Daily News for Commercial Real Estate & Business – March 15, 2010

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

STAPLES EXPANDING ON WEST SIDE. . . TO OCCUPY 300,000 SQ. FT. IN TOLLESON WAREHOUSE

Tolleson - Staples Inc. in Framingham, Mass. (NASDAQ:SPLS) has signed a lease agreement to occupy roughly 300,000 sq. ft. of a vacant warehouse-distribution building located at 8602 W. Buckeye Road in Tolleson. The 535,213-square-foot structure is owned by a fund managed by LBA Realty in Irvine, Calif. (Steven Layton, et al., principals). The 10-year lease deal is believed to be valued at roughly $10 million. View article...

P.B. BELL NOTICED FOR TRUSTEE's SALES ON TWO VALLEY APARTMENT PROJECTS

Avondale/Scottsdale - Two separate ventures formed by P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals) have been noticed for trustee's sales on apartment communities in Avondale and Scottsdale accounting for 516 units. The two multi-family projects are collateral on $56.45 million in loans issued by Bank of America. View article...

First American opens call center, hiring 100

First American Home Buyers Protection Plan moved into a call center in north Phoenix along with 80 new employees. The company is a division of Santa Ana, Calif.-based First American Financial Services. Operations at 2411 W. Rose Garden Lane began March 1. View article...

Stimulus bonds OK'd for Dunn-Edwards expansion

Phoenix City Council voted March 10 to approve stimulus bonds to help Dunn-Edwards Corp. expand in Phoenix, a deal that officials say will create nearly 100 jobs. The city's Industrial Development Authority is issuing $2 million of Recovery Zone Facility bonds to the Los Angeles paint manufacturer, while Maricopa County is kicking in $5.5 million. The federal government made the bonding capacity available to help municipalities create jobs. View article...

Stalled Main Street in Glendale is focus of panel discussion

Glendale Mayor Elaine Scruggs, spokeswoman Julie Frisoni and Art Lynch, city financial adviser and its former chief financial officer, talk with The Republic about the Main Street development. The interview centered on the city's agreement with the first developer, Rightpath, current developer HB Equities and where things go from here. View article...

Best Buy, former Opus exec create real estate venture

Dick Schulze, founder and chairman of Best Buy Co. Inc., has launched a real estate investment partnership with Gerald Rauenhorst, founder and former CEO of Opus Corp., and will be looking at various markets including Phoenix. Their new company, called Founders Properties, will be led by Andy Deckas, who has been president of Opus' investment business, called Opus Properties LLC, since 1997. View article...

SBA 504 loans jump to $19.3M in AZ

U.S. Small Business Administration 504 loans in Arizona increased for the third consecutive month in February, according to the Phoenix office of Small Business Finance, the nation's largest 504 lender. SBA 504 loans totaled $19.3 million last month, up 51.9 percent from $12.7 million in January and 157 percent from December, when loans totaled $7.5 million. View article...

Retailers hope to save tax-collection credit

Arizona retailers are going to make one last try to keep a special tax break they receive. One provision of the budget package agreed to between Republican legislative leaders and Gov. Jan Brewer would wipe out a credit retailers get that is designed to help defray the costs of collecting state sales taxes. The move would generate about $19.4 million for the state. The House voted 50-9 to authorize the legislation late Friday. But the bill stalled in the Senate when they could not marshal the necessary 20 votes for approval, two-thirds of that chamber. View article...

New hope for Arizona payday lenders

There is a revived legislative effort to keep the high-interest lending industry alive in Arizona, but this version includes a payout to community groups. Sen. Russell Pearce, R-Mesa, has proposed a strike-everything amendment to House Bill 2370 that would, among other things, allow fees of $15 per $100 borrowed, restrict the number of loans an individual could take out at one time and allow a customer to rescind the transaction if he or she returns the money within two business days. View article...

Retail Details: Renegotiating leases requires attention to each tenant's circumstances

Due to the economic downturn, property owners and real estate companies that work with retailers and restaurants have seen a record number of requests for restructured leases or renegotiated rental agreements. According to real estate industry experts, the trend is likely to continue until 2012. Until there is a full economic recovery, lease and rent negotiations will remain a necessary strategy for maintaining the viability of shopping centers and malls. 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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