Daily News for Commercial Real Estate & Business – June 9, 2010

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

GoDaddy.com goes for it with major real estate purchase GoDaddy.com has purchased the building it now leases in Scottsdale, along with two other buildings that were developed as the Scottsdale Technology Center at 14455-14505-14555 N. Hayden Road in the Scottsdale Airpark. The price was not disclosed. View article...

Desert Ridge condos under construction Construction has resumed at Bella Monte at Desert Ridge. A development of Homes by Towne, the condominium community joins its neighbor, Toscana, with new construction. It's a good trend for the Desert Ridge area, located along Loop 101 in northeast Phoenix. View article...

Waste Management buys medical waste processing facility Waste Management Inc. has purchased a medical waste processing facility and other medical waste business assets in Phoenix for an undisclosed price. View article...

Holualoa Drops $17M for Fractured Condos Holualoa Cos. has paid $17.2 million for 238 multifamily units at Sonterra at Williams Center, a fractured condominium project at 5400 E. Williams Blvd. The local investor plans to maintain the 238 condos as rental units. View article...

Ted Baker London coming to Fashion Square Ted Baker London, a UK-based fashion retailer, will open its first Arizona store at Scottsdale Fashion Square Mall July 1. View article...

Historic Mesa citrus processing plant to close The Valley's last major citrus packing plant is closing its doors for good as growers are faced with high farming costs and urban sprawl. The closure of the iconic brick warehouse just south of Downtown Mesa is a sign that one of the traditional "Five C's of the Arizona Economy" - Cattle, Copper, Cotton, Climate and Citrus - no longer holds the sway it once did. View article...

Phoenix trying to redevelop 19th Avenue Landfill site For those who pass by, it's a 213-acre, dirt mound near the Salt River, with a filthy history. City leaders, however, want to transform 19th Avenue Landfill into a community asset. Phoenix official are seeking proposals from firms that can redevelop the landfill, which closed more than 30 years ago. View article...

Desert Ridge BBQ restaurant to expand In the food world, one of the most heated debates can be over which region prepares the best barbecue. Those who dine in northeast Phoenix now will have an easier way to judge. The Notorious P.I.G. recently opened at Desert Ridge Marketplace and features barbecue from Kansas City, Mo., Memphis, North Carolina, Texas and Georgia. View article...

American States Water to sell Chaparral American States Water Co. plans to sell the Chaparral City Water Co. for $35 million to Epcor Water Inc., which will take over providing water to Fountain Hills and parts of Scottsdale. View article...

Consumer Cellular opens call center, looks to hire 100 Consumer Cellular Inc. has opened a new call center in Phoenix that the company hopes to eventually staff with more than 100 employees. View article...

Manpower employment outlook positive for 3Q The new Manpower Employment Outlook Survey finds that employers in the Phoenix area intend to hire slightly more than they fire during the third quarter. View article...

Deteriorating Debt Service Coverage Ratios Trouble Trepp An analysis of nearly 34,000 fixed-rate loans in U.S. commercial mortgage-backed securities shows that 13.7% have a debt service coverage ratio of less than 1.0 - a strong sign of financial weakness. View article...

Savvy Retailers Capitalize on Troubled Centers As the retail real estate industry tries to work through a growing volume of troubled properties, one pressing issue owners and managers face is the attraction of new tenants. 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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