Daily News for Commercial Real Estate & Business – February 18, 2011

To view the February 2011 Monthly Delinquency Report by Realpoint, click here. I have highlighted a few interesting stats for you.

L.A. BILLIONAIRE AND NEW YORK CITY INVESTOR BUY HOTEL THEODORE FOR $16.25 MILLION A company formed by Los Angeles, Calif.-based investor Ronald Burkle and a New York City, N.Y.-based investment company paid $16.25 million to purchase the 195-room Hotel Theodore located in old town Scottsdale. Maricopa County records show Sydell Scottsdale LLC in New York City, N.Y. paid cash for the hotel, formerly known as the Mondrian. View article...

ZAREMBA BACK ON TRACK TO BUY CENTERPOINT CONDO PROJECT IN $30 MILLION DEAL The $30 million sale of the Centerpoint Condominiums in Tempe is back on track after a false start last year. Sources say a venture formed by Zaremba Group in Cleveland, Ohio (Walter Zaremba, principal) was working to close the purchase as BREW was going to press. Although neither buyer nor seller could be reached for comment, multiple sources say the deal could be closed by February 18. The unfinished project is located in downtown Tempe just west of Mill Avenue and east of Ash Avenue between 5th Street on the north and Seventh Street on the south. View article...

MARCUS & MILLICHAP HANDLES $12.86 MILLION ASSISTED-LIVING SALE NEAR PHOENIX Marcus & Millichap has brokered the almost $12.86 million sale of the 126-unit Cypress Court assisted-living and memory care property, located at 310 South 63rd St. in Mesa. The three-story, 81,995-square-foot property includes a main dining room, a dietary department, administrative offices, three elevators and a central courtyard. View article...

Temporary staffing firm opens branch in Ahwatukee A California temporary staffing firm has opened a branch office in Ahwatukee Foothills and is about to start hiring. Rancho Cucamonga-based Finesse Staffing has opened its new office at 4809 E. Thistle Landing Drive, Suite 100. View article...

New pet hospital in store for Mesa Banfield Pet Hospital on Saturday will open a new location inside the PetSmart store at 1858 S. Signal Butte Road in Mesa. View article...

Mesa's light-rail extension included in Obama's budget Mesa's dream of a light-rail line extending through its downtown by 2016 got a boost this week from President Barack Obama's proposed federal budget. Obama included $37.5 million for the 3.1-mile extension in the spending plan he sent to Congress for the 2012 fiscal year, which begins Oct. 1. That's half the total funding expected for the project from the Federal Transit Administration. View article...

Phoenix Retail Market Stabilizes... Finally (It was obvious this article was written before Border's announced all of the store closings in our market. However, small shop space is starting to fill up!) Across the Valley, vacancy rates in retail properties have stopped increasing and rental rates have stopped falling, leading local experts to believe the market has finally stabilized. "Owners are focused on tenant retention - they are spending a lot of time keeping their tenants happy so their centers will have stable occupancy in 2011,"...View article...

The Rocky Mountain Poll: Consumer Confidence Up in Arizona The Arizona Department of Revenue reported this week that total taxable retail sales in Arizona were $3.8 billion in November -- up almost 5 percent year-over-year and 13 percent higher than October. Listen to the podcast...

The Real Estate Cha-cha: Baby Steps to Recovery January brought an uptick in foreclosures in the still-troubled Phoenix real estate market -- discouraging words after the drop in foreclosure-related activity in the waning months of 2010. Listen to the podcast...

Delinquent mortgages down in Arizona Fewer residential mortgages in Arizona were delinquent and fewer notices of foreclosure had been sent at the end of fourth-quarter 2010, according to data released Thursday by the Mortgage Bankers Association in Washington. 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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