Daily News for Commercial Real Estate & Business – January 24, 2011

CANCER TREATMENT CENTERS OF AMERICA BUYS 42 ACRES NEXT TO GOODYEAR HOSPITAL A company formed by Cancer Treatment Centers of America in Schaumburg, Ill. (Richard Stephenson, founder) has acquired a 42-acre parcel contiguous east to its Western Regional Medical Center near the southwest corner of Interstate 10 and Litchfield Road in Goodyear. Records show AHP Acreage LLC (the CTCA entity) paid $8.245 million in cash to buy the land. View article...

FORMER BELDEN COMMUNICATIONS FACILITY ATTRACTING TENANTS . . . GETS NEW FINANCING A 95-acre industrial project in southwest Phoenix that had been noticed for a trustee's sale has been refinanced and the development is now 95 percent leased. In the past six months, the 1.1 million-square-foot manufacturing and distribution facility has secured three tenants that have leased a combined 540,000 sq. ft. The project, previously occupied by Belden Communications Co., is at the northeast corner of Van Buren Street and 51st Avenue. View article...

Tasti D-Lite sets grand opening in Chandler Tasti D-Lite, a frozen-dessert store, has opened at Fulton Ranch Towne Center on the southwestern corner of at Arizona Avenue and Ocotillo Road. View article...

WinCo grocery chain plans Arizona expansion A grocery chain planning an Arizona expansion is continuing to sign leases for massive stores across the Valley even as the company says it's not sure when or where it will open shops. View article...

Office-space absorption in Chandler market is brisk Chandler filled up office space at a fast pace in the past year. In early 2010, the vacancy rate was 24.5 percent, and now it's down to 13 percent. "We've seen some tremendous activity," said Chris Mackay, the city's director of economic development. Big tenants that signed leases include online-auction company eBay taking 180,000 square feet for PayPal and Safelite Auto leasing 104,000 square feet. View article...

UpClose with Vestar's Lee Hanley As one of the largest privately-held real estate companies in the western US, Vestar develops and manages retail and entertainment destinations. Since its inception in 1977, Vestar has built some of the most successful retail projects in Arizona and California including Tempe Marketplace and Desert Ridge Marketplace. View article...

Business continues to grow at Phoenix-Mesa Gateway Airport Flight school executive Paul Ransbury couldn't have picked a better day to introduce his new, globally-known client to the Phoenix-Mesa Gateway Airport governing board. Shortly after the Aviation Performance Solutions president announced that his school will train pilots for KLM Royal Dutch Airlines, he and board members were greeted with even bigger news about the airport's economic expansion. View article...

Fitch: $23 Billion in Commercial Mortgages Coming Due in 2011 Fitch Ratings says approximately 2,000 commercial mortgage loans are due to mature over the next 12 months, representing an outstanding balance of $22.5 billion. View article...

Existing home sales up 12% in December Real estate agents were busier than expected in December, with sales of existing homes jumping to a seven-month high. Existing home sales, by far the majority of housing sale transactions, rose 12.3 percent nationwide from the previous month in December, to an annual rate of 5.28 million. View article...

4 Banks Closed on Jan. 21 United Western Bank, Denver, Colo., was the largest of four institutions closed by federal and state regulators on Friday, Jan. 21. The $2.05 billion bank has been acquired by First-Citizens Bank & Trust Company, Raleigh, N.C., which assumes all of the deposits of United Western Bank. 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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