Daily News for Commercial Real Estate & Business – August 12, 2011

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

BlackRidge Closes $14.3M in Acquisitions BlackRidge Real Estate Group LLC has closed on the acquisition of two industrial properties in Chino, CA and Phoenix, AZ totaling approximately $14.25 million. The real estate investment and operating company, based in Southern California, also announced its headquarters expansion and relocation from Denver, CO and West Los Angeles to 4590 MacArthur Blvd. in Newport Beach, CA. View article...

Prologis pays $9M for Phoenix industrial space (This sale was brokered by one of the guys in our office-Congrats Brad!) Warehouse giant Prologis paid $9.1 million for an industrial building at 2225 S. 43rd Ave. in Phoenix. The 250,800-square-foot building was sold by the Mililani Group Inc. of Honolulu. Denver-based Prologis was represented by Brad Ahrens, a broker with Commercial Properties Inc. in Tempe. View article...

Downtown Mexican restaurant returns with new owners, hours The owners of a Scottsdale bagel shop hope to revive a longtime downtown Mexican restaurant, Julio G's, that closed about 15 months ago. Ruth Leatherman and Shelley Curtis of New York Bagels 'N Bialys bought the bank-owned property last month for $1.15 million. They plan to make minor changes to the 10,244-square-foot building at 7633 E. Indian School Road and reopen it this fall as Dos Juevos. View article...

Navy Federal Credit Union opens Mesa branch Navy Federal Credit Union said will open its 217th U.S. branch in Mesa on Aug. 15. The new location will serve more than 10,000 members in the Phoenix metropolitan area, credit union officials said. View article...

Proposal to build private prison in Goodyear draws fire Geo Group Inc.'s proposal to build a 2,000- to 5,000-bed private prison in Goodyear ran into fierce public opposition Wednesday, with much of the anger at a public hearing coming from residents who said the state has broken a promise made at the time the nearby Perryville state prison was built. View article...

Avondale eases expansion of Phoenix International Raceway The Avondale City Council is paving the way for Phoenix International Raceway to expand by approving a General Plan amendment and by rezoning the property. In return, PIR, which is nearing completion of a $10 million makeover of its 1-mile oval, will continue improving its facility to become more competitive within the racing industry. View article...

PayPal to hire 150 in Chandler PayPal, an online payment service, wants to fill 150 jobs in Chandler by the end of the year for its credit and customer-solutions units. "We're looking for different types of talent, including engineers and analysts and customer-solutions agents," spokesman Trey Jones said. The company has between 900 and 1,000 employees now at its Chandler site on Price Road south of the Santan Freeway. View article...

Phoenix manufacturing jobs down 20 percent The U.S. manufacturing sector has been battered in recent years, and the Phoenix area is no exception. According to the U.S. Bureau of Labor Statistics, Phoenix has shed 20 percent of its manufacturing jobs since mid-2006. However, in the past year, the Phoenix-area has gained back about 2 percent of its manufacturing jobs. View article...

Finally, Phoenix-area Foreclosure Rate Falls Below 30 Percent For the first time since the spring of 2009, the Phoenix-area foreclosure rate has dropped below 30 percent of the existing-home transactions in the market. A new report from the W. P. Carey School of Business at Arizona State University confirms five months in a row of foreclosure-rate declines. The Phoenix area has been hit especially hard by the impact of foreclosures. In January and February, foreclosures represented 43 percent of the existing-home transactions in the market. Then, the rate fell to 38 percent in March, 36 percent in April, 35 percent in May, 31 percent in June, and finally, to 29 percent in July. Still, the report's author says not to celebrate yet. 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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