Daily News for Commercial Real Estate & Business – February 1, 2010

Here are the news stories you might find interesting today regarding commercial real estate and business:

BAKERY ACQUIRES PARCEL ON WEST SIDE FOR NEW FACILITY . . . SUNSTATE BUILDERS WILL B-T-S

Phoenix - A company formed by principals of Café Valley Bakery in Phoenix plans to develop a 285,000-square-foot manufacturing and distribution facility in west Phoenix. The company paid just under $4.744 million to buy a 15-acre site at the northeast corner of 71st Avenue and Buckeye Road. The seller was Chamberlain Development LLC in Tempe. Full story

SCOTTSDALE AIRPARK OFFICES DEVELOPED BY CAVAN TARGETED FOR FORECLOSURE

Scottsdale - With roughly 6 million sq. ft. of empty office space in the Scottsdale Airpark, the downtrodden real estate market is taking its toll on a major project in north Scottsdale. Two office buildings with in the Raintree Corporate Center are scheduled to be sold at a trustee's sale on April 16. According to Ion Data, a Mesa-based provider of real estate information, Full story

Salvation Army Buys Phoenix Office for $1.2M

The Salvation Army purchased the office building at 4343 N. St. in Phoenix from Premium Seating for $1.25 million, or $112 per square-foot. The single-story, 11,148-square-foot office building was built in 1980 in the Midtown/Central Phoenix submarket. The Salvation Army will occupy the entire building. View article...

Drury Hotels Purchases 2.8 Acres in Goodyear

Drury Hotels purchased 2.8 acres of land from SunCor Development Co. in Goodyear, AZ, for $2.3 million, or approximately $828,000 per acre. The St. Louis-based hotelier, which has locations in 20 states, plans to construct an eight-story Drury Inn and Suites at the site, with its opening dependent upon market conditions. The property is located within Centerscape at Palm Valley, a mixed-use development at the northeast corner of I-10 and Bullard Avenue. View article...

Murphy Ventures Pays $1.1M for Phoenix Office

Murphy Ventures, a Phoenix-based property investment firm, acquired the Columbus Executive Center in Phoenix, AZ, from TB Properties LLC for $1.07 million, or about $60 per square foot. The two-story office building delivered in 1980 at 77 E Columbus Ave. in Phoenix's Downtown North submarket. It totals 18,060 square feet and is anchored by the ACLU of Arizona, according to CoStar information. The property was fully leased at the time of sale. View article...

Blandford Homes buying up E.V. developed lots

Gilbert-based Blandford Homes continues to amass hundreds of fully developed vacant lots across the East Valley, Pinal County and Maricopa that were slated for development by other builders before the market went bust. Since mid-December, Blandford has purchased 775 developed lots from Wachovia Bank for more than $15.36 million. View article...

Gilbert development put on hold again

Plans for a 52-acre mixed-use development that was once supposed to be Gilbert's version of Kierland Commons are on the shelf again. Gilbert Growth Properties, a limited liability company and subsidiary of Cleveland-based Park Corp., purchased most of the land that would have hosted the huge retail, office and residential project for $7.9 million. It's the second time the site has been passed off to different owners. View article...

Owner: Pat's Cyclery's move from Mesa 'hard'

Pat's Cyclery, a business fixture on Mesa's Main Street for more than half a century, has moved - not just off Main Street but outside Mesa entirely. Changing demographics prompted owners Ken and Don Patterson to move to a new location in the Gilbert Gateway Towne Center at Power Road and the Santan Freeway section of Loop 202. View article...

Arizona needs sustained job-growth strategy

Arizona enters a new decade with not only a massive budget deficit but also a severe job deficit that threatens to crush its hopes for a quick economic recovery. Almost 10 percent of the state's jobs were wiped out by the brutal recession, dealing a huge blow to government budgets, the housing market and retailers. View article...

Surprise boosts bed tax to 11.99 percent

The city of Surprise is increasing its hotel bed tax on tourists and visitors. The Surprise City Council voted Friday to increase the tax by 1.52 percent, to 11.99 percent. That translates into a $1.52 additional charge on a $100 hotel room. View article...

Recession's bite easing off restaurants

Some Phoenix-area restaurants, bars and coffee shops are seeing an uptick in business after a tough 2009 took a toll on their bottom lines. View article...

Six Banks Closed on Jan. 29 / Year's Running Tally of Failed Institutions: 16

Six banks were closed by state and federal regulators on Friday, Jan. 29. The largest of the institutions, First Regional Bank, Los Angeles, California, had $2.18 billion in assets under management. View article...

NRA: operator optimism at 2-year high

The National Restaurant Association's monthly Restaurant Performance Index hit a 22-month high in December, driven by improving sales and traffic trends, as well as operator optimism that hit its highest level in two years. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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