Daily News for Commercial Real Estate & Business – January 11, 2011

APS Buys 145 Acres for $1.3 Million Arizona Public Service Co. purchased 145.62 acres between US Highway 85 and Old US Highway 80 in Gila Bend, AZ, from Jokake Real Estate Services for $1.31 million, or about $9,000 per acre. The all-cash transaction involved an 18-megawatt solar power plant with construction beginning in early 2011 with an estimated completion in November 2011. SOLON Corp. acted as an intermediary for APS during the sale and briefly held title to the property to ensure the project received necessary approvals from the local government. SOLON will also be responsible for the power plants construction efforts as part of the deal with APS. View article...

Great Hearts Academies Buys 90,330-SF Flex Great Hearts Academies purchased the flex building at 16537 N. 92nd St. in Scottsdale, AZ, from Atronic Americans LLC for $5.87 million, or approximately $65 per square foot. The property was a former Atronic America headquarters. Great Hearts plans to operate a charter school at the location. The 90,330-square-foot building was constructed in 2003 and consists of: first floor office space of 17,246 square feet and warehouse space at 24,711 square feet; second floor mezzanine office shell with 4,268 square feet and mezzanine office furnished at 24,711 square feet. View article...

DeVry Signs on with Cole DeVry Inc. signed a 10-year, 6-month lease with Cole Real Estate Investments for its Carrington College, which focuses on health care-related education and training. The 43,000-square-foot higher education complex at 3733 West Emporium Circle in Phoenix, formerly occupied by Circuit City, is scheduled to open in spring 2011. View article...

New jewelry studio serves as business incubator for artisans Kendra Peterson and Laura Bowman make jewelry full time for a living, but they also make it in their spare time. The two women have advanced beyond stringing beads. They are hammering, melding and molding silver at Harold Studio, a new business near McDowell Road and Central Avenue. View article...

Phoenix-area brokers report an increase in leasing activity for 2010 While sales of office, industrial and retail properties remained anemic in 2010, brokers reported an explosion of leasing activity as businesses made a mad rush to lock in long-term lease rates at market-bottom prices. In all, Phoenix-area businesses in 2010 signed new leases on a net 5.9 million square feet of office space...View article...

Scottsdale public meeting to focus on Shea area The city will hold a public meeting to gather concepts for its Shea Character Area Plan. The meeting is at 7:30 a.m. Jan. 19 at the Boys & Girls Club branch at 10515 E. Lakeview Drive. View article...

Mayor Gordon seeks to bring 35,000 jobs to Valley Phoenix Mayor Phil Gordon said Friday that he hopes to help lure tens of thousands of new jobs to the Valley before he finishes his last year in office. "This Valley will have 35,000 new jobs in one year," Gordon said. View article...

Ecotality gets $10 million investment from ABB Ecotality Inc. has received a $10 million investment from ABB Group, putting the company in a position to be a supplier for the ongoing electric vehicle project. View article...

Gate6 buys Lamb Creative Gate6 has purchased Lamb Creative, opening the door to more business in the digital marketing space in the Phoenix area. Gate6, based in Phoenix, would not disclose how much it paid for Scottsdale-based Lamb, but it will keep the company's five employees. View article...

Buffalo Wild Wings outlines expansion plans Buffalo Wing Wings detailed plans Monday to spread its brand farther across the United States and internationally, with the goal of having 1,000 units by 2013. 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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