Here are the news articles you might find interesting today for commercial real estate and business:
Stapley Marketplace Sells for $1M Stapley Marketplace, located at 1616 S. Stapley Dr., sold for $1 million, or about $147 per square foot, to J & L Development. Transaction was an REO sale, the seller being First International Bank & Trust. The 6,797-square-foot, multi-tenant retail building was built in 2006 and was fully occupied at the time of sale. Firehouse Subs is the anchor tenant at the property. View article…
Clocktower Corporate Bldg Sold For $3M Securian Financial Group, Inc. sold the Clocktower Corporate office building at 7776 S. Pointe Pkwy W. in Phoenix, AZ for $2.95 million, or about $27 per square foot, to Presson Corporation. Built in 1987 and situated on a six-acre parcel, the 109,779-square-foot building was just 37 percent leased at time of sale. View article…
Good business leaves little room for others on Mill Avenue The city of Tempe is experiencing growing pains that may leave others envious. Business is flourishing along Mill Avenue to such a degree that there is little room for new businesses to open. “Since 2009, we’ve seen 48 businesses open and stay in business in this district,” said Tempe spokeswoman Kris Baxter-Ging. “We have a new restaurant preparing to open and when it does we will only have space for one more restaurant.” View article…
Aaron Chamberlin Will Open Farm-Focused Cafe in Urban Grocery Space When news broke last week that Urban Grocery and Wine Bar was closing, it didn’t take long for the rumor to start circulating that an undisclosed chef had expressed interest in the space. Turns out, the rumor was true. Aaron Chamberlin, chef-owner of St. Francis, confirms for Chow Bella that he has negotiated a deal with landlord Kurt Schneider and plans to transform the charming vintage building into a cafe by early October. View article…
Officials close to deal to bring Albright University to Mesa The city of Mesa is in negotiations to attract Albright College to its city – the third university agreement this year. City officials also are working with Westminster College and Benedictine University to establish branch campuses in downtown Mesa. View article…
Rebound in Progress, But Still Years from Full Economic Recovery: Forecasts Delivered at W. P. Carey School Economic Outlook Luncheon Despite positive growth, full economic recovery is still two years away for the nation and at least three years away for Arizona. That message was delivered today by top economists from the W. P. Carey School of Business at Arizona State University. The experts spoke at the annual Economic Outlook Luncheon sponsored by the Economic Club of Phoenix. “Arizona lost 314,000 jobs during the recession, and we’ve only added back around 25 percent of those,” explained Research Professor Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business. “We’ll probably pick up about 48,000 jobs this year in the state, but it will be three to four years until we can expect to see full recovery.” View article…
HOUSING:
ASU: Phoenix housing market still bruised, but recovering The Phoenix-area housing market still has plenty of bruises from its recent knockdowns, but some of those wounds may be starting to heal. Foreclosure sales, short sales and real estate investors still make up the bulk of current home sales in the Phoenix area. View article…
Scottsdale builders seeing surge in new homes Apartment development is the focus of Scottsdale’s housing market, but builders based in the city say they are seeing a surge in new-home sales elsewhere in the Valley. Builders acquired permits for nearly 2,500 single-family homes in the first quarter, up 74 percent from a year ago, said Greg Burger, publisher with RL Brown of the “Phoenix Housing Market Letter.” View article…
Housing Recovery to Occur in Two Phases: Demand Institute The housing recovery will come in two phases. First, home prices will rise by just under 1 percent in the second half of 2012. In 2013, prices will rise by 1.5 percent, then go up another 2.5 percent in 2014. For the second phase, home prices will increase 3 to 3.5 percent between 2015 and 2017. These are the predictions from a report released by the Demand Institute, which is jointly operated by The Conference Board and Nielsen. 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…
+/- 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 – 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 – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…
5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) 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.