Daily News for Commercial Real Estate & Business – April 11, 2011

Two major commercial property sales boost 1Q Investment activity in the commercial real estate office sector gathered strength in the first quarter, with two blockbuster sales: one involving three University of Phoenix office buildings, and the other involving the Arizona Center in downtown Phoenix. Those two sales combined accounted for more than $305 million. View article...

SCANNELL PROPERTIES DEVELOPING 223,000-SQUARE-FOOT BUILD-TO-SUIT FOR FEDEX Scannell Properties in Indianapolis, Ind. (Bob Scannell, principal) plans to develop a 223,000-square-foot industrial project in north Phoenix that will be occupied by Federal Express. The sorting and distribution facility will be constructed for FedEx through a build-to-suit deal. The 17.338-acre site is at the southwest corner of 7th Avenue and Pinnacle Peak Road. Records show Scannell Properties #121 LLC paid $4.127+ million to buy the land. View article...

VOIT CLOSES $8.5 MILLION SALE OF LOTS IMPROVED FOR OFFICE/FLEX PROJECTS Voit Real Estate Services has completed the $8.5 million sale of five vacant land lots, totaling 50.58 acres, at Spectrum Ridge within the Deer Valley submarket of Phoenix. Improved to serve as a Class A location for office/flex owners and tenants, the land will be used for both build-to-suit and speculative construction. View article...

JEN PARTNERS/TERRA WEST VENTURE SPENDS $23 MILLION FOR BRIDGES LAND IN GILBERT Companies formed by JEN Partners in New York City, N.Y. (Reuben Leibowitz, principal) and Terra West Management Co. LLC in Phoenix (Mike Jesberger, principal) paid a combined $23 million to buy 298 acres within a community in Gilbert called The Bridges at Gilbert. The seller in three transaction was AG/RW - Bridges LLC, a venture formed by Angelo, Gordon & Co. in New York City, N.Y. (John Angelo, Michael Gordon, partners) and Ridgewood Real Estate Partners in Florham Park, N.J. (Jonathan Grebow, pres.). View article...

Sprouts Expands HQ to 32,306 SF in Suburban Phoenix As Sprouts Farmers Market expands it store footprint across the nation, it continues to grow within its corporate headquarters. The grocery chain signed a five-year renewal and expansion lease for 32,306 square feet at Paradise Village Office Park. View article...

Gap set to open at Scottsdale Quarter The Gap is preparing to host a grand opening celebration at its new store at Scottsdale Quarter. The Scottsdale Quarter, 15169 N. Scottsdale Road, will feature a BabyGap and GapKids store, both of which opened last weekend. The retailer will host grand opening celebrations April 15 through 17. View article...

Scottsdale Gun Club store opens in Peoria The Scottsdale Gun Club on Saturday will open a retail store, 8258 W. Thunderbird Road, near 83rd Avenue and Thunderbird. The opening will serve as the kickoff celebration for the development of what the company plans as the nation's largest indoor gun range at 60,000 square feet. View article...

Parcel will be rezoned to allow for building maximum of 90 feet The second proposal filed under Scottsdale's downtown infill incentive district and plan - this one seeking a maximum building height of 90 feet - received unanimous approval Thursday from the city's Development Review Board. Brothers Mike Gebran and Gebran Gebran, the owners of U.S. Egg restaurant, on the southwestern corner of Scottsdale Road and Angus Drive and vacant property to the north, are asking the city to rezone the property. The request would allow greater building heights and mixed-use-development opportunities. View article...

Crews work to finish Gilbert cancer center by September Rising 68 feet into the air, Banner MD Anderson Cancer Center's "lantern of hope" will soon provide a ray of light for patients at the much-anticipated treatment center. Eyeing a Sept. 26 opening, crews are busily working to finish construction on the project's first phase, a 133,000-square-foot outpatient center on the campus of Banner Gateway Medical Center in Gilbert. View article...

BLM considers Quartzsite solar plant The Bureau of Land Management is considering a 100-megawatt solar tower power plant being developed by SolarReserve LLC in western Arizona. The project, which is listed under Quartzsite Solar Energy LLC, a subsidiary of SolarReserve, would feature a 653-foot tower and an array of mirrors on about 1,450 acres 10 miles north of Quartzsite. View article...

Surprise turns itself into hub for solar groups After a decade of relying on rooftops to drive its job market and fill city coffers, Surprise is reinventing itself as a hub for solar and other tech industries. In less than a year, the city has added about 1,200 new jobs, including two large solar-equipment manufacturing plants and a medical-packaging company. It hopes to make green energy and medical services the basis for a less-volatile local economy. View article...

North Scottsdale Chamber taps new chairman (Way to go Craig!) The North Scottsdale Chamber of Commerce has a new chairman. Craig Trbovich of Commercial Properties Inc. replaces Loren Molever of Molever Conelly PLLC. View article...

2 Banks, 1 Credit Union Closed Federal and state banking regulators closed two banks and one credit union on Friday, April 8 These failures raise the total number of failed institutions to 34 so far in 2011. View article...

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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