Daily News – October 19, 2009

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

PAPA JOHN's SALADS & PRODUCE ADDING 100+ EMPLOYEES IN NEW FACILITY
Tolleson - Papa John's Salads & Produce Inc. in Tempe (Kevin Jones, pres.) plans to add 100+ employees in a new manufacturing and distribution facility in Tolleson. The company will occupy an industrial building at 859 S. 86th Avenue. That 203,372-square-foot structure is owned by a fund managed by LBA Realty in Irvine, Calif.

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CHANDLER RETAIL PROPERTY TARGETED IN FORECLOSURE ACTION
Chandler - The Shoppes at Chandler Heights retail plaza in Chandler is scheduled to be sold at a trustee's sale on January 7. The partially built shopping center is at the northeast corner of Arizona Avenue and Chandler Heights Road. In August 2007, BREW reported a company formed by Glimcher Ventures Southwest in Scottsdale (David Glimcher, Nick Glimcher, John Schottenstein, principals) paying $7.478 million to buy the 20-acre site and planning to develop the Shoppes at Chandler Heights.

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First Microsoft store to open in Scottsdale

Computer software giant Microsoft Corp. will open the its first retail store Thursday at Scottsdale Fashion Square, officials say.

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Chandler Subaru dealership opens

A new Subaru dealership has opened in Chandler amid the severe slump in the auto market.

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State economy undergoing permanent changes?

The economic recession is altering Arizona's economy in ways that could become permanent, according to leading economy watchers.

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Lenders get back nearly 60% on foreclosures

Lenders recovered almost 60 percent of the loan value for properties that were foreclosed in 2009, according to an analysis by Real Capital Analytics.

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Report: Construction to increase 11% next year

The level of construction starts in 2010 is expected to jump 11 percent to $466.2 billion, according to McGraw-Hill Construction's annual industry outlook. (MHP)

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Report: 57% of online retailers made a profit in 2008

Despite the economic downturn, online retailers were reporting profits in 2008, according to a new report.

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Bashas' to reopen Goodyear store

A Bashas' store in Goodyear will reopen Oct. 24, the result of a renegotiated lease with property owner Westcor.

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Hard-hit industrial market may have reached bottom

Phoenix area industrial real estate experienced one of the largest declines in the nation with commercial foreclosures, high unemployment, lack of available capital and meager tenant demand.

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Crowds pack Chicago-themed nightclub in Scottsdale

Hundreds of people packed into Howl at the Moon on its inaugural night as the Scottsdale club opened its doors on a show that features piano players and staff entertaining the guests, who can also become part of the show.

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Arizona making way for creation of private toll roads

Toll roads may be the state's best and fastest solution to insufficient public money for highways.

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State jobless rate holds steady, fuels optimism

Arizona's unemployment rate remained unchanged at 9.1 percent in September. That surprised several economists because they expected it to keep climbing toward 10 percent. They say it could mean the state's job market is at the bottom and heading toward a slow recovery.

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Tall buildings plan pulled back for Central and Camelback

A Phoenix developer has pulled back from seeking approval for a project that would have included some of the tallest buildings in Phoenix.

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Firm still plans Goodyear mall

Westcor plans to break ground on Estrella Falls mall next spring, but the likelihood of meeting that timeline is unclear. In the past two years, the Phoenix-based developer twice announced yearlong delays in February.

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Chandler office market towers over rest of Valley

Even in the throes of the Great Recession, Chandler's office market has been healthier than most other spots in the Valley, says a commercial broker who handles prime property throughout metro Phoenix.

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ASU enrollment hits record 68,064 students

Enrollment at Arizona State University this fall has reached a record 68,064 students, as the university continues to respond to the rapid growth in the number of eligible Arizona high-school graduates. This is about a thousand more than last year's 67,082.

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Ahwatukee gelato bar owner closes up shop

Dolce Luna Italian Café and Gelato Bar abruptly shut its doors for the last time a week ago today. Owner Tina Noglik had suddenly received an offer for the Ahwatukee Foothills shop's furnishings and said she could not afford to pass it up. She said she already had lost her home, her savings and her health trying to keep Dolce Luna going during the economic downturn.

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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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