Daily News for Commercial Real Estate & Business – June 23, 2010

Here are the news stories you might find interesting today regarding commercial real estate and business:

Western Digital Buys Phoenix Industrial Properties for $20M Western Digital purchased 1000 and 1100 E Bell Road in Phoenix from STMicoelectronics for $20 million, or $37 per square foot. The two buildings total 545,000 square feet of industrial space. They were constructed in 1983 in the Deer Valley submarket. View article...

Five Guys Burgers Enters Tucson Market TUCSON-One of the hottest new restaurant concepts is expanding in Arizona. Five Guys Burgers and Fries has entered the Tucson market with a 3,151-square-foot location at Campbell Plaza and is negotiating for two other locations within the city. View article...

Solar Manufacturer Sets Up Shop in 76,356 SF GLENDALE, AZ- Linamar Solar Systems Inc. has opened a new manufacturing facility in 76,356 square feet of class A warehouse/industrial space in the Glendale Airpark, a 300-acre industrial park situated about one mile west of the Loop 101. View article...

UltraStar goes for three in AZ at Scottsdale Pavilions UltraStar Cinemas will open a third cinema in Arizona at the Scottsdale Pavilions in October. The cinemas feature high-end amenities including digital screens, high-back recliner stadium-style chairs, high-tech motion seats, reserved seating and a cinema cafe that serves gourmet beverages and snacks, including a variety of popcorns. View article...

Phoenix neighborhood takes food supply into own hands A year ago, a small, historic neighborhood west of Phoenix Sky Harbor International Airport lost its only large grocery store as part of the Bashas' bankruptcy. View article...

Mesa market hosts free rent contest A new public market in Mesa is hosting a contest for businesses to win free rent for a year. Called POOL, the space is intended to house 100 merchants and restaurants in 100,000 square feet at the northeast corner of Stapley Drive and Main Street in Mesa. View article...

Existing home sales up in Western US Existing home sales across the U.S. in May slipped from April's level, but sales in the West were stronger than any other region of the country. View article...

Apartments Stage a Comeback as Renters Return in Surprising Numbers After two years of rising vacancies and slumping rents, apartment owners have reason to be cheerier these days. View article...

Beaten-Down Markets Find New Fans Some of the savviest investors on Wall Street, including some who made billions on the housing bust, now are snapping up barren plots of land in places like Las Vegas and Phoenix. View article...

Hotels Hint at a Turnaround The long-battered hotel industry is turning the corner as occupancy and revenue in the U.S. finally start to rebound. But hotel owners can't start partying just yet. View article...

Lehman Is Still Willing to Deal Lehman Brothers Holdings Inc. may be long bankrupt, but it still is doing big real-estate deals. The securities firm's estate last week won approval to help invest an additional $263 million in a group of Washington-area office buildings it owns. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

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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