Daily News for Commercial Real Estate & Business – February 15, 2011

To view the 2011 National Retail Report by Marcus & Millichap, click here.

Desert Mountain Golf Club bought by members for $73.5 mil Members of the exclusive Desert Mountain Golf Club in north Scottsdale have completed a deal with owner Crescent Real Estate Holdings to purchase the club's six golf courses, all related facilities and about 500 acres of developable land for $73.5 million. View article...

Suns, Diamondbacks partner on entertainment district The Phoenix Suns and the Arizona Diamondbacks are launching a rare joint venture that will develop a multimillion-dollar, technology-fueled digital outdoor marketing showpiece in downtown Phoenix. The teams have created Legends Entertainment District, with both teams investing in an effort to build 55,000 square feet of outdoor digital and static billboard signage...View article...

Arizona Center marketed for sale General Growth Properties, which emerged from Chapter 11 bankruptcy protection in November, has put its high-profile Arizona Center development in downtown Phoenix on the block and could announce a buyer by March. The company declined to discuss the possible sale but its Chapter 11 reorganization note said it intends to focus on its regional malls going forward and shed properties, such as the mixed-use Arizona Center, that don't fit the criteria. View article...

CASSIDY TURLEY BRE COMMERCIAL PRESIDES OVER ARIZONA OFFICE TRANSACTION Cassidy Turley BRE Commercial has completed the approximately $1.23 million sale of a 17,521-square-foot office building, located at 2211 E. Highland Ave. in Phoenix. Built in 1973, the building was 67 percent leased at the time of sale. View article...

Simply Bread closes doors in Phoenix Independent bakery Simply Bread has closed its doors in Phoenix. The company had a bakery and retail store at 2117 N. 24th St. Simply Bread sold its products at some groceries across the Valley and operated a commercial business, supplying restaurants with a range of fresh-baked European-style products. View article...

Ultimate Electronics closing all 46 locations Ultimate Electronics, an electronics chain with stores nationwide, is closing its doors. The going-out-of-business sales began Feb. 12 and will continue until all merchandise has been sold. View article...

Lexington Hotel set to get face-lift A new ownership group targeting a higher-end customer and the arts community plans to begin a $15 million to $20 million renovation of Central Phoenix's Lexington Hotel by midsummer. Among the myriad of upgrades: a first-floor art gallery accessible to both visitors and locals. View article...

Bomberos may vacate Sunnyslope space Bomberos Cafe & Wine Bar owner Oscar Mastrantuono and his landlord haven't been able to agree on a lease renewal for the Sunnyslope bistro, which means he may have to vacate the space on Feb. 28. Mastrantuono said he and the landlord of the property have been at an impasse since June when his lease expired. View article...

I/o Data Centers opens module manufacturing facility The new manufacturing facility for i/o Data Centers has opened in Phoenix, increasing the company's production capacity. The 221,000-square-foot manufacturing center for modular data centers was built to help the company distribute its i/o Anywhere platform of modular data centers. View article...

West Valley independent fitness businesses hope to make inroads Two new businesses, a neighborhood sports equipment store and an independent gym, hope to serve West Valley fitness buffs, even as mammoth franchise LA Fitness closes one of its newly acquired locations near Glendale. The new businesses are Sports & Fitness Exchange and Fitness 1 Gym. Two young entrepreneurs are behind the Sports & Fitness Exchange. They are betting on their brand of rock-bottom prices and neighborhood charm to beat out national sports equipment chains. View article...

ASU moving biomedical informatics department to Mayo Clinic's hospital Arizona State University is moving its biomedical informatics department from the Phoenix Biomedical Campus to Mayo Clinic's hospital in Phoenix. This agreement enhances a relationship that has grown over the past eight years, and sets the stage for future collaboration, which could include a joint medical school. View article...

Federal Restructuring of Fannie and Freddie Ignores Underlying Cause of Crisis Very shortly, the federal government will release a series of recommendations regarding the restructuring of the government-sponsored entities Fannie Mae and Freddie Mae, which are responsible for guaranteeing 90 percent of mortgages in the country today. Read what Christopher Leinberger thinks was the fundamental cause of the mortgage meltdown and what the federal government needs to do about it going forward. 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.

Speak Your Mind

*

CommentLuv badge

footer script.