ roll. The company is based in Southern California and has recently announced plans to expand in Arizona. View article…
U-Haul: Phoenix is No. 14 US relocation site Phoenix is the 14th most popular destination for relocation, according to a U-Haul International report. The top spot goes to Houston, followed by Orlando, Fla.; Las Vegas; Chicago; San Antonio; Austin; Atlanta; Sacramento, Calif.; Kansas City, Mo.; and Denver to round out the top 10. View article…
Arizona lawmakers push to take over federal land Another “sagebrush rebellion” is spreading through legislatures in Arizona and other Western states with a series of formal demands that the federal government hand over title to tens of millions of acres of forests, ranges and other public lands. Arizona could claim as much as 25 million acres — all federal land in the state except military bases, Indian reservations, national parks and some wilderness areas. View article…
Market Has ‘Tall Order to Fill’ as $362B in CRE Loans Matures in 2012 The commercial real estate (CRE) sector faces $362 billion in maturing debt this year, according to the latest estimates from Trepp LLC, a New York-based provider of commercial mortgage information and analytics. The company’s research team, headed by Matt Anderson in its West Coast office, just updated Trepp’s outlook for commercial mortgage maturities with Q4 2011 data. The team’s latest estimate for 2012 represents an increase from $346 billion in commercial mortgage debt maturing in 2011. View article…
Two More Bank Failures, National Tally Now at 15 Two banks closed over the weekend, raising the national tally of failed FDIC-insured banks to 15 so far this year. State regulators closed Covenant Bank & Trust of Rock Spring, Georgia, the fourth bank to close in Georgia in 2012. Stearns Bank of St. Cloud, Minnesota will assume all deposits of the failed bank. View article…
CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…
+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…
Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale/Lease. 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…
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.