Daily News for Commercial Real Estate & Business – August 3, 2011

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

To view the August 2011 Commercial edition of Scotsman Guide, click here.

Apartment complexes in Mesa, Tempe sell for $11M Three East Valley apartment complexes have been sold for a collective total of $11, according to Colliers International in Phoenix. 101 of the 166-unit Dobson Bay Club condominiums, 1332 W. Guadalupe Road in Mesa, sold for $4.6 million, or $45,545 per unit. The buyer was Advantage South Corp. USA of Alberta. The seller was NCB Development III LLC of Chicago. Both buyer and seller were represented by Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers in Phoenix. View article...

Tuesday Morning Signs 5-Year Lease at Mesa Commons Tuesday Morning, a retailer that specializes in upscale closeout merchandise, signed a five-year lease for 16,333 square feet of retail space at 1830 S. Gilbert Rd. in Mesa AZ. The tenant plans to open in October 2011 at the Mesa Commons mall. Built in 1991, the property totals 142,965 square feet and tenants include Amazing Jake's, Two Men and A Truck, and Huntington Learning Center. View article...

Upscale Chandler storage site in foreclosure, owes taxes An upscale Chandler storage facility that touts climate-controlled wine storage, gun lockers, video surveillance, an espresso bar and a children's entertainment lounge is in foreclosure and delinquent on property tax payments, county records show. C3 Modern Storage, which opened two years ago at 2414 S. Gilbert Road near Chandler Municipal Airport, remains open, and there is no mention of closure or changes in operations on the company website. View article...

Phoenix mulls the use of land near 7 light-rail stations Over the next few months, residents in central Phoenix will share what they envision around their seven Metro light-rail stations. For the most part, they'll be working from a list of eight "place types"that describe land use, housing and commercial types, and a range of building heights. View article...

Bar-owning trio aims to create biker lounge in Old Town Scottsdale The former home of the Billet Bar, which in its heyday was the place to be in Old Town Scottsdale for motorcyclists of all stripes, is getting made over by a group of major players in the Valley nightlife industry. The trio wants a wider customer base for the club, blending bikers, sports fans and those who like to boot-scoot to country music. View article...

'New age' Italian restaurant to open downtown A family of restaurateurs is opening a "New Age" Italian restaurant and bar in the location vacated earlier this year by Sunshine Moon Peking Pub in downtown Scottsdale. Cuoco Pazzo, which means mad chef in Italian, will open Sept. 1 at 4175 N. Goldwater Blvd. The owners include Mario and Angela Rana, and their sons Mario Rana Jr. and Vincent Rana. They now own and operate the Mad Chef Gastro Pub at 3941 E. Chandler Blvd. in Ahwatukee. View article...

NRG Energy, ASU partner on $10M solar covered parking deal Arizona State University and NRG Energy Inc. are partnering on a $10.5 million deal that would allow for a 2.1-megawatt solar system to be built near Sun Devil Stadium. The structure, named the PowerParasol, will be owned and operated by Princeton, N.J.-based NRG (NYSE: NRG) on 5.25 acres and cover about 800 spots. NRG would own the spots and then sell the power to ASU under a 25-year agreement. Neither ASU nor NRG detailed how much the solar system would cost. View article...

10 signs the double-dip recession has begun Friday's news on GDP shows the double dip has arrived - an expansion of only 1.3 percent and consumer spending up 0.1 percent in the second quarter. Astonishingly low by any account. The debt ceiling trouble and lack of a longer term resolution to the deficit will make it worse. The U.S. has entered a second recession. View article...

Trepp: CMBS Delinquencies Spike in July to Hit an All-Time High The commercial mortgage-backed securities (CMBS) market had been abuzz with positive momentum and murmurings of recovery for the better part of this year, but Trepp LLC says that has all but vanished within the past few weeks. The New York-based commercial real estate research firm reported Tuesday that its monthly CMBS delinquency reading for July surpassed the previous record. 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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