Daily News for Commercial Real Estate & Business – February 22, 2010

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

VERDE PROPERTY INVESTMENTS PURCHASES 216-UNIT RIDGE GATE APARTMENT COMPLEX

Verde Property Investments LLC in Phoenix (Ernest "Ernie" Garcia, member) paid $11.88 million ($55,000 per unit) to buy the 216-unit Ridge Gate apartments at 2811 W. Deer Valley Road in Phoenix. The seller was Deer Valley Apartments LLC in Phoenix (Kenn Francis, Todd Thorpe, Mike Ingram, principals).
Full story

INVESTOR BUYS 222-UNIT MULTI-FAMILY PROPERTY NEAR PHOENIX COUNTRY CLUB

CC Arizona Investors LLC, a company formed by Matthew Gum of Tamal Vista Holdings in Kentfield, Calif., paid $3.8 million ($17,117 per unit) to acquire the 222-unit Country Club apartments located at 3030 N. 7th Street in Phoenix. The seller was Bank of America.
Full story

Furniture store fills former Meryvns space at a Mesa mall

Two furniture stores have moved into empty big-box facilities in the Superstition Springs area near Power Road and the U.S. 60. Home Sleep Home replaces the former two-level Mervyns store, which is now owned by Developers Diversified Realty Inc. on the west side of Superstion Springs Center. View article...

El Charro returns with new look, same charm

A special gift was in the making. For months, preparations were under way - schematics, the groundbreaking, team building and fine-tuning. And on Thursday, El Chorro Lodge, a Paradise Valley landmark, was launched into a new era. View article...

New Mesa Court building already a model

After years of planning, Mesa's new municipal court building opens Monday , promising more efficient justice for most minor crimes and fewer delays for those paying parking tickets or handling other routine cases. View article...

Work resumes on Chandler's San Marcos Commons

In the face of a tough real estate market, construction has resumed on a high-profile townhouse complex in downtown Chandler after the developers were able to secure renewed financing for the project. View article...

Real estate experts forecast metro Phoenix market recovery in 2014

The Arizona real estate market will recover slowly and approach modest levels of normalcy - but not until 2014. That was the assessment of a group of experts who gathered Friday morning for "Gloom to Zoom," a seminar sponsored by Rose Law Group and held at the Arizona Biltmore Resort & Hotel. View article...

Arizona No. 6 in mortgages past due

Arizona is sixth in the nation with 12.6 percent of mortgages one or more payment past due as of Dec. 31, according to the Mortgage Bankers Association's National Delinquency Survey. That 12.6 percent is an increase of 62 basis points, according to the MBA. The delinquency rate excludes loans in the process of foreclosure. View article...

Phoenix Mayor Phil Gordon would favor expanded version of bill to create special tax zones to pay for Cactus League parks

Phoenix Mayor Phil Gordon favors the creation of special tax districts to pay for a new Chicago Cubs stadium in Mesa, modernize US Airways Center for the Phoenix Suns, and renovate Cactus League ballparks for the Oakland Athletics and Milwaukee Brewers. Gordon told the Phoenix Business Journal on Friday he would like to see a bill introduced this week in the Arizona Legislature expanded to include tax financing for the Cubs, A's and Brewers spring training ballparks. View article...

Tolleson backs tribe's plan for Glendale casino

The Tolleson City Council this week unanimously passed a resolution in support of a controversial tribal resort and casino proposed near Glendale's sports and entertainment district. Adolfo Gmez, mayor of Tolleson, which is less than 10 miles south of the proposed development by the Tohono O'odham Nation, said the council support is about bringing jobs to the West Valley. View article...

Four Banks Closed on Feb. 19 21 Failed Banks, Credit Unions So Far in 2010

Four banks were closed by state and federal regulators on Friday, Feb. 19. The largest of the failed institutions was La Jolla Bank, a Pasadena, CA.-based bank with $3.6 billion in assets. View article...

Study: Tucson-area mine won't harm tourism

An Arizona State University economist says a proposed copper mine near Tucson would not have a major effect on tourism. Research professor Lee McPheters says the proposed Rosemont Copper mine in the Santa Rita Mountains could bring in as many visitors as it might drive away. 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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