Daily News for Commercial Real Estate & Business – February 1, 2011

To view the 2011 National Apartment Report from Marcus & Millichap, click here.

Sunridge Properties Buys Gilbert Development Land Sunridge Properties purchased 2.30 acres between N. Higley Rd. and E. Banner Gateway Dr. in Gilbert, AZ from Finlinson Properties for $1.5 million, or about $653,000 per acre. The site will be the new location of the 100-room, four-story Banner Gateway Residence Inn by Marriott. View article...

Habit to bring grill to Tempe Southern California-based Habit Burger Grill is making a Valley entrance this spring with a location in Tempe. Habit Burger Grill has 38 locations in Southern California and features burgers, chicken and fish all cooked over a chargrilled flame. The restaurant also has salads, sweet potato fries, malts and shakes. View article...

Arrogant Butcher Coming to CityScape East Valley Living reports Fox Restaurant Concepts has announced an opening date for their latest venture - The Arrogant Butcher. Sam Fox's new eatery will open February 21st in the retail portion of CityScape. Fox, the brains behind Valley favorites like Sauce and Modern Steak, described the menu as "urban grill-meets-comfort food" offering dishes ranging from BBQ Pork Loin Sandwiches to Grilled Swordfish and Beef Short Rib Stew. View article...

Proposal suggests 126 areas for Arizona pot dispensaries The state health department today released its second draft of medical-marijuana rules, which propose a process for selecting and distributing dispensaries and reduces up-front costs for dispensary applicants. The new proposal suggests distributing one dispensary to each Community Health Analysis Area, which divides the state based on geography and population. There are 126 of these areas in the state, close to the number of dispensaries allowed. View article...

Intuit: Small-business jobs grew in January In January 70,000 new jobs were created at the country's small businesses for a 0.3 percent employment boost, according to a report Monday by Intuit Inc. In Arizona there was 0.5 percent growth in employment during that period, according to the U.S. Census Division. View article...

Arizona hotel occupancy on the rise While Arizona hotels saw a 5.7 percent increase in occupancy in 2010, revenues grew by only 2.3 percent, according to a Smith Travel Research report. Occupancy rates jumped the most in the Phoenix Metro area with an increase of 7.2 percent. But with hotel owners continually cutting rates to attract visitors, revenue growth wasn't as robust. View article...

Homeownership Levels Lowest Since 1998, More Declines Predicted Homeownership levels posted Monday by the U.S. Department of Commerce are, at 66.5 percent for the fourth quarter, the lowest they have been since the fourth quarter of 1998. 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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