Here are the news articles you might find interesting today for commercial real estate and business:
The Villas at Southbank This is a new project that was proposed last night at the Design Review Commission. It is a 17 story senior living facility with approx.. 262 units. If you would like to see the concept, email me and I will send them to you. This will be a great project for Tempe!
Gila River tribe picks Perini to build new hotel, casino at Vee Quiva The Gila River Indian Community has picked Perini Building Company Inc. to develop and construct a new casino and resort hotel at the tribe’s Vee Quiva Casino in Laveen. The Gila River tribal council gave final approval to Perini to build a 100-room hotel and new 175,000-square-foot casino at the Vee Quiva location off 51st Avenue south of Baseline Road in the southwest Valley. View article…
Tesla Motors may bring mini dealership to Scottsdale Fashion Square mall The Scottsdale City Council will vote tonight on a proposed luxury electric car dealership at Scottsdale Fashion Square. California-based Tesla Motors wants to locate a mini-dealership at the trendy mall. The operation would total 3,100 square feet and include parking areas at the Westcor-owned mall in downtown Scottsdale. Tesla has no dealerships in Arizona. View article…
Queen Creek Town Council approves medical-office site Queen Creek got a big boost when the Town Council approved construction of a large medical office building, paving the way for for what it hopes will be an influx of medical jobs. The 87,410-square-foot health center will be on an 11.78-acre parcel of land on the west side of Ellsworth Loop Road south of Victoria Lane in the Town Center. View article…
Downtown Tempe to get 11-story hotel A flurry of development and new business openings in downtown Tempe in recent months soon will continue with the construction of an 11-story hotel. The East Valley Tribune reports that the Miami-based Finvarb Group now has a building permit for a Residence Inn by Marriott and could begin work at any time. View article…
Arizona No. 5 for commercial real estate development Arizona ranked fifth in the U.S. last year in the development and construction of office, industrial and retail space, according to a report issued by NAIOP Research Foundation. The research showed Arizona had $4.2 billion in spending with more than 74,000 jobs supported. View article…
Sales-tax collections on upswing in Phoenix Phoenix sales-tax collections are still creeping up, buoyed by slightly higher retail sales, taxes collected on construction and sales taxes on bars and restaurants. In their latest general-fund report, city budget analysts wrote that Phoenix sales-tax collections for February were $30.10 million, up 3.7 percent from the same month last year. The city has collected $285.5 million in city sales taxes since the fiscal year began July 1. View article…
Down, but not Out Retail construction is a shadow of its former self with development activity falling to its lowest levels in more than a decade. Yet pockets of construction persist. An estimated 32 million square feet of new retail space is expected to be built this year, according to Marcus & Millichap. Much of the new space is user-driven development fueled by continued expansion from retailers such as Walgreens, Costco, and Sam’s Club. View article…
Rethinking Retail Retail is one property sector that never has time to rest on its laurels. As they battle the lingering effects of the recession and increased online shopping competition, retailers are once again shifting store strategies. The steep economic downturn forced many retailers to clean house by eliminating underperforming stores, upgrading locations, and taking a hard look at their broad approach to future growth. The chief task going forward is how to squeeze more efficiency – namely lower costs and higher sales – out of brick-and-mortar stores in a world where online shopping is rapidly increasing. View article…
HOUSING:
Phoenix home prices in March up 7.7% from a year ago Home prices in the Phoenix area increased by 7.7 percent from March 2011 to March 2012, according to a survey by CoreLogic, a California-based data and research firm. Take the distressed sales out, and the number declines to 4 percent growth, meaning the greatest price increases are being felt in distressed home sales. View article…
Phoenix home prices predicted to fall 11% this year New research from Fiserv Case-Shiller Indexes predicts Phoenix-area home prices will decrease by 11.1 percent this year. Only Detroit is expected to suffer larger declines. The research shows average home prices around Phoenix fell by 1.2 percent in the past year and 4 percent nationwide. However, while Arizona’s outlook is for an 11 percent drop this year, the national forecast is for a decrease of just 0.8 percent. 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.