Daily News for Commercial Real Estate & Business – July 22, 2011

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

CHRYSLER LEASES 16,212 SF AT PARADISE VILLAGE OFFICE PARK Chrysler Group LLC has signed a 16,212-square-foot lease at Phoenix's Paradise Village Office Park. The automaker is opening a new administrative office at the 268,598-square-foot, Class A building. It plans to occupy the space this October. View article...

Geyser Management pays $1.7M for Glendale retail center Geyser Management in Tempe has purchased a Glendale retail property for $1.7 million. The 10,595-square-foot property is located at 5929 W. Peoria Ave. The building was 68 percent occupied at closing and includes tenants Western Dental, T-Mobile and Maui Wowi. View article...

FORMER MOUNTAIN BELL OFFICE SITE IN PHOENIX TARGETED FOR TRUSTEE's SALE A 9-acre site located along 3rd Street and south of Earll Drive in Phoenix that was once home to Mountain Bell has been noticed for a trustee's sale. The parcel is collateral on a loan with an original principal of $30.5 million that is in default. At one time, the tract was planned as a 600-unit, high-end retirement community. View article...

TIC FORMED BY HAMILTON ZANZE PURCHASES 174-UNIT APARTMENT COMPLEX IN PHOENIX Four separate companies formed by a group of tenant-in-common investors led by Mark Hamilton, Anthony Zanze and Kurt Houtkooper of Hamilton Zanze & Co. in San Francisco, Calif. paid $10.15 million ($58,333 per unit) to acquire the 174-unit Paradise Trails apartments at 4502 E. Paradise Village Parkway South in Phoenix. The seller was Paradise Trail Apartments Limited Partnership, a company formed by Sentinel Real Estate Corp. in New York City, N.Y. View article...

Hispanic organization loan brings CityScape hotel The developer of the downtown Phoenix office and retail project CityScape has received a $12 million loan from a Hispanic organization's community development agency for construction of the Hotel Palomar. A limited-liability corporation under Chicanos Por La Causa's umbrella, Prestamos CDFI, awarded the loan recently to CityScape's developer, RED Development. View article...

Starwood to move office to Scottsdale Hospitality company Starwood Hotels and Resorts Worldwide Inc. plans to relocate its finance corporate office from Phoenix to the Scottsdale Quarter in early fall. The company will occupy 56,000 square feet of space to accommodate about 300 employees, including corporate financial and executive-level staff. The company could add about 20 employees in the next several years. View article...

Barrio Café owner backs out of downtown Gilbert talks Phoenix chef Silvana Salcido Esparza, owner of the popular Barrio Café, has nixed plans to open a new concept in downtown Gilbert after disagreements with the landlord over the restaurant's name and design. Barrio Tequileria was originally expected to open early next year in the former GrainBelt building in Gilbert's Heritage District, joining Postino Winecafe, which is still on track to open this fall. View article...

Chandler's office vacancy rate drops sharply Chandler's office vacancy rate dropped to 8 percent at the end of the second quarter, compared with 20.6 percent at the same time a year ago. And in January 2010, the vacancy rate stood at 25 percent. Christine Mackay, the city's director of economic development, credited the good news to the arrival of several large companies, including Safelite, e-Bay and Advantage Mortgage. View article...

Phoenix's Select Top Industrial Sales for Q2 2011 The following is an account of the Phoenix market's select top five industrial sale transactions for second quarter 2011. Northwood Investors LLC purchased the Discovery Business Campus, a four-building, 892,790-square-foot industrial park at 2100 E Elliot Road in Tempe, for $53.7 million, or roughly $60 per square foot in a sale leaseback transaction. View article...

Phoenix's Select Top Industrial Leases for Q2 2011 The following is an account of the Phoenix market's select top 10 industrial lease transactions for second quarter 2011. Amazon.com, Inc. leased 1,267,110 square feet at 800 N 75th Ave. in Phoenix. The tenant and the landlord, Buzz Oates Enterprises, were represented in-house. View article...

How to Fix the Commercial Real Estate Problem: Don't Just "Buy Local," Also "Invest Local" Commercial real estate has been hit especially hard by the recent economic downturn. Part of the problem hampering its recovery is the great difficulty in getting funding for local projects. An expert from the W. P. Carey School of Business at Arizona State University explains why this is happening and one way we can make some headway in fixing it. Professor of Real Estate Practice Mark Stapp is both a real estate developer and executive director of the Master of Real Estate Development (MRED) program at the W. P. Carey School of Business. He says we first got into trouble in the commercial real estate market in recent years because people were overlooking the basics. View article...

Commercial Property Prices Rise as Distressed Values Increase Sales prices of commercial real estate properties rose 6.3 percent in May, according to Moody's Investors Service. The agency's latest reading marked the first positive move in its property price index in six months and the largest one-month increase since Moody's began tracking commercial real estate prices in 2000. View article...

Arizona jobless rate jumps to 9.3 percent Arizona's unemployment rate jumped to 9.3 percent in June, up from 9.1 percent in May, according to new state job figures released today. The state lost 57,200 jobs in June, according to the Arizona Office of Employment and Population Statistics. 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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