Daily News for Commercial Real Estate & Business – April 1, 2011

To view the 1st Quarter Sales Comps for the Apartment Market in Phoenix (thanks Jim Crews at CW), click here.

Nationwide Health buys Arbor Rose Nationwide Health Properties Inc., a real estate investment trust in Newport Beach, Calif., purchased the Arbor Rose Assisted Living center in Mesa for $12 million. The center is located at 6033 Arbor Ave. Milestone Retirement Communities LLC, based in Vancouver, Wash., will take over operations at the center, which was 95 percent occupied at the time of sale. View article...

TANGER FACTORY OUTLET EXPANDING TO VALLEY . . . PLANS PROJECTS IN SCOTTSDALE & PHOENIX Tanger Factory Outlet Centers Inc. in Greensboro, N.C. (NYSE:SKT, Steven Tanger, pres.) plans to develop outlet shopping centers in Scottsdale and west Phoenix. The new developments will mark the entrance into the Valley market for Tanger Factory Outlet Centers, a publicly traded real estate investment trust (REIT) which owns 33 outlet centers in 22 states across the country. Representatives of Tanger confirmed that the company plans to develop outlet projects in the Scottsdale and west Phoenix area, but declined to discuss specific locations or tenants for the centers. View article...

Ecuador to open consulate in Phoenix The ambassador of Ecuador, Luis Gallegos, will be in Phoenix Thursday to open a new consulate and meet with local leaders. The country is opening a consulate here primarily because Arizona is the main route for illegal immigration from Ecuador into the United States, said Maria Gabriela Troya, who will oversee the new consulate. View article...

Peoria to launch Cafe Quench in City Hall When you crave a jumbo pretzel, lox and cream cheese or mmm, turtle brownie sundae, you'd think of heading to City Hall ... not. Soon you could. Peoria unveiled plans to launch Café Quench in what used to be the Economic Development Department. A 1,700 square-foot space is being renovated for $160,000 to make room for a café, which will be open from 6:30 a.m. to 4 p.m. Monday through Thursday. City Hall is open 7 a.m. to 6 p.m. on weekdays. It's closed Fridays. View article...

Former Bethany Properties Go to Special Servicing In February 2009, The Bethany Group, an Irvine, Calif.-based apartment owner, made headlines when it essentially abandoned its Phoenix portfolio. Though it filed for bankruptcy protection in March 2009, many of its portfolios are still in so much flux (even under new ownership) that its making the most ardent industry watcher's head spin. View article...

Ultimate Electronics heads to final days The final days have arrived for Ultimate Electronics, and three Phoenix-area stores will close for good by April 10. The national consumer electronics retailer announced in February that it would close all 46 of its stores, including six in the Valley. View article...

Taylor Morrison swept up in $955M deal Scottsdale home builder Taylor Morrison is being swept up in a sale valued at nearly $1 billion to investment funds led by TPG Capital, Oaktree Capital Management and JH Investments. Taylor Wimpey PLC (LON: TW), a U.K. builder, is selling its North American holdings, Taylor Morrison in the U.S. and Monarch in Canada, for $955 million. View article...

Intel official: Planned Chandler factory a 'big gamble.' Intel starts construction this summer on its huge Fab 42 factory, and it's a gamble, a company executive says. "We're making a $5 billion fab to manufacture a product that doesn't exist to service a market that doesn't exist," said Jason Bagley, Intel's manager of government affairs. "It's a big gamble, but it's an educated gamble." View article...

The 3.8% Tax Is Not a Real Estate Transfer Tax Shortly after the federal government enacted sweeping healthcare reform earlier this year, there was considerable concern over a last-minute addition to the legislation: a 3.8 percent tax on investment income of upper-income households to help shore up Medicare. The tax takes effect in 2013. View article...

Current Global Conditions: Inflation and Unemployment In the aftermath of the global financial crisis, the main challenge facing the U.S. and its trading partners was a return to growth. After these economies improved in 2010, the outlook now for the main trading partners of the U.S. is for slower growth in 2011, accompanied by unemployment worries and new inflationary pressures from oil and commodities...View article...

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