Daily News for Commercial Real Estate & Business – June 10, 2011

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

OMNINET RAMPING UP INVESTMENTS IN THE VALLEY . . . DROPS $22.55 MILLION IN PAST SIX MONTHS In the past six months, companies formed by Omninet Capital LLC in Beverly Hills, Calif. (Neil Kadisha, Benjamin Nazarian, Parviz Nazarian, managing partners) have invested $22.55 million to acquire 327,992 sq. ft. of office and industrial properties in the Valley. Sources say the privately-held investment firm has additional properties under contract and is looking to buy more office and retail projects in the Phoenix area. In a $8.6 million deal ($75.42 per foot) scheduled to close at press time, a company formed by Omninet was expected to purchase 114,029 sq. ft. of office space in Phoenix. The two buildings are within the Siete Square office complex at 3737 N. 7th Street and 3877 N. 7th Street. View article...

CONCORD EASTRIDGE DEVELOPING 329-UNIT APARTMENT-RETAIL PROJECT IN DOWNTOWN PHOENIX A company formed by Concord Eastridge Inc. in Arlington, Va. and Scottsdale (Jeffrey Arnold, Susan Eastridge, principals) plans to build 329 apartment units and about 5,000 sq. ft. of retail space in two buildings. The 2.89-acre site is located between 4th and 3rd streets on the east and west and between Roosevelt Street on the north and just south of Garfield Street on the south. The Concord Eastridge entity is buying the site in a $3.1 million deal set to close at press time. The seller is ML Manager in Peoria, as successor to the defunct Mortgages Ltd. in Phoenix. View article...

SITE NEAR TEMPE TOWN LAKE TO BE DEVELOPED AS MULTI-FAMILY COMPLEX AND FOOD COURT Evergreen DevCo Inc. in Phoenix (Andrew Skipper, Bruce Pomeroy, partners) plans to develop a 330-unit residential rental community and food court on a 5.2-acre site located just south of Rio Salado Parkway and Tempe Town Lake in Tempe. The company is paying $4.5 million to buy the parcel in a deal set to close June 13. The seller is ML Manager in Peoria, as successor to the defunct Mortgages Ltd. in Phoenix. View article...

Borders may close more Phoenix stores As the bankruptcy liquidation process continues for Borders Group Inc., the company has asked a court to postpone the closure of additional bookstores across the country, including two in metro Phoenix. Filings with the U.S. Bankruptcy Court in the Southern District of New York show Borders officials have asked a court to give the company leeway in working to keep 51 stores across the country open. View article...

Gap to close 200 stores Gap Inc. Chairman and CEO Glenn Murphy had frank words for analysts on Wednesday as he discussed mistakes Gap had made, and how the company would improve its North American Gap brand business and manage commodity costs to increase profitability in the future. Murphy said he believes the company can recapture operating margins of 13.4 percent, which it saw in 2010. View article...

Outpost development proposal will be back in fall to Scottsdale council The controversial Outpost at Pima & Dynamite development proposal, which was abruptly withdrawn seconds before it was going to be voted down by the Scottsdale City Council in December, will be back this fall. Last year, the applicant, R.L. Miller, was seeking an amendment to the city's zoning ordinance that would allow a new commercial use in an area zoned for single-family residences. View article...

Phoenix drops 20,000 manufacturing jobs in three years The manufacturing sector in Arizona and across the nation has been in decline for more than a decade. But the recession made things worse. Ninety-nine of the nation's 100 biggest labor markets lost manufacturing jobs during the past three years, according to an On Numbers study of new U.S. Bureau of Labor Statistics data. 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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