6310 E Broadway Blvd, Tucson
The CVS Pharmacy at 6310 E Broadway in Tucson has sold in an investment sale to Phoenix-based American Capital Properties, Inc.(ACRP) for $5.45 million ($374 PSF). The 14,576-square-foot building (built 2013) on 2.3 acres is located at the southeast corner of Broadway and Wilmot with a drive-thru. The CVS opened October, 2013.
ARCP is a leading, self-managed commercial real estate investment trust (“REIT”) focused on investing in single tenant freestanding commercial properties subject to net leases with high credit quality tenants. ARCP owns approximately 4,400 properties totaling 99.1 million square feet of leasable space. Additionally, ARCP sponsors non-traded REITs through its wholly owned private capital management business and direct investment wholesale broker dealer, Cole Capital… Read more
Chief Executive Magazine reports that in a survey of over 500 CEOs across the U.S. Arizona ranked the seventh most attractive state for conducting business. Participants considered the following metrics: tax and regulatory regime, the quality of the workforce and the quality of the living environment.
For example, a state’s attitude toward business is viewed as a critical component of its tax and regulatory regime, while employees’ attitude toward management is considered a crucial factor in the perceived quality of a region’s workforce. Public education and health are also important factors in the living environment, as are such things as cost of living and affordable housing.
Texas continues its 10-year historical position as the best state overall; but Florida,… Read more
Tucson was forced to stop collecting impact fees on Aug. 1st after failing to meet the deadline for adopting a state-mandated update on how it charges and spends the money.
The new proposed impact fees are now posted on the City of Tucson website. The former calculator based on square-feet for residential construction is gone and a map of Central, West, East, Southeast and Southlands in its place.
The city stands to lose about $3.2 million during the four month moratorium that it will take to get the new fees in place.
Homebuilder groups said the city’s proposed changes need more work and are an excessive jump.
Higher fees of the proposed plan would boost fees from about about… Read more
WASHINGTON — A fourth straight monthly increase in sales of existing homes provided the latest evidence Thursday that the U.S. housing market is rebounding from a weak start to the year.
But Americans are stepping up purchases as more homes have been put up for sale. And low mortgage rates and moderating price gains have made homes more affordable. Existing-home sales increased in July to their highest annual pace of the year, and the ongoing decline in distressed sales reached an important milestone, according to the National Association of Realtors.
Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.4% in July to a seasonally adjusted annual rate of 5.15… Read more
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.
On Thursday, the Dow Jones Industrial average rose 60.36 points, or 0.4%, to 17,039.49. The S&P 500 rose 5.86 points, or 0.3%, to 1,992.37. The NASDAQ composite rose 5.62 points, or 0.1%, to 4,532.10.
Benchmark U.S. oil rose 51 cents to $93.96 a barrel. Brent crude, a benchmark for international oils imported by U.S.… Read more