Here are the news stories you might find interesting today regarding commercial real estate and business:
CLEVELAND FIRM TAKES CONTROL OF MAIN STREET COMMONS MIXED-USE SITE IN GILBERT
Gilbert – In two cash transactions totaling $7.915 million, companies formed by the Park Corp. in Cleveland, Ohio have acquired 52.4 acres at the southeast corner of Pecos Road and Val Vista Drive in Gilbert. The property previously was planned for a mixed-use project called Main Street Commons. Gilbert Growth Properties LLC, a company formed by Park Corp., paid $3.25 million to purchase 18.4 acres within Main Street Commons.
FREEPORT-MCMORAN SPENDS $196 MILLION TO PURCHASE 8,900 ACRES OF MINING LAND
Pima County – A company formed by Freeport-McMoRan Copper & Gold Inc. in Phoenix (NYSE:FCX) paid $196 million to acquire roughly 8,900 acres of land south of Tucson and about six miles northwest of Green Valley in Pima County. The seller in two transactions were companies formed by Park Corp. in Cleveland, Ohio.
New Phoenix Coyotes owners commit to long-term lease
The prospective new owners of the Phoenix Coyotes are willing to sign a long-term lease to keep the team in Arizona, but they also are looking at playing some “home” games in western Canada to boost revenue and attendance.
Walgreens adding fresh, prepared food
Walgreen Co. is looking to drive more shoppers to its more than 7,000 stores nationwide by offering fresh foods and prepared meals.
Report: Hollywood Video may close 1,000 stores
Some 1,000 Hollywood Video movie rental units could close under a major restructuring by its owner Movie Gallery Inc, according to a report in today’s Wall Street Journal, quoting people close to a discussion of the company’s future.
Car collectors gather in Valley for 5 major auctions
Dave Brewer came to Scottsdale last week with a trailer full of cars to sell. He brought two Corvettes, a 1969 Camaro Z28, 1970 Oldsmobile 442 convertible and a 1934 Woody street rod.
With Competitors Vacated, Retailers Eyeing Real Estate
NEW YORK (AdAge.com) — Even in recession, there’s an upside opportunity. And there might be billions of retail dollars up for grabs for smart marketers able to expand their footprint by taking advantage of cheaper leases.
Revenue Recovery: Lease audits can reveal hidden income potential
With the commercial real estate industry still in an economic tailspin, now is the time for property owners to look at their existing portfolios and monetize any untapped opportunities. In addition, the new year presents the perfect opportunity for landlords to review lease terms and billing procedures and begin asking the right tough questions – questions that can mean the difference between positive cash flow and money left on the table.
To view my responses at the CCIM/IREM Economic Forecast from last week, click here. I look forward to hearing your comments from the presentation.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.