Daily News for Commercial Real Estate & Business – March 1, 2010

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

I am quoted on page 10 of the Winter 2010 RCA Report. Click here to see it!

VIAD TOWER ON CENTRAL AVENUE TO BE SOLD AT TRUSTEE's SALE . . . $65 MILLION LOAN SIDEWAYS

A 24-story office tower on Central Avenue in Phoenix that has been headquarters to Viad Corp. is set to be sold at a trustee's sale on May 24. The roughly 480,000-square-foot office, also known as Viad Corporate Center, is located just north of McDowell Road at 1850 N. Central Avenue. The office property, built in 1991, is collateral on a $65 million loan that is in default. The mortgage was issued to MCC/I&G Viad Office Tower Owner LLC. That company was formed by McCarthy Cook & Co. in Costa Mesa, Calif. View article...

MIXED-USE SITE IN GLENDALE PURCHASED BY SCOTTSDALE INVESTOR

Dovi Enterprises LLC in Scottsdale (Hilton Efune, Melanie Efune, principals) paid $1.5 million to buy a 25.75-acre mixed-use parcel at the southeast corner of 71st and Olive avenues in Glendale. The seller was Arizona Illinois REO Trust and Falcon Greens/71st & Olive Trust in Des Plaines, Ill. That entity was formed by Midwest Bank & Trust Co., which foreclosed on the property from the previous owner. View article...

Two Phoenix Apartment Communities Change Hands

Inland Empire Builders Inc. sold Ridgegate Apartments and Palm Court Apartments in Phoenix for $25.25 million or approximately $53,500 per unit, to Pacific Realty Advisors Inc. Pacific Realty Advisors then resold Ridgegate for $11.88 million or $55,000 per unit, to Verde Property Investments LLC. View article...

Phoenix Industrial Sells for $1.3M

Tru-Temp Equipment Warehouse acquired the industrial building at 3836 E. Watkins St. in Phoenix from a private party for $1.32 million, or $66 per square-foot. The 20,066-square-foot distribution facility was constructed in 1997 in the North Airport Industrial submarket. The building was vacant at the time of sale. View article...

SanTan Village Famous Dave's to open April 12

Following a delay, the owner of a Famous Dave's Legendary Pit Bar-B-Que is gearing up to open April 12 at Gilbert's SanTan Village, and he plans to hire 130 workers. John Erlandson, managing partner of the chain's owner, Desert Ribs LLC, said plans were put on hold for about a year due to the poor economy. View article...

Courtyard by Marriott planned for Salt River tribal land

The development arm of the Salt River Pima-Maricopa Indian Community announced plans this week to build a 156-room Marriott hotel, the first ever for the company on U.S. tribal land. Salt River Devco is developing a hotel site southeast of Pima Road and McDonald Drive adjacent to the Chaparral Business Center. View article...

Million-dollar bidder for Elevation Chandler loses court case

The million-dollar bidder for Elevation Chandler has lost his court case, but he says he will appeal. Judge Bethany Hicks of Maricopa County Superior Court has dismissed the lawsuit filed by the bidder, Tom Peltier of BT Capital, in an attempt to take ownership of the 10.6-acre property near the intersection of Loops 101 and 202, just south of Chandler Fashion Center. View article...

The Underground: No reprise of Nile nightclub

Night life is making a comeback in downtown Mesa. The Underground, a new concert venue catering to fans of hard rock and heavy metal, opened this month in the basement of Main Street's historic Nile Theater building. View article...

Canadian insurer expands in Scottsdale

Industrial Alliance Insurance and Financial Services Inc. of Canada has launched a company in Scottsdale in what officials say "is the next phase of the company's long-term growth strategy in the U.S." IA American Life Insurance Co. will be headquartered with the Quebec City company's Industrial Alliance Pacific Life Insurance Co. U.S. division. The two will offer a range of life and annuity products. View article...

AT&T adds 57 cell sites in Scottsdale

AT&T Wireless has added 57 3G cell towers in Scottsdale to provide better coverage to the city. The company said it was looking to boost coverage between Bell Road and Shea Boulevard, and between Scottsdale Road and 124th Street. The company also activated a site at Scottsdale Stadium. View article...

January home sales fall 7.2 percent

Sales of previously occupied homes took a large drop for the second straight month in January, falling to the lowest level since summer. It was another sign the housing market's recovery is faltering. View article...

U.S. Hotels Report Mixed Signals This Week

The U.S. hotel industry reported mixed results in the three key measurements during the week of 14-20 February 2010, according to data from Henderson, Tenn.-based researcher Smith Travel Research. View article...

U.S. Economy Grew at 5.9 % last Q

The U.S. economy expanded at a 5.9 percent annual rate in the fourth quarter, more than the government reported last month, reflecting stronger business investment and a greater contribution from inventories. 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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