Daily News for Commercial Real Estate & Business – March 1, 2011

McCarthy Cook JV Nabs $40M Loan from Mesa West A joint venture comprised of McCarthy Cook & Co. and Morgan Stanley Real Estate has obtained $40 million loan from Mesa West to capitalize a class A office portfolio here. The JV acquired the office properties in an all cash deal from Teachers Insurance and Annuity Association of America last October. View article...

Westcor parent company buys Kierland Commons with partner Macerich and its joint-venture partner have purchased full ownership of Kierland Commons from its developers, Woodbine Development Corp. and the Herberger Interests. Santa Monica, Calif.-based Macerich announced the deal Monday morning. Macerich and Institutional Mall Investors LLC bought a 49 percent interest in the northeast Phoenix shopping district in 2005. View article...

Gilbert team: 9 new businesses, $63 million in investments Gilbert's business development team, which seeks to attract and retain high-wage jobs within the community, is on pace to top its annual goals for the year ending June 30. Business development manager Dan Henderson told the Town Council that his team helped attract nine new businesses and $63 million in capital investment to Gilbert over the July-December period. View article...

Fifth Avenue shops, restaurants to stay open late on Thursdays Last fall, many merchants on downtown Scottsdale's Fifth Avenue vowed to stay open later on Thursday nights to attract patrons of ArtWalk along nearby Marshall Way. Last month, the number of merchants staying open late had dwindled to the point where the Fifth Avenue Area Merchants Association removed the "Open Late Thursday Nights" banners from the Fifth Avenue Shops signs at Scottsdale Road and Goldwater Boulevard. View article...

Huge Mesa project planned for Stapley-Southern A long-planned major overhaul of the cramped intersection at Stapley Drive and Southern Avenue is finally on the horizon. Mesa wants people who will be affected by the project to know what's in store, so it has scheduled a community meeting to display and discuss the plans next week. View article...

Positive signs starting to show in East Valley's new housing market For seven years, Chandler resident Sharon Constant watched new home developments pop up, looking for a new place to live. View article...

Why This Recovery Is So Hard to Gauge Factors aside from job growth will wind up throwing the industry a few curveballs. After having been beaten upside down over the last three years, the commercial real estate industry is getting up off the mat. Signs of stabilization are occurring across most property types as demand drives absorption. The real laggard is the office sector, which is suffering because of tepid job growth and dynamic structural changes. 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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