Daily News for Commercial Real Estate & Business – February 2, 2010

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

Pet-sitting franchise sniffing around E.V.

Pet lovers across the East Valley are helping fuel the growth of national pet care franchisor FETCH! Pet Care as it opens more locations in the region. View article...

CityNorth decision to impact future development deals

Development agreements between governments and private parties will still be a major part of governmental economic policy, but future agreements will have to be structured in ways that make the public benefits clear and reasonable in the wake of a recent Arizona Supreme Court decision. View article...

Elevation Chandler Ownership Uncertain

CHANDLER, AZ-The saga of the halfway-completed condo project Elevation Chandler continued as attorneys for the two parties who claim they own the see-through project duked it out in court last week. The Arizona Republic reports that the Maricopa County Superior Court judge, who heard both sides early last week, delayed an opinion to take the issue under advisement. View article...

Ready Mix assets to be sold for $9.75M

Ready Mix Inc., which supplies rock, sand and concrete in the Phoenix and Las Vegas areas, is selling most of its assets to Skanon Investments Inc. for $9.75 million. The Phoenix-based company (NYSE:RMX) began working with Lincoln International LLC in June to review alternatives, including possible sale of the company as the residential housing market continues to struggle impacting demand for ready-mix concrete. View article...

Biomedical campus gets $15M stimulus boost

The Phoenix Biomedical Campus is getting $15 million in stimulus funding to build laboratory support facilities, which will immediately create at least 250 construction jobs. View article...

ADOT getting ready to close 11 MVD offices

Layoffs have begun as the Arizona Department of Transportation gets ready to close 11 Motor Vehicle Division offices on Feb. 12. The closures are part of an agency-wide effort to balance a $100 million budget deficit tied to the state's fiscal crisis. MVD offices to close include ones in Ajo, Benson, Bisbee, central Phoenix, Clifton, east Mesa, Fredonia, Kearny, Superior, Willcox and Williams. View article...

Glendale's Citadelle Plaza makes comeback

One year ago, things were looking bleak for Citadelle Plaza, an upscale shopping center in Glendale's Arrowhead neighborhood. Its owners had filed for Chapter 11 bankruptcy protection in December 2008. Nearly half of its 106,000 square feet loomed empty. Potential tenants backed out of deals, and landscaping around the center remained unfinished. View article...

Eighth Valley Krispy Kreme opens in Scottsdale

Valley doughnut magnate Dan Brinton opened another Krispy Kreme location - his eighth in the Valley and eleventh in the state - last week at Market Street at DC Ranch in north Scottsdale. Brinton is also the person behind the recently opened Beauregard Food Co., a restaurant serving southern-style cooking in a family atmosphere, also at DC Ranch. View article...

Peoria shop weathering recession, nearby construction

A life-size R2D2 replica is displayed across from a $2,500 Stueben glass work protected in a display case. Around the corner in the maze of vintage and new items in Storm Sellers Thrift Store in Oldtown Peoria, designer handbags from the '50s and '60s are for sale, along with Chinese single-serve teapots, Navajo art and collectors Coca-Cola mugs. View article...

Retailers are struggling at some older Chandler intersections

Walk-in traffic is down 20 percent at a restaurant at Queen Creek and Alma School roads since the shopping center's anchor, a Bashas' supermarket, moved out. Vacant retail buildings stand at Ray and Alma School roads, where the Albertsons supermarket closed. View article...

Top Buyers, Sellers of 2009

In an interesting twist, two of the top three buyers of commercial property in 2009 were - wait for it - institutional investors. Even though many pension funds, in particular, have been badly burned in this economic downturn, apparently that hasn't quite whetted their appetite for CRE. View article...

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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