Daily News for Commercial Real Estate & Business – March 15, 2011

Mach 1 Global opens distribution center Mach 1 Global Services has leased 262,000 square feet in Goodyear for a new distribution facility. Mach 1, a logistics and international transportation company, is headquartered in Tempe. With this new lease, the company is the first tenant in Goodyear Point, a 418,200-square-foot multi-tenant industrial complex built by Lauth Development and owned by Sun Life. It's located at 2950 South Litchfield Road. View article...

Luxury Scottsdale condos likely to replace empty apartments An abandoned apartment complex near Scottsdale Fashion Square likely will be demolished in July to make way for a luxury multi-level condominium complex with street-level retail. Last summer, the Scottsdale City Council approved zoning changes to allow Optima to build its Optima Sonoran Village complex on the southeastern corner of Camelback Road and 68th Street. View article...

Barrio Cafe to open Gilbert location in November Barrio Café owner Silvana Salcido Esparza has announced that she will join Postino proprietor Craig DeMarco in Downtown Gilbert in November. Esparza will open Barrio Gilbert on the north side of the old GrainBelt building in the southeast Valley town's Heritage District. DeMarco, creator of the two Postino Winecafes in Phoenix, signed a lease in the building in February. View article...

Banner Boswell opens gift shop in Sun City Dave Cheney, Banner Boswell Medical Center CEO, will officiate at the 9:30 a.m. ribbon-cutting ceremony Monday of the grand opening of the Sun Health Resale and Gift Shop, 14668 N. Del Webb. Blvd., Suite 12 in Sun City. View article...

Borders could close 75 more stores The president of the Borders Group bookstore chain has said that the company will close an additional 75 stores on top of the 200 it previously announced would be shuttered, according to a report in the Detroit Free Press. The chain announced it had filed for Chapter 11 bankruptcy on Feb. 16 and announced it would close roughly one-third of its stores nationwide. View article...

Upcoming cancer center gets $2M The soon-to-be-built Arizona Cancer Center in Phoenix received $2 million from the Del E. Webb Foundation of Prescott to support new faculty and staff members. View article...

Kyocera Solar completes Camp Pendleton system Kyocera Solar Inc. has completed a 1.4-megawatt solar system at Camp Pendleton, a U.S. Marine Corps base north of San Diego. Scottsdale-based Kyocera provided 6,300 panels for the system, which was set up on the base through a partnership with AEE Solar and installed by Synergy Electric Co. of San Diego. View article...

Northsight, Raintree extensions planned to alleviate Airpark traffic congestion A $31.8 million project that would alleviate the traffic-laden area near Hayden Road and Loop 101 along Frank Lloyd Wright Boulevard could move into the construction phase as early as mid-2012. So far the preferred solution is to replace the traffic light at Hayden Road and Northsight Boulevard with a roundabout and then realign Northsight a few blocks north, where either a traffic light or underpass would provide access onto Frank Lloyd Wright Boulevard. View article...

Phoenix drops to 6th largest U.S. city It was a point of pride: a phrase Phoenix politicians happily repeated and a line often tagged in city news releases. "Phoenix is the fifth-largest city in the nation." Well, hand the title over, Phoenix. As of Wednesday, that distinction goes back to Philly. View article...

Risk vs. Reward Find the right balance for sale-leaseback transactions. Today's economic climate has forced both public and private sectors to think outside the proverbial box to come up with innovative financing strategies. One strategy that has recently gained popularity is the sale-leaseback. The mechanics of a sale-leaseback are fairly straightforward. 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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