Daily News for Commercial Real Estate & Business – June 16, 2011

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

Chandler Land Sells for $3.2M Eastgroup Properties purchased 31.5 acres on S. Kyrene Rd. north of Loop 202 in Chandler, AZ from First National Bank of Olathe for $3.2 million, or about $101,587 per acre. The site will be developed into an industrial park focusing on primarily warehouse product. Final plans are still on the drawing board, with construction dates yet to be determined. View article...

Highland Gardens Sells for $5.3M 4728 Camelback LLC sold the 161-unit Highland Gardens multifamily complex located at 4728 N. 15th Street in Phoenix, AZ to H3T Legacy Capital LLC for $5.3 million, or approximately $33,000 per unit. The 105,750-square-foot apartment community was built in 1969 and situated on 5.4 acres. The property was 85 percent occupied at the time of sale. The buyer plans on a $3 million renovation to raise the occupancy and income. View article...

Land swap for Arizona mine faces challenges A bill to clear the way for the development of North America's largest copper mine, near Superior, appears headed for quick passage in the House, but its prospects in the Senate remain uncertain and the Obama administration said Tuesday that it cannot support the project without changes. View article...

Coach & Willie's opens 2nd sports bar in Chandler Coach & Willie's, a popular sports bar in downtown Phoenix, has opened a second location in downtown Chandler this month. View article...

Southwest Valley businesses relocate It's a time of happenings in the Southwest Valley. New businesses are opening and some of our established businesses are moving to larger or more convenient locations. These Southwest Valley Chamber of Commerce member businesses have relocated in recent months. View article...

Crossroads recovery program opens Arcadia site A non-profit recovery program that helps addicts become self-sufficient and transition back into society is expanding with an Arcadia site. The Crossroads Arcadia opened in April at 5116 E. Thomas Road, Phoenix. The facility provides 58 men with transitional living services and recovery programs. This is the Crossroads' sixth rehabilitation facility in Phoenix. Five of the six facilities cater to male clients only. View article...

New Peoria hospital to open next year Visionary Health LLC, which operates Gilbert Hospital, is planning to break ground next week on a hospital in north Peoria. The 40-bed Peoria Regional Medical Center will employ about 250 people when it opens in summer 2012. It will be built on a 47-acre campus on Lake Pleasant Road. View article...

Scottsdale's Fifth Avenue welcomes fashion businesses Downtown Scottsdale's Fifth Avenue is becoming more of a high-fashion hub with the addition of a lingerie and designer gown boutique, and a new wholesale fashion market similar to those in Los Angeles and New York. Roxanne's Lingerie & Formals Couture recently relocated from the Promenade in north Scottsdale to the former location of Charles Parkhurst Rare Books and Autographs, 7079 E. Fifth Ave. View article...

Chandler Heart Attack Grill won't reopen Chandler's Heart Attack Grill has served its last quadruple bypass burger with flatliner fries cooked in lard. Owner Jon Bosso said he pulled the plug on the businesses and is looking for new locations in downtown Phoenix and Las Vegas. View article...

Tempe's Extra Innings goes out of business Extra Innings, an indoor baseball and softball training center at Interstate 10 and Warner Road in Tempe, has closed abruptly. The company, which opened a year ago, sent an e-mail blast to customers Wednesday morning saying it had gone out of business. View article...

Salty Senorita closes Mesa and Scottsdale Airpark locations Salty Senorita quietly closed two of its locations earlier this year in Mesa and the Scottsdale Airpark. Its flagship restaurant in downtown Scottsdale and its Peoria location near the Peoria Sports Complex remain open. The 10,000-square-foot Mesa store closed on May 15. It had been open since 2005. View article...

Phoenix-area hotels continue to improve numbers The Valley's hospitality sector continues to climb out of the Great Recession and posted relatively stable numbers as the spring tourist season drew to a close. View article...

ASU letter supports Payson campus After months of frustrating silence, ASU President Michael Crow and ASU Board of Regents Chair Anne Mariucci have issued a letter underscoring their commitment to building a college campus in Payson. "The Payson ASU campus endeavor is a significant component to the University System's long-term strategic plan of nearly doubling the number of baccalaureate degrees the system produces by 2020 and increasing the accessibility and affordability of higher education to residents across the state." View article...

Home builder confidence hits 9-month low Home builders are losing confidence nationwide, and the outlook for the West continues to be dim. The Washington-based National Association of Home Builders says its builder confidence fell this month to the lowest level in nine months, with ongoing concerns about weak consumer confidence, competition from foreclosure sales and now the rising costs of raw materials. View article...

Phoenix-Area Foreclosure Sales Drop for Third Straight Month Foreclosures are claiming a smaller share of the Phoenix sales market. The ratio has dropped for three straight months, according to a new report from the W. P. Carey School of Business at Arizona State University. In May, foreclosures represented about 35 percent of the existing-home transactions in the Phoenix-area housing market. From January and February, the rate was 43 percent. 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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