Daily News for Commercial Real Estate & Business – February 21, 2011

Tempe's Centerpoint development sold to Zaremba Group The Centerpoint development in Tempe has been sold to Zaremba Group, which plans to turn the two towers into a new 375-apartment complex called West Sixth, according to a news release. View article...

Intel to invest $5 billion in new factory for Chandler Intel picked Chandler for a $5 billion plant that it touts as the most advanced and highest-volume computer chip factory on the globe. The plant will employ 1,000 permanently and thousands more during construction. View article...

Private Rack in downtown Scottsdale will combine gastropub, gourmet billiards A building that has sat vacant for five years on Sixth Avenue in downtown Scottsdale will be the home of Chef Leonard Jay's newest restaurant, the Private Rack. Gastropub I has leased the 5,500-square-foot building, at 7117 E. Sixth Ave., from Mastro Properties. View article...

Major Chandler data center to expand Every time you use Google or YouTube or e-mail, you don't think of the technology powering what you do. Behind the scenes are data centers in huge, nondescript buildings filled with rows and rows of servers. Data centers are building blocks for modern life, engines for the world economy. View article...

Costa Vida to rebrand Bajio Mexican Grill, open 10 more restaurants in AZ The Bajio Mexican Grill on Happy Valley Road will become a Costa Vida restaurant through a partnership agreement between Abundant Brands and Costa Vida Restaurants. Abundant Brands is based in American Fork, Utah. View article...

Variances sought for Phoenix housing site near Tatum and Greenway Michael Lieb and his company, Torino Holdings, won rezoning for an undeveloped 17-acre parcel at Tatum Boulevard and Greenway Road this month. Torino plans to build a housing development on the site. View article...

Phoenix-area apartment sales strong in 2010 Valley commercial real estate brokers rang up more than $1.2 billion in apartment sales in 2010. Local experts cite a multi-tude of reasons for the frenzy, including discounted prices, distressed properties, higher occupancy rates and the availability of capital. View article...

4 Banks, 1 Credit Union Fail Feb. 18 Federal and state regulators closed four banks on Friday, Feb.18, and one credit union was placed into conservatorship. These latest announcements of failed institutions make the total 24 so far in 2011. 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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