Daily News for Commercial Real Estate & Business – June 1, 2011

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

10,200 Acres Sell in Maricopa County for $32.5M Arcus Private Capital Solutions LLC purchased 10,200 acres of mixed use raw land in Mobile, AZ for $32.5 million, or about $3,200 per acre. This is the largest recorded land acquisition in the area since 2006. The buyer's plans call for a master-planned community called Amaranth. View article...

Texas Medical Distributors buys Phoenix space Texas Medical Distributors purchased a 33,000-square-foot, single-tenant building at 1045 N. 71st Ave. in Phoenix for nearly $1.4 million. The acquisition is Building 3 at the 71 Roosevelt Industrial Park. View article...

Resort asks Scottsdale to cut its rent to help fund expansion Scottsdale would cut the rent for the Fairmont Scottsdale Princess resort under a new deal the hotel owner is seeking to help reduce its debt and build new meeting space. Strategic Hotels and Resorts, the Chicago-based resort owner, bought the 642-room hotel at the height of the market in 2006 for $360 million. View article...

HENDRICKS & PARTNERS SELLS BELLA VISTA APARTMENTS Hendricks & Partners has sold the 200-unit Bella Vista apartment community for $3.2 million. It was sold to Bella Vista Garden Apartments LLP. View article...

The Foundry To Debut July 8 AZCentral reports that Valley concert promoter Danny Zelisko is set to open a new concert venue in Downtown Phoenix. The 1,500 person capacity building at 402 S. First Street will open July 8 with a performance by Cowboy Mouth. View article...

Phoenix to demolish Frank Luke Addition homes For decades, Frank Luke Addition families dried their clothes on metal clotheslines by their back door. Children scampered on playgrounds. Seniors in sundresses sat in the shade of pepper, palm and pine trees. Now a handful of the public-housing residents remain on the 12-acre community. The rest have been moved from the aged, barracks-style homes in the name of progress. View article...

Increasing Demand for Commercial Property Loans in US Good for Industry A recent increase in sales of commercial property loan securities in the US has led to some experts feeling cautiously optimistic. It is thought that the increase could have far reaching benefits, including strengthening bank balance-sheets, and adding to their ability to finance new property projects, including loans to revitalize derelict properties. There are also indications that the cost of lending is stabilizing as lenders grow in confidence, which is a must for recovery. View article...

Apartment Owners to See Outstanding Returns Through 2012 A new report points to continued growth in the U.S. apartment market over the next two years. Dallas-based Axiometrics Inc., a provider of data and analysis on the multifamily housing sector, says strong April performance numbers will help the industry deliver "outstanding returns" for owners and operators over the next 20 months, as effective rent growth and occupancy rates remain at near-record highs. View article...

A Look Into The Future... The 25-year vision for the Discovery Triangle region is to create a model for urban vitality in nature. As a part of our efforts, the DT team has been working with industry experts, community organizations and educational institutions to lay the groundwork that will turn vision into reality. Recently, development and planning industry experts and ASU students in their third year of design school gave us a glimpse of that future. View article...

Arizona medical-pot dispensaries put on hold Arizona's health director put medical-marijuana dispensaries on hold just days before he was to begin accepting applications, citing the lawsuit filed by the state in federal court Friday to determine whether the new law conflicts with federal drug statutes. State Department of Health Services Director Will Humble is a plaintiff in the lawsuit, along with Gov. Jan Brewer and state Department of Public Safety Director Robert Halliday. View article...

Consumer confidence falls across U.S. One measure of how consumers feel about the economy slipped to a six-month low in May. The Conference Board's Consumer Confidence Index fell to 60.8 this month, down from a 66 reading in April. Separate measures of the present situation and future expectations for the economy also declined. View article...

HOUSING
Economists Weigh in on Home Price Double-Dip The S&P/Case-Shiller home price index confirmed a double-dip in home prices across much of the nation as Standard & Poor's national reading fell another 4.2 percent during the first quarter to hit a new recession low. View article...

Phoenix No. 2 in home price declines, Case-Shiller report says Home prices in the Phoenix area posted the second-steepest year-over-year decline in March, according to the latest S&P/Case-Shiller Home Prices Index, released Tuesday. The average home price fell by 8.4 percent in Phoenix in the 12 months ending March 2011, while the 20-city composite index declined by 3.6 percent during the same period. 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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