Daily News for Commercial Real Estate & Business – June 17, 2011

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

Chandler shopping center sells for $10 million Krausz Cos. has paid $10 million for 42,000 square feet of retail space and an 8.41-acre pad leased to JCPenney within the Mill Crossing shopping center in Chandler. KP Mill Crossing LLC, a company formed by San Francisco-based Krausz, purchased the retail plaza, according to Business Real Estate Weekly Arizona. The seller was Labrusca Holding Corp., an entity formed by JPMorgan Chase & Co. View article...

KARLIN REAL ESTATE BUYS AZ PORTFOLIO Karlin Real Estate has purchased a Phoenix-based retail portfolio that contains two shopping centers, the Boulevard at Surprise Pointe and Thunderbird Marketplace, following the firm's purchase of the non-performing loans on the collateral. View article...

DC Ranch Crossing shopping center sells for $16.5 million DMB Associates has sold its DC Ranch Crossing shopping center in north Scottsdale for $16.5 million in one of the largest deals this year for a Valley retail property. Stockbridge Capital Group LLC of San Francisco bought the 68,113-square-foot center, anchored by AJ's Fine Foods. It is on 14.5 acres southeast of Pima Road and Legacy Boulevard. View article...

Bally Total Fitness in Glendale closes Bally Total Fitness's only West Valley location closed last week, leaving gym-goers with slim options. The doors of the gym, 5720 W. Peoria Avenue in Glendale, have a sign directing members to the Phoenix Bally's about 11 miles away. The Phoenix location, 12235 North Cave Creek Road, is allowing all the Glendale members to join their gym, Bally manager Austin West said. View article...

Arizona Board of Regents approves downtown cancer center Construction of a new University of Arizona cancer research center in Phoenix took another step forward Thursday. The Arizona Board of Regents approved plans for the $135 million, 250,000-square-foot center at its meeting today. Construction will be financed via UA bonds, $14 million from the city of Phoenix, donations and other revenue. View article...

Gracie's Village to be redeveloped in Tempe A Wisconsin developer plans to take on the complete redevelopment of a 60-year-old storefront where Grace Community Church of the Valley currently operates a thrift store. Gracie's Village in Tempe is a public-private partnership between Gorman & Co. and Grace Community Church. View article...

Evergreen planning 330-unit apartment complex in Tempe Evergreen Real Estate Development has purchased a 5.2-acre site just west of downtown Tempe, and it is planning a 330-unit apartment community. Phoenix-based Evergreen, in partnership with SudGroup Development, bought the empty plot of land at Lakeside Drive and Rio Salado Parkway from ML Manager for $4.5 million. View article...

Sky Harbor officials plan to expedite light-rail extension Phoenix Sky Harbor International Airport officials are planning to speed up by six years construction of a section of light rail that will stretch from Terminal 4 to Terminal 3 with a moving walkway to Terminal 2. The City Council gave approval Wednesday to let officials work out contracts that will lead to the extension of the current phase under construction from 44th and Washington streets to Terminal 4. View article...

Phoenix solar-power project snares loan The U.S. Department of Energy on Wednesday offered a conditional commitment to loan $359 million to a solar-power project west of Phoenix that will sell power to a Northern California utility. If granted, it will be the third loan guarantee from the DOE for major solar projects in Arizona. View article...

Arizona adds 5,000 jobs in May, unemployment rate drops Arizona's private sector added 5,000 jobs in May, with manufacturing, administrative support and restaurants accounting for the gains, according new state labor numbers. The state's unemployment rate went from 9.3 percent in April down to 9.1 percent in May, according to the state Office of Employment and Population Statistics. Arizona's jobless rate was 10 percent in May 2010, according to the state agency. View article...

Housing Report Card Points to Future Distress John Burns Real Estate Consulting (JBREC) released a housing report card Thursday that confirms most key market indicators trending southerly, signaling more distress may be in store. "The existing home market continues to remain weak, with most indicators still grading at poor levels and almost all of the indicators we track falling further this month," the report said. 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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