Daily News for Commercial Real Estate & Business – February 10, 2010

Here are the news stories you might find interesting today regarding commercial real estate and business:

Click here to see an interview with Charles Biderman, founder and CEO of TrimTabs Investment Research, discusses the possible role of US governmernt cash in the current stock market rally with Bloomberg's Lori Rothman. This was from January 19, 2010.

Phoenix Apartment Complex Changes Hands in REO Sale

First Regional Bank sold the Casa Real apartment complex in Phoenix to Watermarke Properties for $5.6 million, or $21,875 per unit, in an REO sale. The 237,111-square-foot apartment community at 3816 N. 83rd Ave. consists of 256 units in twenty-nine buildings. It was built in 1986 in the Glendale submarket and was 50 percent occupied at the time of sale. View article...

Yelp opening Scottsdale office, to hire 200

Internet review company Yelp is opening an office in Scottsdale and will hire 200 workers this year. San Francisco-based Yelp has Web sites that offer consumers the chance to review restaurants, bars and other businesses in various cities. The center will employ sales agents and account managers. View article...

Residence Inn opening in Surprise

The Residence Inn by Marriott, a 116-suite hotel, will open Wednesday in Surprise close to Surprise Stadium, the spring training home of the Kansas City Royals and Texas Rangers. View article...

Glendale questioned over land deal

Some Glendale City Council members are questioning a recent land deal that cost the city $6.6 million. The Arizona Republic reports the Pendergast family originally sold the land near the Cardinal's football stadium to San Diego real-estate investor David Malcolm for $5.5 million. Malcolm then sold the land to the city for $1.1 million above what he paid for it. View article...

Scottsdale wants state law changed to spur development

Scottsdale will seek a change in state law that would allow property owners to tax themselves as part of a development district, a move designed to revitalize the McDowell Road corridor or parts of the Scottsdale Airpark. The Scottsdale City Council directed the government-relations staff to draft a bill for introduction in the Legislature that would allow cities to partner with other public and private entities to create development and redevelopment districts. View article...

ExecuCar zips into five new markets

ExecuCar, a division of SuperShuttle International is adding Baltimore, Minneapolis-St. Paul, Pittsburgh, Raleigh-Durham and Washington, D.C., to its service area. The Phoenix-based company now operates its private sedan and SUV service in 19 markets serving 30 airports, officials announced Tuesday. ExecuCar is intended for airport transfers, for business travel or social events when a professional driver is desired. View article...

Joe Arpaio rebuffs Wells Fargo push to move sheriff's HQ

Maricopa County Sheriff Joe Arpaio was informed Monday that Wells Fargo Bank wants to terminate its lease with his agency to consolidate some of its other local offices, but the lawmaker said Tuesday he will leave his downtown headquarters only if it saves taxpayer money. "If another location can be found which meets our needs and saves taxpayer's money, then I am happy to vacate the premises," Arpaio said in a released statement. View article...

Oakland A's, Texas Rangers oppose Chicago Cubs stadium financing plan

The Texas Rangers and Oakland Athletics are the latest Cactus League teams to come out against a proposed ticket surcharge on all Arizona spring training baseball games to pay for an $84 million stadium in Mesa for the Chicago Cubs. "The Rangers join the other clubs in the Cactus League in being opposed to this proposed legislation. It would result in higher ticket prices for games in Surprise, which is certainly neither in our fans nor the Rangers' best interest. We hope that the Cubs will stay in Arizona but not at the expense of Rangers' fans," said Rangers vice president John Blake. View article...

Q.C. couple creates country wedding center

An old Queen Creek home is about to get new life as a wedding and event center. Mike Nasser and his wife bought a house and nearly one acre lot near the southeast corner of Queen Creek and Sossaman roads about four years ago with plans to build a new place to live. View article...

DV Airport sees uptick in use despite recession

Airline traffic at Phoenix Deer Valley Airport didn't slow down last year despite the economic recession. The general aviation airport, at 705 W. Deer Valley Road, gained 6.8 percent in takeoffs and landings, according to the Federal Aviation Administration. The airport had 402,335 takeoffs and landings in 2009, up from 376,634 in 2008. View article...

Consumer confidence slips, but better than early '09

Consumer confidence among Maricopa County residents slipped in past quarter, and only a fifth of consumers say they are planning major purchases, according to the latest Rocky Mountain Poll. The Behavior Research Center index slid to 52.2 in January, down from 58 in September, but remains ahead the four-year low of 44.1 hit in January 2009. The high over that period was 111.5 in January 2007. View article...

The Carlton Group to Auction $564 Million in Distressed Loans, Assets

As the number of distressed loans continues to mount, so do the opportunities to buy debt at a discount. Over the past week, the real estate investment banking firm Carlton Group received two major auction assignments totaling $564 million. The first sealed bid auction will be comprised of $307 million in non-performing loans and REO assets representing approximately 66 properties located throughout the United States. View article...

Shameless plug - My wife, Tiffany, is going through Tempe Leadership as a member of a Class 25. They have identified a project to help the homeless in Tempe. There project is called Shower Power (www.showerpower.org). They have raised over $15,000 and are down to the last few thousand to make the project a success. Please visit the website and if you have a few extra dollars, please help her out! Thank 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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