Daily News for Commercial Real Estate & Business – January 17, 2011

In honor of Martin Luther King, Jr. - "Faith is taking the first step even when you don't see the whole staircase."

Now, here are the news articles you might find interesting today:

To view the Wells Fargo Monthly Economic Report for January, 2011, click here.

To view the 4th Quarter RealFacts apartment report, click here.

Scottsdale Retail Property Sells For $1.3M Wells Fargo Bank sold 6910 E. Shea Blvd. in Scottsdale, AZ for $1.3 million, or $159 per square foot, to Spiritual Assembly of the Baha'IS of Scottsdale in an REO sale. The retail building was built in 1995 consisting of 8,180 square feet on about 1.6 acres. The buyer will take occupancy of the property, which was completely vacant at time of sale. View article...

Two Premier Land Parcels Hit Phoenix Market Two premier land parcels that have links to Mortgages Ltd. have listed for sale in the Phoenix market. One of the parcels is located at the corner of Ash Avenue and University Drive in downtown Tempe. View article...

Anchor Blue holding store-closing sales Clothing retailer Anchor Blue is closing all 177 of its stores and holding going-out-of-business sales until all merchandise is gone. Existing Anchor Blue gift cards will be honored until Jan. 21. Purchases made on or after Jan. 7 are final; those made before then can be returned or exchanged until Jan. 21. There are 13 Arizona locations, including four in the East Valley: 2270 E. Williams Field Rd., Gilbert; 1445 W. Southern Ave., Mesa; 6555 E. Southern Ave., Mesa; and 500 Arizona Mills Circle, Tempe. View article...

Oakville Grocery to close Scottsdale Quarter store Gourmet cheese and wine aficionados will bid farewell Sunday to Oakville Grocery Co.'s final day at its Scottsdale Quarter location. The Napa Valley-based chain, known for its small country-store atmosphere and specialty food and wine selection, reluctantly closes the doors of its first Arizona store after barely a year in the city's new shopping center, said Barbara Henderson, the store's manager. View article...

Tempe entrepreneur treats himself to a sweet, new career When Frank Ellis moved to Tempe last May, he wanted more than a change in scenery. After 30 years as an electrical and computer science engineer in the Silicon Valley, Ellis' desire to get out of the corporate grind resulted in the Candy Addict, a new candy store that opened Dec. 26 on Mill Avenue. View article...

Jerry Colangelo's sports links may give lift to Wigwam When it comes to sports, Jerry Colangelo stands out among Valley legends. Now Colangelo is seeking to expend some of his sports capital to attract professional athletes and sports teams to his newly remodeled Wigwam Golf Resort and Spa in Litchfield Park. View article...

Tribe unveils updated designs for proposed Glendale casino Tohono O'odham leaders, in Glendale this week, unveiled updated renderings of the tribe's proposed resort and casino, which show scaled back gaming and hotel plans. View article...

AF businesses, landlords search for common ground It's an intractable problem: Ahwatukee Foothills businesses hard hit by the economic downturn need reduced rent to stay in operation, but landlords must receive enough income to pay off the bank loans on the buildings. View article...

Airport parking lot could benefit Foothills fliers Frequent fliers from Ahwatukee Foothills know their options for long-term parking is fairly limited. View article...

Final Numbers for 2010 Phoenix-area Housing Market: Overall Activity Down, Foreclosures Up The final numbers are in, and it appears the Phoenix-area housing market saw an overall slowdown in activity for 2010. However, the rate of foreclosures went up. A new report from the W. P. Carey School of Business at Arizona State University offers year-end analysis and some overwhelming statistics. "About 4 percent of the single-family homes in Maricopa County were foreclosed in 2010," reveals Associate Professor of Real Estate Jay Butler, who wrote the new report. "Since 2008, more than 11 percent of the single-family homes in the county have been foreclosed." View article...

Arizona No. 2 in foreclosures for 2010 Arizona had the nation's second-highest state foreclosure rate for the second year in a row in 2010. New data from RealtyTrac Inc. shows that 5.73 percent of Arizona housing units (one in 17) received at least one foreclosure filing in 2010. Only Nevada had a higher rate. View article...

2011: More Bank Failures Expected 2011 can expect to see more bank failures, but the totals will likely come in much lower than the 181 banking institution closures the industry saw in 2010. View article...

1 Bank Closed on Jan. 14 One bank was closed by state and federal regulators on Friday, Jan. 14. This closing marks the third failed banking institution of 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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