Daily News for Commercial Real Estate & Business – June 6, 2011

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

Canadian fund purchases Embassy Suites Phoenix-Tempe A Canadian investment fund has purchased the Embassy Suites Phoenix-Tempe for $19 million and has partnered with a second Canadian firm to manage the property, the buyers announced Friday. Hotel operator O'Neill Hotels & Resorts Ltd. and REIT manager Sunstone Realty Advisors, both based in Vancouver, said they intend to invest heavily in upgrades at the Embassy Suites, 4400 S. Rural Road, southwest of Rural and U.S. 60, in Tempe. View article...

Dunn-Edwards Paints moves plant to Phoenix, adds jobs A $40 million paint plant developed with help from about $8 million in federal stimulus bonds is now up and running in west Phoenix near 67th Avenue and West Van Buren Street. Dunn-Edwards Paints has been gradually moving its manufacturing and sales operations in southwest Tempe to the new location in an industrial area. The company will celebrate the building's completion at a grand-opening celebration today. View article...

Paletas Betty expanding to Tempe's Mill Avenue A Gilbert couple whose signature frozen treats draw fans to downtown Chandler plan to open a second location on Tempe's Mill Avenue by August. Alvin Hong, 32, and Beatriz "Betty" Alatorre de Hong, 30, started Paletas Betty last summer at 96 W. Boston St. They make and serve frozen desserts on a stick popular in Beatriz's native Michoacan, Mexico. View article...

Phoenix lagging in retail market Phoenix lags behind other cities in the retail space rental market, according to a recent report by Cassidy Turley, a commercial real estate services provider. The Valley ranked last among 20 major cities in terms of how much retail space has been rented versus how much is now available. Phoenix and seven other cities, including San Francisco, Washington and Las Vegas, added more retail space than the cities rented in the first quarter of 2011, otherwise known as net absorption. View article...

Evergreen sells aircraft maintenance facility in Marana Evergreen Maintenance Center Inc. has been sold to Relativity Capital, bringing in a new owner to the largest aircraft maintenance facility in Arizona. The facility, in Marana outside of Tucson, has about 20 million square feet of storage and maintenance space. The companies did not release financial information about the deal. View article...

Test Advantage buys Microstats LLC Test Advantage Hardware LLC, a semiconductor manufacturing equipment supplier, has purchased Microstats LLC to help bolster its work in Asia. The Tempe-based Test Advantage, a unit of Boston Semi Equipment Group, did not disclose how much it paid for the Calamba, Philippines-based Microstats. View article...

Investment fund might help Mesa capitalize on light rail A new $20 million investment fund to jump-start transit-oriented development along the Metro light-rail line couldn't come at a better time for Mesa as it prepares for an extension to Mesa Drive. Although the new Sustainable Communities Development Fund probably won't be tapped until sometime this fall, four developers already have approached the Local Initiatives Support Corp. with potential projects, said Teresa Brice, executive director of LISC's Phoenix office. View article...

Mesa picks contractor, architect for Cubs spring park Competition was intense but the architecture firm Populous and the general contractor Hunt Construction Group have been selected to design and build the Chicago Cubs' new spring training facility in Mesa. The $84 million stadium and practice fields are in the design phase, and a groundbreaking is expected late this year or early in 2012, according to Mesa City Manager Chris Brady. Construction will be finished in time for the 2014 spring training season. View article...

Slowdown in U.S. job growth a dismal sign of economic recovery A dismal federal job report Friday on top of a spate of other bleak economic news earlier in the week raised questions about the sustainability of the economic recovery across the nation and in job-hungry Arizona. In recent months, Arizona has added positions for the first time in three years. But the unexpectedly weak May job-creation numbers released by the U.S. Bureau of Labor Statistics could signal a reversal of that trend. View article...

General Dynamics C4 Systems announces layoffs General Dynamics C4 Systems will lay off about 500 employees in the next two weeks, the result of defense-budget cuts that are forcing the company to streamline, a spokeswoman said. C4 Systems is a business unit of Falls Church, Va.-based General Dynamics Corp. The large defense contractor operates C4 facilities in 200 locations throughout Canada and the U.S., including Scottsdale and Tempe. View article...

Safelite AutoGlass to hire 300 in Chandler Safelite AutoGlass plans to hire about 300 new workers for its Chandler location. The auto glass repair company will hold two job fairs in June to fill the positions. The first will be held June 15 from 10 a.m. to 6 p.m. The second is scheduled for June 22 from 10 a.m. to 3 p.m. Both will be held at 2080 West Chandler Boulevard. View article...

Housing Recovery to Precede Economic Recovery: Radar Logic According to Radar Logic, a real estate data and analytics firm, strong job gains will not bolster the housing market despite opinions from economic experts. The New York-based firm predicts that a recovery in housing values will precede a recovery in the economy, spending, and jobs. View article...

1 Bank, 1 Credit Union Fail Federal and state banking regulators closed one bank and one credit union the week of May 30. These latest closings raise the total number of failed institutions to 58 so far in 2011. 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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