Daily News for Commercial Real Estate & Business – April 21, 2011

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

To view the April/May 2011 Chain Store Age magazine, click here.

To view this weeks Watchlist by Costar, click here.

Starquest Investment Pays $5.2M for Holiday Inn Express Starquest Investment Co., Inc., a Phoenix-based investment management company, acquired the three-story Holiday Inn Express & Suites in Florence, AZ from the lender, Capsource, Inc. in a REO sale for $5.2 million, or about $57,778 per key. The hotel delivered in 2007 at 1200 S. Sunrise Plaza Dr. in Florence's business district, within walking distance to the city center. View article...

Phoenix School of Law moving into new downtown Phoenix digs The former headquarters of Freeport McMoRan Gold & Copper Inc., the One North Central tower in downtown Phoenix, will be filled by PhoenixLaw, also known as the Phoenix School of Law. The college will take eight floors of the 20-story tower or 205,130 square feet. The school is moving from its current location at 4041 N. Central Ave. View article...

Levitz Furniture building sells in Mesa for $3.8M The old Levitz Furniture building at 225 S. Dobson Road in Mesa will become the new home of Arizona Corrugated Container Co. The owners of the company purchased the 152,400-square-foot building for $3.8 million. It was purchased through the family's John W. Widera and Leslie Maria Widera Living Trusts. The seller was Krausz Puente LLC in San Francisco. View article...

Omni Capital buys two Phoenix apartment complexes Omni Capital LLC of Vancouver, British Columbia, spent $41.4 million for two Phoenix apartment properties that had been owned by Equity Residential in Chicago. Omni purchased the 412-unit Desert Homes complex at 17249 N. Seventh St. and the 412-unit Remington Place complex at 17435 N. Seventh St. -- both in Phoenix. The property is near Bell Road. View article...

Large housing development proposed for Gateway area After years of inactivity, the potential developers of a large tract of land near Phoenix-Mesa Gateway Airport have submitted a proposal that could possibly place residential development south of Williams Field Road. The proposal could conflict with a 2006 agreement that prevents housing in the area to protect test-flight paths for Boeing's Apache attack helicopters, which are produced in Mesa. View article...

National wellness chain opens Paradise Valley Mall-area location A national chain of weight-loss and wellness centers has made its Arizona debut near Paradise Valley Mall. The New Well, based in Grants Pass, Ore., describes itself as a wellness center focusing on diet and nutrition along with spa and beauty services. Joey Toth, 31, a central Phoenix resident, owns the new franchise, 4720 E. Cactus Road. The grand opening was this month. View article...

Fresh & Easy losses climb Fresh & Easy Neighborhood Market suffered heavy losses during the past year, despite gaining traction with shoppers. The U.S. operating arm of British retailer Tesco plc said Tuesday that it lost $307 million in the fiscal year that ended Feb. 26, up from a $253 million loss posted a year earlier. Tesco acknowledged the loss was greater than expected and attributed it to the acquisition and integration of two food suppliers, 2 Sisters and Wild Rocket Foods. View article...

Bank of America to spin off private-equity business Bank of America is getting out of the private-equity business. The Charlotte, N.C.-based bank on Wednesday confirmed it is spinning off BAML Capital Partners, a private-equity business with more than $5 billion in assets. The group will be sold to its existing management and become a private company. View article...

Metro Phoenix housing market showing signs of upswing Metro Phoenix's housing market took a turn for the better last month, and if current trends continue, home prices could start to climb again before the end of the year. Market experts say now is still too early to declare the beginning of a recovery for the region's battered home values. But the number of successful home sales is at near-record levels, the number of homes for sale is dropping, future foreclosures are in decline and home prices, although low, are holding steady. View article...

Moody's: Commercial Real Estate Prices Just 0.8% Above Cycle Low Prices on commercial real estate properties have slipped for three consecutive months and are now dangerously close to double-dip territory due to the large share of distressed transactions recently, according to Moody's Investors Service. 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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