Daily News for Commercial Real Estate & Business – April 14, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

To view this weeks Costar Watchlist, click here.

JL Smith Co Buys Retail Building J.L Smith Company, a land subdivision company located in Yakima, Washington, purchased 1430 E. Route 66 in Flagstaff, Arizona for approximately $1.4 million, or about $200 per square foot. Built in 2011, this single-story retail building totals 6,936 square feet. The NNN-leased investment boasts Verizon as a tenant. View article...

Spectrum Ridge Lots Trade in Phoenix for $8.5M TOF DV Bixby LLC, a company formed by Turner Development Corp., acquired 50.58 acres in the Spectrum Ridge at Deer Valley in Phoenix, AZ from ATC Realty One, an affiliate of Wells Fargo, for $8.5 million, or about $168,050 per acre. The land is located on the Southeast corner of 7th Street and Deer Valley Road. The property will be used for future class A, build-to-suit and speculative construction. View article...

Scannell Properties Pays $4.1M for Future FedEx Site Scannell Properties, an Indianapolis-based developer, acquired 17.48 acres in Phoenix, AZ from Namwest-Pinnacle Peak & 7th Ave LLC for $4,127,033, or about $236,000 per acre. The land is located on the Southeast corner of 11th Ave. and Pinnacle Peak Rd. The distribution facility will be constructed for FedEx through a build-to-suit. Construction is scheduled to start Q2 2011and be completed Q1 2012. View article...

Industrial Sale in Mesa A private investor has purchased Falcon Commons, located at 1610 - 1750 N. Rosemont St. in Mesa, AZ, for $3,722,300, or $50 per square foot, in an REO sale. The three buildings total 74,446 square feet on seven acres in the Falcon Field / Apache Junction Industrial submarket. View article...

Valley commercial leasing a mixed bag The Valley's office market is stabilizing, its industrial sector is heating up and retail real estate is taking another hit, at least according to CB Richard Ellis' first quarter market reports. View article...

Oakville Grocery seeks local products Oakville Grocery in downtown Phoenix's CityScape project is looking for locally produced products for its shelves. The store is expected to open in May within the central Phoenix mixed-use office, restaurant and retail project. View article...

Radical Bunny, members get $3.7M in penalties There are some stories that truly turn out to be sagas, and the saga known as Mortgages Ltd. continues with news of one of its side shows: Radical Bunny. You may remember Radical Bunny as the hare-brained LLC, which collected money from investors in order to make loans to Mortgages Ltd., once one of the largest commercial real estate lenders in the state. More on that later. View article...

Lack of film incentives deal jeopardizes Gateway Studios plan A planned movie production studio in Mesa is in jeopardy as the Legislature is close to ending its session without passing a film production incentive bill. The $70 million Gateway Studios relies on tax incentives to lure investors and producers, but developer Vince Stark said he expects key lawmakers will continue to fight the plan. 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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