Daily News for Commercial Real Estate & Business – August 16, 2010

Tempe Flex Building Sells for $1.4M A private seller sold the R&D building at 2175 W 14th St. in Tempe, AZ, to Engineering Wireless Services LLC for $1.43 million, or about $105 per square foot. The buyer intends to occupy the property. View article...

Judge OKs Bashas' reorganization plan, sets stage for repayment Tough decisions and aggressive cost-cutting and restructuring by Bashas' management over the past year have given the Chandler-based grocer a fighting chance to survive in a world in which independent retailers frequently lose out to national chains. View article...

AMAZON.COM EXPANDING INTERNET FULFILMENT OPERATIONS . . . WILL ADD 2,000 WORKERS Phoenix - Amazon.com Inc., the Seattle-based online retailer, plans to employ 2,000 more workers within a 1.2 million-square-foot building at the Riverside Industrial Center in west Phoenix. View article...

Amazon.com to open third Phoenix distribution center Amazon.com will open a third distribution and warehouse center in west Phoenix. View article...

SO. CALIF.-BASED INVESTOR BACK IN THE VALLEY MULTI-FAMILY MARKET . . . BUYS 176 UNITS Glendale - A company formed by investor Mohammed Seirafi in Hacienda Heights, Calif. paid $7.9 million ($44,886 per unit) to acquire the 176-unit Sagewood apartments at 15082 N. 59th Avenue in Glendale. View article...

Developer submits plans to Scottsdale for eco-resort Developer Lyle Anderson submitted plans to Scottsdale for a resort adjacent to the Golf Club Scottsdale. View article...

Light rail plans progressing in Mesa Extending the light rail through Central Mesa is a step closer now that the Federal Transit Administration has approved Metro light rail's request to enter the project development phase. View article...

Hawes Road extension to Gateway nears completion A white sedan moved slowly over a 3-mile bumpy, dirt path that soon will become the first direct freeway link to the Valley's reliever airport in southeast Mesa. View article...

Officials taking new look at old plans for Deck Park Work is under way to pump new life into a 32-acre park that floats above the Deck Park Tunnel near downtown Phoenix. View article...

Arizona real estate: Phoenix home prices down Home prices in metro Phoenix are falling again, and new data about upcoming sales suggest that they are likely to keep falling over the next few months, bringing concerns of a housing-market "double dip" closer to reality. View article...

Work may start on new 500-home Gilbert site next year The concept for Cooley Station, a mixed-use development with an urban core, has won it the title of "Gilbert's Mill Avenue" from planners and proponents. View article...

One Bank Fails on Friday, Aug. 13 Federal and state banking regulators closed one bank on Friday, Aug. 13. This failure raises the total number of failed institutions to 124 so far in 2010. View article...

Phoenix-area consumer prices rise 0.3% from 2009 Consumer prices in the Phoenix area rose 0.3 percent in the first half of the year from the same period of 2009, driven primarily by a 15 percent annual jump in energy costs, the U.S. Labor Department reported Friday. View article...

Retail Needs to Brace for Lease Accounting Change The commercial real estate industry is awaiting--with much trepidation--the forthcoming new draft rules from the Financial Accounting Standards Board on lease accounting. A seemingly arcane bit of accounting, these rules will in fact have a major impact on how tenants and landlords account for leases on their balance sheets. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

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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