Daily News for Commercial Real Estate & Business – August 2, 2011

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

'Green' developer makes plans for 2 Scottsdale complexes A Phoenix-based developer of environmentally friendly projects is moving ahead with plans to develop a three-story complex with 42 units - this time apartments instead of condominiums - on a 1.8-acre strip of land in south Scottsdale. Vivendi Apartments will be built on land behind Holy Cross Lutheran Church, north of Thomas Road and west of Hayden Road, by Modus Development LLC. View article...

Old building in Phoenix Warehouse District will provide rooms for needy Maricopa County has purchased an old apartment building in the Phoenix Warehouse District to turn into a 300-room housing complex to help people who are poor and homeless get on their feet. Members of the Maricopa County Board of Supervisors earlier this year said they would spend $1.5 million in federal stimulus money to buy Campaige Place, a low-income housing building at Second Avenue and Jackson Street. The property was sold to the county at auction after foreclosure. View article...

Assignment: Disposition–Pure Fitness Sites Available Seven former Pure Fitness sites have come available in Arizona for sublease. The spaces range in size from 18,000 to 30,000 square feet. View article...

Glendale McDonald's remodeling to start The McDonald's restaurant at 8325 W. Glendale will undergo a major remodel beginning Monday, as part of McDonald's nationwide push to freshen its image. Owner/operator Steve Lanini said the restaurant will remain open during the renovation which is estimated to take eight to 10 weeks. The renovation will feature upgrades to the exterior and interior, reflecting a contemporary décor. View article...

PayPal to hire 300 in Chandler, Omaha PayPal is hiring 300 new employees that it will use to staff its offices in Chandler and Omaha, Neb. John McCabe, senior vice president of global operations for PayPal, wrote on the official PayPal blog that the company was hiring the staff for the two offices. View article...

Intuit: Small business hiring increases in July Small businesses across the country added 50,000 people to payrolls in July, a small increase in a continuing trend that started nearly two years ago. View article...

Slow Economic Growth Through 2012 U.S. GDP growth is expected to remain sluggish and the U.S. unemployment rate could tick up to a peak of 9.5% in the third quarter of 2012, according to Northern Trust's first formal forecast of U.S. economic activity and interest rates for 2012. Northern Trust is a Chicago-based global investment firm with $684.1 billion in assets under management. The forecast was authored by Asrah Bangalore, vice president and economist. View article...

Is Real Estate Still a Good Diversifier? The global financial crisis and real estate downturn triggered widespread risk-aversion among investors. Once the worst of the crisis passed, investors and managers were left with the task of carefully reappraising risk and revisiting performance expectations of every asset class in order to rebuild investment portfolios. This column reviews the diversification benefits of private real estate within portfolios. View article...

Homeownership Rate Drops to 13-Year Low The nation's housing crisis has forced unprecedented numbers of homeowners out of their homes, made for a difficult home buying environment, and tainted many Americans' ideal of owning a home. These factors are taking their toll on homeownership in this country. 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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