520 N Pinal Pkwy, Florence, AZ
Tucson, Ariz. – CBRE has completed the sale of a twenty-four property gas station and convenience store portfolio for properties in Tucson and 5 counties throughout Southern Arizona. The portfolio commanded a sale price of $39.75 million, in the largest sale to date for the new year in Southern Arizona.
Pete Villaescusa and Jesse Peron in CBRE’s Tucson office represented the seller, Reay’s Ranch Investors, LLC of Tucson. The buyer was a national REIT, American Realty Capital Properties (ARCP).
Of the twenty-four convenience store locations, eight are in the Tucson area, and the rest are located throughout Southern Arizona. Under a new master lease agreement between ARCP and El Paso, Texas-based Western… Read more
PHOENIX, Ariz. – Two words tell the story of the 2014 Metro Phoenix office market: East Valley. The Tempe, Scottsdale and Chandler submarkets outperformed the entire Valley, helping to pull the city back to real estate health, according to figures released Thursday by Cushman & Wakefield of Arizona, Inc.
“The Scottsdale and Southeast Valley office corridors have benefitted from incredible leasing activity from a variety of users ranging from insurance companies to tech firms,” says Jerry Noble, managing director of Cushman & Wakefield. “2014 was the strongest year of the recovery, with more leasing activity and a depletion of large blocks of space. These are key indicators of cyclical shift and progress towards equilibrium.”
Overall net absorption for… Read more
Peter Fine, President / CEO of Phoenix-based Banner Health
The state’s largest hospital system, Banner Health, got even bigger this week, with the final approval by the Arizona Board of Regents (ABOR) allowing Banner Health to enter an academic affiliation agreement with the University of Arizona, and merge with the UA Health Network and employ its non-academic personnel.
UA Health Network and Banner Health enlisted Cain Brothers, an investment banking firm, to analyze the complex deal and give a “fairness” opinion on it. A representative of the firm told ABOR this week the analysis concluded the deal was fair to both sides.
The UA Health Network includes two hospitals, three health insurance plans, numerous clinics and University Physicians Healthcare, which… Read more
Assistant Chief Kathleen Robinson receiving the donation on behalf of the Tucson Police Foundation (L-R: Mayor Jonathan Rothschild, Mona Deane (BOMA), Assistant Chief Robinson, Amber Smith (MPA)
TUCSON – Metal thefts in Tucson are down from their peak in 2012, thanks to cooperation between law enforcement, businesses and metal recyclers. At the peak, a coalition of business groups, including the Metropolitan Pima Alliance, the Southern Arizona Chapter of CCIM and Building Owners and Managers Association (BOMA) of Greater Tucson, formed the Pima County Metal Theft Task Force to work with the Tucson Police Department (TPD) to combat metal thefts.
Jason Wong, CCIM, with Tucson-based, RedPoint Development initiated the task force and CCIM Southern Arizona Chapter was awarded the Community… Read more
Real Estate Daily News Buzz – business perspectives, real estate, government, the Fed, local news, and the stock markets
Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz for the day will be.
Thursday, the Dow Jones industrial average rose 225.48 points, or 1.3%, to close at 17,416.85. The S&P 500 index gained 19.09 points, or 1%, to 2,021.25. The NASDAQ composite added 45.41 points, or 1%, to… Read more