Daily News for Commercial Real Estate & Business – December 7, 2009

Here are the news articles you might find interesting:

NEW SOLAR ENERGY PROJECTS TARGETED FOR 316 ACRES ON WEST SIDE
Goodyear/Maricopa County - Southwest Solar Technologies Inc. in Phoenix (Herb Hayden, pres.) plans to develop solar energy projects in Goodyear and Maricopa County that will incorporate compressed air energy storage. The company paid $9 million to buy 316 acres in two separate parcels.

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Painted Trails Apartments Changes Hands

An investment group led by Wasatch Property Management has purchased the Painted Trails Apartments in Gilbert, AZ for $15.68 million, or $80,000 per unit. Located at 4255 E. Pecos Road, the 10-building complex consists of 72 one-bedroom/one-bath units...

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West-MEC Acquires Two Glendale Office Bldgs.

Western Maricopa Education Center (West-MEC) purchased two office buildings in the Glendale Corporate Center for $5.1 million, or about $120 per square foot. The property was in shell condition at the time of sale and the buyer is taking occupancy in...

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Presson Acquires West Thomas Business Center

Presson Corp., a Phoenix-based investment firm, purchased the West Thomas Business Center in Phoenix for $8.1 million, or about $30 per square foot. The 259,089-square-foot, 12-building industrial complex at 3102-3132 W. Thomas Road was built in 1978...

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Healthcare Trust buys medical buildings

Healthcare Trust of America Inc., a real estate investment trust based in Scottsdale, has paid $20.5 million for medical office buildings in several states.

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AmTrust Bank assets seized by FDIC, bought by New York Community Bank

AmTrust Bank customers have been moved over to New York Community Bancorp after federal regulators seized the bank's assets Friday.

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Mesa, merchants try to drive people downtown

Fabian De La Rosa has a simple rule for knowing who will stop in his downtown Mesa shop: If they park their car in front of his Lamb's Shoe Repair, they're going to walk through his doors.

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US unemployment numbers improve in November

The unemployment rate for November was 10 percent and the economy lost only 11,000 jobs - an improvement from October, according to statistics released Friday.

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Arizona attorney general sues payday lender

Arizona Attorney General Terry Goddard is suing a national payday lender, accusing the operation of deceptive business practices.

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Burger King opens unit No. 12,000

Burger King reached a milestone this week with the grand opening of the chain's 12,000th restaurant, the first in downtown Beijing.

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Small business job losses continue

While the federal government's relatively upbeat employment report for November is fueling optimism among restaurateurs and other businesses that the economy might be turning the corner, another study states that job loss continues to be a problem for small business owners.

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Commercial Writedowns Loom for Banks

NEW YORK (TheStreet) -- The bank stock rally has taken a breather, as investors consider how many loans have yet to go bad, and how long it will take until lending starts getting good again.

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REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.

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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