Daily News for Commercial Real Estate & Business – August 22, 2011

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

Developer buys Scottsdale DC Ranch site HCW LLC announced that it closed Monday on a 9-acre parcel at DC Ranch that it acquired for apartment development. The sale price was undisclosed for the property at Legacy Boulevard and Pima Road. The seller was Enterprise Bank. View article...

NORTHMARQ ARRANGES $5M FOR NORTH SCOTTSDALE GATEWAY NorthMarq Capital has arranged $5 million in first-mortgage financing for the 25,612-square-foot North Scottsdale Gateway shopping center. Financing includes a 10-year term and a 25-year amortization schedule. NorthMarq obtained the financing for the borrower through its correspondent relationship with Thrivent Financial for Lutherans. View article...

Pavilions at Talking Stick shopping center update adds more zip to Loop 101 corridor Development along the Loop 101 corridor continues with two hotels under construction, a planned outlet mall and a revival of the Pavilions at Talking Stick shopping center. Buffalo Wild Wings Grill and Bar plans to open by this spring at the Pavilions, which has signed or renewed leases for 475,000 square feet of retail space in the last 13 months, said Marty DeRito, chief executive of DeRito Partners Development Co. View article...

Scottsdale panel OKs plan for Airpark restaurant The closed Jilly's American Grill in the Scottsdale Airpark would be renovated as a Mexican restaurant under plans submitted to Scottsdale. Tres Compadres LLC and its manager Greg Donnally want to open in the first quarter of 2012 in the building at 7301 E. Butherus Drive, spokeswoman Susan Bitter-Smith said. The Scottsdale Planning Commission on Aug. 10 recommended approval of a rezoning and use permit for Tres Compadres. The Scottsdale City Council is tentatively scheduled to consider the rezoning and permit Oct. 6, she said. View article...

CrossFit Scottsdale expands CrossFit Scottsdale is celebrating its third anniversary this month with an expansion that nearly doubles the size of the family fitness center. CrossFit, 14885 N. 83rd Place, Suite 102, offers yoga, gymnastics and other fitness programs in a 5,000-square-foot facility. View article...

Glendale's Westgate City Center in deeper debt than first thought The debt on the Westgate City Center in Glendale is far deeper than first thought. Another $202 million in loans are in default, according to recent records pulled at the Maricopa County Recorder's office. The story of Westgate's financial trouble first came to light in late June when iStar Financial Inc. in New York City filed a foreclosure action on properties secured by a $97.5 million loan. View article...

Abortion clinics close at 7 Arizona locations Planned Parenthood is discontinuing abortion services at seven clinics after federal courts upheld Arizona abortion laws requiring waiting periods before a woman can get an abortion and requiring doctors perform those procedures. View article...

Mall aims to lure local businesses Paradise Valley Mall is targeting Valley-owned businesses to fill empty spaces as attracting national retailers becomes increasingly difficult. Three of the new additions to the mall last year and four so far this year - Gold Touch, Easy Relax 2, Sona Chaandi and Splendid Nail - are locally owned and operated. There's always been a market for them," said Mark Steinbrueck, Paradise Valley Mall's property manager. View article...

AMC theater at Esplanade getting a major makeover The AMC movie theater in the Esplanade at 24th Street and Camelback Road is expected to debut its new look on Sept. 7. The theater has been closed for the past few months as it undergoes renovations. The new theater will feature a range of food and drinks that will offer a casual in-theater dining and entertainment experience. View article...

Tempe-based-First Solar dedicates 1st plant at Gateway When it comes to its massive new factory in Mesa, First Solar Inc. tends to get a bit ahead of itself. First Solar, based in Tempe, broke ground on the 1.3 million-square-foot facility even before it had finalized all the agreements necessary to authorize the project. On Friday, it dedicated the first of what could be four solar-panel fabricating plants near Phoenix-Mesa Gateway Airport even though not even half the steel has been erected yet. View article...

'For sale' signs at Market Square leave air of uncertainty One of Chandler's hidden downtown gems has sprouted "for sale by owner" signs, raising questions about its future. Olde Town Market Square, a cluster of picturesque, cottage-style shops among fountains, elevated gardens, birdhouses and trees southwest of Arizona Avenue and Chicago Street, was built by longtime Chandler resident Maryon Nordenstrom more than 35 years ago and is mostly owned by Nordenstrom Family Revocable Living Trust. The founder is 86 and recently had a stroke, said her stepson and caregiver, Dudley Johnson, whose phone number is on the "for sale" signs. View article...

New doughnut franchisee has high hopes for Phoenix Krispy Kreme doughnuts left Paradise Valley Mall and all of its Phoenix stores this month, but the new franchisee hopes to eventually return to the city. In 2010, there were 11 Krispy Kreme locations in Arizona, with eight of them in the Valley. Now there is one, at 6626 E. Superstition Springs Blvd. in Mesa, under new franchisee Hot Glazed Enchantment. View article...

Industry's Shadow Inventory of Distressed Homes Shrinks Housing has become an industry afraid of its shadows. That shadow inventory of repossessed and soon-to-be repossessed homes has professionals from every side of thebusiness worried about the impact such a sizeable volume of distress will have on property values and overall market fundamentals. But according to Standard & Poor's (S&P), the obscurity hiding in the corner is getting smaller. View article...

Zillow: Price-to-Income Ratios Still High in Some Markets While an August report from Capital Economics states that housing values overall are undervalued by 20 percent, Zillow reports that many metro price-to-income ratios are still above their historic averages. The current price-to-income ratio for the U.S. is 3.3-14 percent above the historical average, according to new research from Zillow. 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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