Daily News for Commercial Real Estate & Business – July 5, 2011

I hope you had a fantastic Independence Day Weekend!

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

Hayden Ferry Lakeside I sold for $39M Hayden Ferry Lakeside I, on the south bank of Tempe Town Lake, has been purchased by Jackson, Miss.-based Parkway Properties Inc. for $39.4 million. The building was the first in the complex to be constructed with the iconic nautical design theme. It was built in 2002 and is 52 percent leased to 15 tenants. View article...

Hobby Lobby to open at Pavilions at Talking Stick Hobby Lobby will open a store at the Pavilions at Talking Stick in Scottsdale this fall. The Pavilions is at Indian Bend Road and Loop 101. This will be Hobby Lobby's ninth location in the Phoenix metro area. The Oklahoma City, Okla.-based company has 475 stores in 40 states. View article...

Scottsdale to apply for grants to buy land for preserve Scottsdale will apply for grants from Arizona's Growing Smarter conservation fund to help pay for 4,400 acres of state trust land targeted for its McDowell Sonoran Preserve. On Tuesday, the City Council gave the green light to submit two applications for the grants, which could cover up to half the cost of the yet-to-be appraised land. View article...

Midwestern University opens pediatric dental clinic in Glendale The Glendale medical school opened a 242-chair dental clinic last year and included a pediatric wing. The $38 million clinic has low-pain, high-tech equipment and a suite that accommodates wheelchairs. The pediatric section has 10 chairs in an open suite and two "quiet" rooms for anxious patients. View article...

Central Station opens after $3.7M facelift Central Station reopened Friday after a $3.7 million face-lift funded by the city of Phoenix and stimulus money. Kini Knudson, deputy public transit director for the city of Phoenix, said American Recover and Reinvestment Act funds were used on the project because the station hadn't had major improvements since it was built in 1997. View article...

Downtown Scottsdale hotel gets new name It was once called the "sexiest resort in the American Southwest," but under its many names over 36 years, it has had its share of financial struggles. Now, downtown Scottsdale's Hotel Theodore is being recast with a summer makeover of its rooms and an iconic new name - the Drinkwater - a nod to the city's former mayor, the late Herb Drinkwater, known to admirers as Mr. Scottsdale. View article...

Phoenix CityScape tenant Oakville Grocery opens its doors After months of uncertainty, Oakville Grocery in downtown Phoenix is finally open. The CityScape development was abuzz Thursday around lunchtime as the store welcomed its first workers and visitors who came hungry for lunch, snacks, groceries, coffee and pastries. View article...

Developers might seek rezoning for Cave Creek eco-resort Owners of land in Cave Creek are considering developing a property near the base of Continental Mountain into a resort. The 220-acre property is at 72nd Street and Continental Mountain Drive. Wendy Riddell, an attorney for Berry & Damore LLC., which represents the property owners, said the principals participated in the development of the Four Seasons in Scottsdale. View article...

Ahwatukee medical-marijuana dispensary gets zoning OK A Phoenix zoning administrator has approved a medical marijuana dispensary for Ahwatukee Foothills, despite objections from officials at two nearby schools and an area pediatrician. On Thursday, Foothills resident Matt Waltz, who owns a Tempe construction company, obtained a zoning variance for a dispensary in a shopping center at the southeastern corner of 46th Street and Chandler Boulevard. View article...

Mesa mayor says Cubs construction months away Mesa remains committed to breaking ground on a Chicago Cubs complex by Jan. 1 despite the continuing lack of a formal development agreement, Mayor Scott Smith said this week. "We're down to the point where we are working on some minute details," Smith said during his last scheduled media briefing before the City Council goes on summer break. View article...

ASU realty professor Jay Butler retires Jay Butler has been tracking metro Phoenix's real-estate market for 40 years. The Arizona State University professor has seen four booms and busts and expects that, no matter what he does, there will be even more. So, he's retiring. Butler, 65, has seen massive new developments reshape metro Phoenix, record high and low interest rates and home prices, land fraud and other scams, as well as many happy homeowners during the past four decades. View article...

Borders agrees to sell itself for $215 million Borders Group Inc. said late Thursday it agreed to sell itself to private investment firm Najafi Cos. for $215 million and is seeking court approval for the agreement. Najafi Cos., which owns the Book-of-the-Month Club, will also assume $220 million in debt. 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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