Daily News for Commercial Real Estate & Business – July 20, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

Not quite a recovery but... In compiling my research for a client that is looking to purchase retail properties in the Phoenix Metro (10-50,000 Sq. Ft.), I uncovered the following facts: 1-There have been more sales in the 1st & 2nd quarters of 2011 (30) vs all of last year (29)...View article...

2 Phoenix medical-office buildings sell for $32.75 million A Scottsdale Airpark firm is purchasing two medical-office buildings near Desert Ridge Marketplace in northeast Phoenix for $32.75 million. Healthcare Trust of America Inc., a real-estate investment trust, is acquiring the Desert Ridge Medical Campus, roughly 120,000 square feet of space that also includes a two-story parking structure at Deer Valley Road and Tatum Boulevard near the Mayo Clinic hospital. The Class A office structures are 88.percent occupied and include two surgery centers, the company said. View article...

EVIT to open east Mesa campus, expanded health building The East Valley Institute of Technology (EVIT) will open its 87,000-square-foot east Mesa campus in August. The facility will host an enhanced aviation education program, along with health sciences classes. Students can train for a variety of careers including aircraft flight operations, aircraft maintenance technology, air traffic control, unmanned aircraft systems operations, flight attendant, and airport management. View article...

All Arizona Borders bookstores facing liquidation, closure Arizona's five remaining Borders bookstores are likely to be liquidated and closed after Phoenix private-equity investor Jahm Najafi declined to submit a new bid for the chain. A deadline for submitting bids to be considered at Monday's auction of Borders Group Inc.'s assets expired Sunday without a new offer from Najafi. Najafi confirmed in an e-mail that his firm, Phoenix-based Najafi Cos., would not be submitting a new offer. View article...

Tough times put Old Town property owner to test José Catalán, general partner of 7007 Limited Partnership, knows all too well of the ups and downs of owning a small commercial property in downtown Scottsdale. For about 30 years, he has owned the 4,500-square-foot building on the southeastern corner of Fifth Avenue and Goldwater Boulevard. Before that, he rented space at Fifth Avenue and Marshall Way for his travel agency, Fifth Avenue Travel & Tours. View article...

Rock N' Robyn ice cream an old-style treat Elvis may have left the building, but his legacy lives on at Rock N' Robyn Ice Cream, a tribute of sorts to the classic malt shops of the fabulous '50s. The Gilbert shop, on Higley and Elliot roads, features shakes, sundaes, banana splits and old-fashioned malts, while the jukebox blasts hit by Elvis and other musical legends from the '50s (and a few from the '60s). View article...

Phoenix debates land use near light-rail stations Phoenix is amending the city's general plan for land-use planning near light-rail stations and is asking residents for input. public meeting to discuss the station at Central Avenue and Camelback Road is at 6:30 p.m. Thursday at the Days Inn, 502 W. Camelback Road. The general plan is a blueprint that outlines land-use and policy guidelines on how the city should grow and redevelop for decades into the future. View article...

GPEC finishes year landing 31 businesses, 7,000 jobs The Phoenix area's main economic development group says it attracted a record 31 businesses during its 2011 fiscal year, moves that brought 7,000 jobs to the Valley. View article...

Prudential Jumps Back Into CMBS Prudential Mortgage Capital has re-entered the conduit space, striking a joint venture with Perella Weinberg Partners to originate CMBS loans. The company joins a rapidly expanding list of CMBS providers to roll out programs this year - including RCG Longview and Berkadia - as the sector continues to heat up. While conduits have struggled to compete with the government-sponsored enterprises (GSEs) and life companies in the multifamily space this year, they have begun to make some inroads - and many expect the sector to grow more competitive in the second half. 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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