Daily News for Commercial Real Estate & Business – June 4 2010

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

HOLUALOA ADDS TO MULTI-FAMILY ASSETS . . . PAYS $17.15 MILLION FOR BROKEN CONDO PROJECT Tucson - A company formed by Holualoa Arizona Inc. in Tucson (Mike Kasser, principal) paid $17.15 million to buy 238 units within the Sonterra at Williams Center broken condominium project at 5400 E. Williams Boulevard in Tucson. View article...

FORMER CLUB RIO SITE IN TEMPE ONCE PLANNED FOR MIXED-USE PROJECT SET FOR TRUSTEE's SALE Tempe - A parcel located north of the Tempe Town Lake once planned for a major residential-retail-office development has been noticed for a trustee's sale. View article...

Southwest Solar purchases 58 acres in NW Valley for power plant A renewable-energy development company has purchased 58 acres near Glendale, with plans to build a renewable-energy plant there by 2013. Phoenix-based Southwest Solar Technologies, founded in 2008, purchased the land for $3.9 million, according to Cassidy Turley BRE Commercial. View article...

Fulton Homes opposes creditors' plan Bankruptcy has been good to Fulton Homes, according to documents the company filed in U.S. Bankruptcy Court last week stating that it intends to repay creditors in full, with interest, over the next five years. The Tempe-based homebuilder is trying to fend off a competing reorganization plan proposed by its creditors, led by Bank of America... View article...

Mesa may sell 'water farm' to finance Cubs deal Mesa will cover the entire $84 million cost of a new spring training complex for the Chicago Cubs if necessary by selling 11,000 acres of Pinal County farmland that was originally purchased 25 years ago for its water rights. View article...

St. Luke's Healthcare plans campus expansion St. Luke's Healthcare is pursuing a major expansion of its central Phoenix campus that would require the relocation of approximately 500 residents living in a public-housing subdivision. View article...

Hearst buying iCrossing, investments planned Media giant Hearst Corp. is acquiring iCrossing, a Scottsdale company that provides digital marketing services. View article...

Tucson center only AZ recipient of health tech grant El Rio Santa Cruz Neighborhood Health Center in Tucson is the only community health center in Arizona to receive a piece of the $83.9 million in recovery act funds designated for expansion of health information technology use. View article...

Biltmore Bank, American Solar team on financing Biltmore Bank of Arizona is among the latest partners in the solar industry, teaming up with American Solar Electric and Arizona Public Service Co. to help finance residential solar systems. View article...

Spring 2010 Real Estate Investment Outlook It may be too soon to pop the champagne corks, but investor sentiment is improving as economic news turns positive and a bottom nears for commercial real estate markets. Sixty percent of respondents indicate they plan to increase their commercial real estate holdings over the next year. View article...

BofA remains largest U.S. bank Bank of America Corp. remained the largest U.S. bank in the nation at the end of the first quarter based on assets and deposits, according to a survey by SNL Financial. 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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