Daily News for Commercial Real Estate & Business – April 19, 2011

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

DataSphere Technologies to hire 220 in Tempe DataSphere Technologies Inc. is opening a second location in Tempe and potentially adding as many as 220 new employees over the next several months. Officials for Bellevue, Wash.-based DataSphere made the announcement Monday. The company is leasing 22,849 square feet of office space at the Fountainhead Corporate Park in Tempe to expand its operations. View article...

Investment Property Associates buys 18 acres in Chandler for new apartments Investment Property Associates paid $3.5 million for 18 acres of land located near the southwest corner of Arizona Avenue and Queen Creek Road in Chandler. IPA, with offices in Phoenix and Michigan, will partner with the P.B. Bell Cos. in Scottsdale to build 322 luxury apartments named Campanello. The complex will be part of Chandler Center, a 50-acre mixed use development. View article...

Whitestone buys Desert Canyon Shopping Center Whitestone REIT (Amex:WSR), a Houston-based real estate investment trust, paid $3.7 million for the Desert Canyon Shopping Center located at the intersection of East McDowell Mountain Ranch Road and 105th Street in Scottsdale. The center has 62,500 square feet of leasable space and was 65 percent occupied at the time of closing. View article...

Orcutt buys $15M Phoenix property The Madison Square office complex at the southeast corner of 16th Street and Missouri Avenue has sold for $15 million to Phoenix-based Orcutt Properties Ltd. The seller was Trust Realty Advisors, a court-appointed receiver. The 177,400-square-foot, two-building property was built in 1986 and 1990. It was 50 percent occupied at closing. View article...

Mountainside Fitness expanding into The Pavilions at Talking Stick Mountainside Fitness is moving into the old Circuit City site at the former Scottsdale Pavilions shopping center. The center located near Loop 101 and Indian Bend Road is now called The Pavilions at Talking Stick. Mountainside, in partnership with Pavilions owner De Rito Partners, will invest $2 million in the build-out of the new facility. View article...

City-rehabbed apartments almost ready for move-in Residents may begin moving into five blocks of affordable housing in north-central Phoenix by the end of May. The two-story brick buildings at Park Lee Apartments have fresh paint and new carpeting and appliances. The community clubhouse and three pools look new and sparkling. In December 2009, Phoenix used federal funds to buy the apartments, 1600 W. Highland Ave., to provide stability and affordable-housing options near the light-rail line. Park Lee is closest to the stop at Camelback Road and 19th Avenue. View article...

Sun City West rec centers go solar Thursday The Recreation Centers of Sun City West will host a 1 p.m. ribbon-cutting ceremony Thursday for the solar thermal installation at the Beardsley Aquatic Center, 12755 W. Beardsley Road. View article...

Pinal County No. 2 for growth in past decade The core counties of America's metropolitan areas grew 10.3 percent during the past decade, and Pinal County was No. 2 for growth. The 10.3 percent growth rate easily outpaced the growth rate for the rest of the nation, the 672 counties in the metro-central classification contained 236.8 million residents as of April 2010, accounting for more than three-quarters of America's total population of 308.7 million. View article...

Hotwire.com: Phoenix leads pack for hotel rate increases A new report from Hotwire.com shows hotel rates are rising quickly in Phoenix, but falling in Flagstaff. The April 2011 Hotwire Hotel Rate Report shows Phoenix tied with New Orleans and Oahu, Hawaii, with the largest year-over-year price increase: 23 percent. The discount travel website gave an example rate of $93 a night in Phoenix for a 3.5-star hotel in April. View article...

First of new downtown signs hits Phoenix The first sign in downtown Phoenix's new Legends Entertainment District went up quietly this past weekend. Judd Norris, the district's general manager, said the sign was a test-run as part of the district's efforts that will ramp up before Major League Baseball's All-Star Game takes place at Chase Field on July 12. 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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