Daily News for Commercial Real Estate & Business – June 27, 2011

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

Foxfire Commerce Center sells for $3.15 million in Surprise Foxfire Commercial Center in Surprise has sold to the Presson Cos. for $3.15 million. The 62,832-square-foot center at Grand Avenue and Bell Road was sold by Dalfen America Corporation. The Quebec-based firm, which does business as Rosh Hashanah Realty ADA Compliant LP, has properties in the U.S. and Canada. View article...

Boxer Enters Phoenix with $5M Office Buy Boxer Property has made its first acquisition in Phoenix, paying $5.4 million for Lakeside Center, a two-building office property in the northwestern part of the city. The Houston-based investor bought the 152,600-square-foot, class B asset out of receivership from Trident Pacific Real Estate Group. Boxer has been actively acquiring class B office properties with leasing upside. View article...

Thai Basil opens in downtown Phoenix Downtown Phoenix's newest restaurant, Thai Basil Signature, has opened up at First Avenue and Adams Street, in the lower level of the Orpheum Lofts building. The restaurant offers up Thai food in a sit-down atmosphere. View article...

Light-rail extension may force some Mesa businesses out In a city bloated by rootless newcomers, a city where just a few decades of existence can qualify a neighborhood as "historic," the Wongs are an anomaly. The family has been doing business at Main Street and Mesa Drive since before Arizona was a state. View article...

Mesa leases research lab at ex-site of Williams Air Force Base In early 2009, Mesa and several partners introduced, amid considerable fanfare, something called the Arizona Aerospace Institute. It was supposed to be an entity bringing together the state's diverse multibillion-dollar aerospace industry for research, collaboration and promotion. But at that point it was more of an idea than a reality, although Phoenix-Mesa Gateway Airport and its neighbor, the Polytechnic campus of Arizona State University, would be cornerstones of the effort. View article...

Westgate tenants, Glendale officials have high hopes Glendale leaders and tenants at Westgate City Center remain optimistic in the wake of this week's announcement that the shopping and entertainment complex may be sold at auction. The colorful outdoor complex with towering billboards and water fountains in sync to music was more subdued during lunch on Wednesday. View article...

Silverleaf project at DC Ranch revived after 2-year delay Construction has resumed on a small collection of villas at Silverleaf at DC Ranch after the development stalled more than two years ago. The Sterling Collection Development Group is reviving a project designed and developed by in-demand Scottsdale architect Bing Hu from 2006-08. Seven villas were completed before the economy and the project tanked. View article...

1 Bank, 2 Credit Unions Fail Federal and state regulators closed one bank, liquidated one credit union and conserved another on Friday, June 24. These actions raise the total number of failed institutions to 63 so far in 2011. View article...

Report: Slow Foreclosures and Oversupply Fuel Market Declines Backlogged foreclosures, severe oversupply, and negative equity triggered a further decline in home prices in April, according to the latest RPX Monthly Housing Market Report from Radar Logic. The New York-based real estate data and analytics company tracks home prices in 25 major metropolitan areas across the country. Its latest index recorded a decline in the composite reading of 5.1 percent in April when compared to April 2010. 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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