Daily News for Commercial Real Estate & Business – February 2, 2011

To view the 2011 Retail Market Outlook and Investment Report by Marcus & Millichap, click here.

Phoenix IHOP Sells for $2.5M Sky Canyon LLC, a California investor, purchased the IHOP at 2103 W. Happy Valley Rd. in Phoenix, AZ for $2.52 million, or about $522 per square foot. The 4,821-square-foot restaurant was constructed in 2009 and is located near N. 23rd Ave. The building is leased to Romulus Restaurants, who currently operates 34 existing IHOP restaurants with several others in various stages of development. View article...

Arizona Cardinals owners buy Tom's Tavern Tom's Tavern, a landmark downtown Phoenix restaurant that had been on the brink of closing, has a new owner dedicated to keeping it open and preserving its identity. The Bidwill family, owners of the Arizona Cardinals of the National Football League, bought the restaurant that has built a reputation as a favorite spot for the big names of government and business. It will be run by a new division of the company the Cardinals created to operate the food service at University of Phoenix Stadium. View article...

Diane's Beachwear coming to Scottsdale A new store called Diane's Beachwear is expected to open in March at the Scottsdale Quarter development. This is the first expansion of the Southern California-based retailer outside of the Golden State. View article...

Power-One officially opens Phoenix facility Power-One Inc. officially opened its facility in Phoenix on Monday, adding another link in the Valley's solar supply chain. Power-One (Nasdaq: PWER) has been operating at its Phoenix building since October and has hired about 40 people. Plans call for the inverter manufacturer to hire about 350 over the next two to three years. View article...

Tempe seeks to be more selective in approving projects Tempe's leaders have decided that to get more projects built downtown and at Tempe Town Lake, they need say "No" to developers more often. View article...

Sales of Apartments in 2010 Jumped 96% It was the year of the apartment transaction resurgence, and 2010 ended with a bang with $6.1 billion sold in December, making it the most active month for sales since October 2007 (when Denver-based Archstone was taken private), according to New York-based Real Capital Analytics (RCA). Overall, the commercial research group said that sales of significant apartment properties jumped to $33.7 billion in 2010, which was an astounding 96 percent jump over 2009. 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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