Daily News for Commercial Real Estate & Business – March 11, 2011

Whispering Wind Corporate Center sold to Mack Co. affiliate Whispering Wind Corporate Center complex in Deer Valley sold for $5.7 million to a Phoenix affiliate of New Jersey's Mack Co. That is one of three transactions reported by CB Richard Ellis, which represented the buyer. The two-story, 75,100-square-foot office is located at 2205 and 2225 W. Whispering Wind Drive. View article...

Kiewit Western Fills 22,500 SF in Deer Valley Submarket Kiewit Western Company has leased 22,500 square feet of class A office space at North Loop Business Center Phase II in the Deer Valley submarket. The firm, which is a joint venture between Omaha-based Kiewit Corp. and Tucson-based Sundt Construction, won a contract with the Arizona Department of Transportation and needed office space to house its local employees, according to Ashley Brooks, a senior vice president with CBRE's local office. View article...

JB's shutters 26 locations JB's Family Restaurants Inc., which filed for Chapter 11 bankruptcy protection last month, has shuttered more than half of its 48 units across six Western states. A company representative said the Tempe, Ariz.-based family dining chain, known for its breakfast bar, as of Thursday had 22 units remaining opening in Arizona, Idaho, Montana, New Mexico, Utah and Wyoming. View article...

Majerle's Sports Grill hits Scottsdale Majerle's Sports Grill opened its fourth Phoenix-area location today in downtown Scottsdale. The restaurant at 4425 N. Saddlebag Trail joins locations in downtown Phoenix, Chandler and Goodyear. View article...

Aftermath of Phase 54's closing leaves 'devastation' Nightclub impresario Jon Harris, locked out of his controversial nightclub-turned-restaurant at Interstate 10 and Ray Road, says he has no plans at the moment to open a business elsewhere. The lender has foreclosed on the building, which Harris was leasing. View article...

Westin Phoenix Downtown opens doors today After seven months of construction at the Freeport-McMoRan Center in Phoenix, the Westin Phoenix Downtown will open its doors to guests today. The 242-room hotel at Central Avenue and Van Buren Street has a cosmopolitan feel, with a lobby on the first floor, nine floors of parking garage and eight floors of hotel. View article...

2010 CENSUS FIGURES:
Census figures show Tempe below estimated growth
The 2010 U.S. Census numbers released this week show Tempe's population rose by 2 percent in the last decade, but fell below the growth estimated by the Maricopa Association of Governments for the landlocked city. Tempe's population grew to 161,719 in 2010 from 158,625 in 2000. View article...

Mesa growth slowed to a crawl in last decade Mesa's growth over the past decade slowed to a virtual crawl compared with its breakneck expansion of previous decades. The official U.S. census count released Thursday was 439,041. View article...

Census data: Arizona's growth driven by Phoenix, West Valley Soaring numbers of Hispanics and overall growth in Phoenix and the West Valley helped make Arizona the second-fastest growing state in the nation, newly released census data show. Arizona had nearly 1.9 million Hispanic residents as of April 1, 2010, and their share of the overall population rose to 29.6 percent. It was 25.3 percent in 2000. The total count of Hispanics rose by nearly 600,000 over the decade. View article...

Scottsdale slips among most-populated Arizona cities Scottsdale's population grew by 7.2 percent, or more than 14,000 residents, from 2000 to 2010, according to figures released by the U.S. Census Bureau Thursday. The city's population was tallied at 217,385 residents, the 2010 census found. That's up from 202,705 in 2000. View article...

Census: Chandler overtakes Glendale as 4th largest city in Arizona Chandler has officially overtaken Glendale as Arizona's fourth largest city but newly released census figures are below estimates, and that came as a surprise to city officials. The count released this week is 226,123; that's 29,529 fewer than the 255,652 estimate Chandler posts on its municipal website. Long-range planner David DeLaTorre said the higher figure is based on a 250,000 U.S. Census Bureau estimate from 2009 and homes built since then. View article...

HOUSING:
Report: Phoenix-Area Foreclosure Rate Remains High
While nationwide figures are trending lower, foreclosure rates in Phoenix, Arizona, are climbing again, according to a new report from the W. P. Carey School of Business at Arizona State University. View article...

Home prices, foreclosures continue to plague Arizona Foreclosure filings across the nation are down 27 percent from a year ago, but Arizona was No. 2 in the rate of foreclosure and third in terms of sheer number of homes in foreclosure at 15,485, according to RealtyTrac Inc. View article...

Foreclosure Sales in January Up, Permanent Mods Down Data released Thursday from HOPE NOW shows that while permanent loan modifications outpaced foreclosure sales in the month of January, the gap between the two is getting smaller. 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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