Here are the news articles you might find interesting today for commercial real estate and business:
Update: Bell West Ranch Sold for $4.3M Bell West Ranch in Surprise, AZ sold for $4.34 million, or about $159 per square foot, to Pacific West Land. The seller was Bell West Ranch Shops, LLC. The property consists of two retail buildings built in 2004. 16824 W. Bell Rd. is a 7,000-square-foot, single-tenant building occupied by O’Reilly Auto Parts. 16846 W. Bell Rd. is a 20,225-square-foot, multi-tenant retail building that is currently 87 percent occupied. View article…
Mid-century apartments receive stylish new look A downtown vacation-apartment building with mid-century architectural lines is getting a fresh look to attract style-conscious Scottsdale visitors. El Dorado Scottsdale, 6825 E. Fourth St., is working to complete a renovation this month of a 33-unit apartment complex, said Franco Calabrese, one of the property owners. View article…
Phoenix unemployment rate 29th among major metros The Phoenix-area unemployment rate of 7.5 percent in July ranked it 29th in the U.S. among the 100 largest metro areas. Tucson ranked 34th with a rate of 7.7 percent. New research from On Numbers shows the Phoenix and Tucson areas are faring better than most major cities. View article…
U.S. service sector rebounds, expands The service sector of the U.S. economy expanded in August, growing at a slightly faster rate than the previous month. The Tempe-based Institute for Supply Management released a monthly report Thursday that showed the service sector expanded by 1.1 percentage points to 53.7 on its overall index. View article…
CMBS Delinquency Rate Falls Sharply After Increases: Trepp The CMBS delinquency rate made a steep drop in August, marking the first fall since February 2012, according toTrepp. After five months of increases, the CMBS delinquency rate fell 21 basis points to 10.13 percent in August from 10.34 in July. The plunge in August is the largest since November 2011. View article…
HOUSING:
Soaring Phoenix-area Home Prices Finally Slow Down Phoenix-area home prices, which had been sharply and steadily rising since last September, finally went down a little this summer. A new report from the W. P. Carey School of Business at Arizona State University reveals the numbers for Maricopa and Pinal counties, as of July: The median single-family home price dropped slightly between June and July this year – down less than 1 percent. The median single-family home price was still up almost 31 percent from last July. Sales of bank-owned homes plunged 73 percent from July 2011 to July 2012, with fewer foreclosures coming into the pipeline. View article…
Phoenix-area housing prices dip in July, still up 31% from year ago Phoenix-area home prices dipped slightly in July after nearly one year of steady and significant gains, according to a report released today by Arizona State University. Median single-family home sale prices across Maricopa and Pinal counties declined very modestly in July by less than 1 percent from the previous month, according to the monthly report, which is generated by ASU’s W.P. Carey School of Business. View article…
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CURRENT FOR SALE OPPORTUNITIES:
Former SunTykes Property in Tempe Arizona (IN ESCROW) – Owner/User Opportunity. For more information, click here…
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…
1 Industrial Condos in Bahia Business Park (UNIT 104-SOLD – 105 Still available) Owner/User opportunity to purchase 1 industrial condos. 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…
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.