Here are the news articles you might find interesting today for commercial real estate and business:
To view this weeks Costar Watchlist, click here…
Tempe Industrial Sells for $2M Arizona Blue Stake, Inc. acquired the industrial building at 1405 W. Auto Dr. in Tempe, AZ from Greenwood & McKenzie for $1.95 million, or about $71 per square foot. The 27,438-square-foot flex building was constructed in 2001 and sits on 1.93 acres in Maricopa County, part of Tempe Business Center II. View article…
Hospice of the Valley Purchases Renovated Phoenix Offices for $1.1M Hospice of the Valley, a Phoenix-based, non-profit hospice care organization, purchased the two-story office building at 333 W. Indian School Rd. in Phoenix, AZ for $1.1 million, or about $60 per square foot. The 18,202-square-foot offices are located in the Mid-Town submarket, with freeway access to SR-51 and light rail access in walking distance. The buyer will build out the recently renovated building as a medical residence facility. View article…
Salvation Army Opens New Headquarters Workers are putting the finishing touches on the Salvation Army’s multimillion-dollar regional headquarters in the Discovery Triangle. The 78,000-square-foot complex, which includes a new 37,000-square-foot social-services center and transitional-living shelter, was dedicated Sunday with about 450 people in attendance, including many donors. The $9 million complex at 2707 E. Van Buren St., which was paid for with donations and internal financing, is a far cry from the neighboring, decades-old Desert Sands Inn motel from which the charity has been operating its administrative offices, shelter and other social services since 1985. View article…
Simon Property Launches Construction on 360,000-SF Outlet Mall A little more than two months after inking a long-term ground lease agreement with the Gila River Indian Community, Simon Property Group broke ground on March 27 on Phoenix Premium Outlets, a 360,000-square-foot retail premium outlet center. The first phase of this development is scheduled to open during spring, 2013. View article…
CA Technologies moves into office in Scottsdale Galleria Downtown Scottsdale’s Galleria Corporate Centre is now home to New York-based CA Technologies’ North American headquarters. CA Technologies is joining tenants such as Yelp, CareerBuilder, McKesson and the Scottsdale Convention and Visitors Bureau at the Galleria, on the northeastern corner of Scottsdale Road and Fifth Avenue. View article…
GlobalTranz seeks to hire 100 in Phoenix Phoenix-based GlobalTranz, a transportation management company, is in the fast growth lane. Plans call for hiring 100 employees for its call center in north Phoenix as the company has begun construction on an additional 75,000-square-foot office at 5415 E. High Street, Phoenix. View article…
Maricopa County experiences most diverse migration in Census survey Maricopa County experienced the most diverse range of U.S. cross-county immigration and emigration from 2005 to 2009, according to estimates released by the U.S. Census Bureau on Wednesday. The American Community Survey was conducted during a five-year period, asking respondents where they lived one year prior to being surveyed. View article…
Phoenix economy among fastest-growing in U.S. Most people would argue that the Phoenix economy is improving, but according to a new report from the Brookings Institution, that growth can be traced back longer than the start of this year. The institute today released its quarterly MetroMonitor report, which tracks the economic progress of the country’s 100 largest metro areas. View article…
Phoenix population density lower than most major metros New U.S. Census Bureau data show Phoenix has a low population density compared with other major metros across the U.S. Of U.S. metros with at least 50,000 people, Phoenix ranks 57th for population density. As of 2010, (the most recent data available), there were 3,165 people per square mile in the Phoenix metro area. More than 3.6 million people in the metro area were spread over 1,147 square miles. View article…
Is the Retail Recovery Finally Here? In November 2010 we noted that retail fundamentals for neighborhood and community centers showed signs of bottoming, but that slow economic growth would continue, prompting vacancies to rise. The latest data through February 2012 provides evidence that a broad-based recovery for retail properties may finally have commenced. Consider the robust leasing patterns for neighborhood and community centers in the fourth quarter of 2011 and early 2012. Occupied stock increased by roughly 1 million sq. ft. per month, topping out at 1.36 million sq. ft. in December and 1.87 million sq. ft. in January. The sector has not absorbed this much space on a monthly basis since 2007. View article…
Trepp Sees $362B in Loans Maturing in 2012 Research firm Trepp has updated its Commercial Mortgage Maturities outlook with fourth quarter 2011 data. It now estimates that $362 billion of commercial real estate debt will be maturing in 2012 (up from $346 billion in 2011). For the five year period 2012 to 2016, the estimate is $1.73 trillion of commercial real estate maturities. View article…
Short Supply, Rising Prices in the Phoenix-area Housing Market Are we actually seeing the start of a housing shortage in the Phoenix area? A new report from the W. P. Carey School of Business at Arizona State University reveals some surprising information for Maricopa and Pinal counties, as of February:
Housing supply was down a huge 42 percent from the year before.
Foreclosures were down 52 percent from last February.
Single-family-home prices have been on the rise since September.
Perhaps most notably, the report’s author, Mike Orr, says some realtors are actually starting to call around to ask people whether they would consider selling homes in desirable neighborhoods. 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.