Daily News for Commercial Real Estate & Business – June 2, 2011

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

To view this week's Costar Watch List, click here.

To view the Realpoint Research - Monthly Delinquency Report for May 2011, click here.

To view UBS Wealth Management Research May 2011 Phoenix Presentation on Commercial Real Estate, click here.

To view UBS Wealth Management Research May 2011 Phoenix Presentation on Residential Real Estate, click here.

Local Real Estate Professional Discusses the Retail Market Nicholas L. Miner, CCIM, vice president of investments with Commercial Properties, was quoted in the May/June issue of Commercial Investment Real Estate, the magazine of the CCIM Institute. Please read his comments in "Retail Goes Downtown," which is available in the PDF file accompanying this release. View article...

BH Properties Goes on Multifamily Buying Spree in Arizona Privately held BH Properties LLC has purchased Biltmore on the Lake Apartments in Phoenix for $10 million, well below the $22.85 million the property traded for in 2007. It's the Los Angeles-based company's third acquisition of a multifamily property in Arizona in less than a year. The 420-unit garden style apartment community is located at 11050 North Biltmore Drive in the Sunnyslope submarket. The seller in the cash deal was Phoenix Biltmore LLC. View article...

Speedwagon Buys Unsold Condos at Sunscape Villas for $4M Northbrook-based Speedwagon Properties has purchased the remaining 62 units of Sunscape Villas, a 442-unit property near the Old Town district in Scottsdale, Arizona. The property was converted into condos from an apartment complex by Centrum Properties and MCZ Development LLC. View article...

Peoria apartments sell for $3.2M to Mentor Properties Mentor Properties Inc. in Scottsdale has purchased the Land Pointe Apartments at 11600 N. 75th St in Peoria for $3.2 million. The seller was the Federal Home Loan Corp., or Freddie Mac. The 100-unit complex was built in 1985. It is composed of 11 buildings on 7.4 acres. View article...

Gray Development to build 749 luxury apartments in downtown Scottsdale Gray Development LLC, a prominent Valley apartment developer, has purchased a key infill site in Scottsdale just east of Scottsdale and Camelback roads. Phoenix-based Gray, with partner Investment Property Associates LLC, paid $15 million for the 4.3-acre site. MidFirst Bank was the seller. View article...

'Walmart of Weed' to open in AZ, promote growing your own It's called the "Walmart of Weed." This newest big-box store is devoted to selling marijuana-growing equipment. Its biggest outlet yet is to open Wednesday in Phoenix, where Arizona voters approved medical cannabis last fall. The weGrow Store will be the first outside California, where medical weed has long been legalized. View article...

Chandler's Heart Attack Grill closes The Heart Attack Grill is closed. The Chandler restaurant that got national attention for its calorie-laden fare and waitresses dressed in provocative nurses' outfits closed without any announcement about two weeks ago, said Greg Stanfield, owner of the nearby Regal Beagle bar. View article...

Phoenix Children's Hospital tower will open today After nearly five years of planning and construction, the new Phoenix Children's Hospital tower will begin filling its beds with patients today. The hospital on Thomas Road near Arizona 51 will open its 11-story tower to patients who will transfer from St. Joseph's Hospital and Medical Center. View article...

Tempe has $200K for Hayden Flour Mill plan Tempe Mayor Hugh Hallman said Wednesday that the Rio Salado Foundation has already received $200,000 in private sector pledges to turn the Hayden Flour Mill in downtown Tempe into a event venue. "This project is important as a public space, so people can get back on the site," Hallman told the Phoenix Business Journal. View article...

Phoenix-Mesa Gateway Airport expansion planned Within the last three years, passenger-terminal expansion has been in a virtual non-stop mode at Phoenix-Mesa Gateway Airport. And the build-outs are far from complete. Construction of yet another terminal addition, the fourth expansion project since 2008, is expected to begin late this summer, said Gateway Executive Director Lynn Kusy. View article...

Phoenix ranked 56th in U.S. for job growth Phoenix added 11,000 jobs between April of 2010 and April of this year, but its job growth rate of 0.65% ranked it just 56th in the nation. Phoenix was ranked No. 19 in raw numbers of added jobs (+11,000), according to an analysis of U.S. Bureau of Labor Statistics data. However, Phoenix was ranked 56th in growth rate at just 0.65%. View article...

Arizona experts debate a double-dip recession Recent economic, job and housing data out of Arizona and nationwide paint a gloomy picture of a longer-than-expected recovery, or a more distressing economic hangover resulting in a double-dip recession. View article...

Medical-pot dispensary applications to be denied State health Director Will Humble was putting the finishing touches Tuesday on the letter he will give to prospective medical-marijuana dispensary owners when he declines their applications. Though Humble and his staff have spent months preparing for today's start of the dispensary application process, the federal lawsuit filed Friday by Gov. Jan Brewer has put the kibosh on it. View article...

Phoenix-area housing market shows signs of price stability The Phoenix-area housing market is still stuck in the mud, but at least it's no longer sinking in quicksand. That was the reaction of two local housing analysts to the latest S&P/Case-Shiller report on home prices in the nation's 20 largest metro areas. The quarterly report, released Tuesday, said home prices double-dipped throughout much of the nation, reaching 2002 levels in March, based on the latest data available. View article...

Investment Sales Volume Shows Strong Momentum as Credit Flows The investment sales market for retail properties is heating up as buyers feel more confidence in the economy and financing has become easier to obtain. Deal volume rose in 2010 after bottoming in 2009, but activity was largely limited to class-A assets in core markets. That is now changing. Investors are moving down the value chain. 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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