Daily News for Commercial Real Estate & Business – April 20, 2011

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

CASSIDY TURLEY BRE COMMERCIAL CLOSES $3.7 MILLION INDUSTRIAL SALE Cassidy Turley BRE Commercial has completed the $3.7 million sale of Falcon Commerce Park, a multi-tenant industrial property located at 1610, 1660 and 1750 N. Rosemont in Mesa. Hyatt Investments USA LLP purchased the three-building, 74,446-square-foot complex, which was built in 2009, from Arizona Graystar Return LLC. View article...

Planned outlets would draw away from Scottsdale's tax base A planned factory outlet shopping center near Casino Arizona at Talking Stick would bring new competition to the Northeast Valley retail landscape. Tanger Factory Outlet Centers Inc., based in Greensboro, N.C., announced this year that it intends to build two outlet centers in metro Phoenix. View article...

Historic Phoenix warehouse on track for rebirth as farmers marketMany visitors to downtown Phoenix rarely step south of the railroad tracks. But near the backsides of US Airways Center and Chase Field, visitors who do venture there will find streets lined with old brick and brownstone warehouses. View article...

Dish Network wants to keep 500 Blockbuster stores, close 1,000 Dish Network Corp. plans to take on the leases for at least 500 Blockbuster Inc. stores after it buys the troubled video chain, according to bankruptcy court filings. That means that roughly 1,000 remaining Blockbuster locations likely will close their doors after the acquisition by Charlie Ergen's Douglas County-based satellite TV company, on top of the thousands of other stores shuttered in recent years. View article...

Apartment Industry Trends Towards Record Rent Growth National and local rent reports for the first quarter of 2011 are showing more good news for the multifamily real estate sector, with upticks in occupancy and continued gains in effective rents (rents net of concessions) in practically every major metro in the country. View article...

Canadians flocking to buy homes in Southeast Valley Virtually every week during the past two years, a Valley home was sold for at least $1 million to a Canadian buyer. The majority of the homes are in Scottsdale, but Mesa, Gilbert and Queen Creek are also on the luxury list, with individual sales between $1.3 million and nearly $3.8 million. View article...

Phoenix-area Foreclosure Rate Drops Slightly A little bit of good news is coming to the Phoenix-area housing market. Foreclosures accounted for just under 38 percent of the existing-home transactions in the area in March. A new report from the W. P. Carey School of Business at Arizona State University reveals the improvement over the 43 percent seen in the first two months of 2011. View article...

Phoenix-Mesa Gateway Airport has record passenger count More than 250,000 passengers used Phoenix-Mesa Gateway Airport during the first quarter of this year, surpassing all forecasts. "Thanks to the success of low-cost carrier Allegiant Air, Gateway is the fastest- growing commercial airport in the country," said Gateway's executive director, Lynn Kusy. "It's remarkable considering in 2007, we accommodated 57,000 passengers and we're now on pace to handle a million 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.

Comments

  1. I wanted to point out that Dish Network is making a lot of moves with their “new” relationship with Blockbuster. They have created Blockbuster Movie Pass (now, Blockbuster @Home) which is going to compete with Netflix. Thanks for the news recap!

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