Daily News for Commercial Real Estate & Business – March 17, 2011

HAPPY ST. PATTY's DAY!

To view the March 2011 Commercial Property Executive magazine, click here.

To view this weeks The Watchlist by Costar, click here.

MDC Property Service buys Mesa plaza MDC Property Service Ltd. in Calgary, Alberta, purchased Ridgeview Plaza in Mesa for $14.6 million. The 130,600-square-foot center at 2822 - 2910 N. Power Drive is anchored by a Basha's grocery store. Other tenants include Big 5 Sports, Starbucks, Leslie's Pool Supplies and Chase Bank. View article...

Yulex gets $15M, opening Chandler site Yulex Corp. is expanding its rubber production capabilities with the help of a $15 million investment and a new facility in Chandler. The investment, led by Argonaut Private Equity, will allow the company to build a facility to help it increase production of guayule-based rubber and materials at Lone Butte Industrial Park. View article...

Morton's may seek a buyer Morton's Restaurant Group Inc., the parent company of 77 high-end steakhouses, said Wednesday it is exploring strategic options, including a possible sale. The Chicago-based company, which has been public since February 2006, said the strategic review has the support of its two largest shareholders, Castle Harlan Inc. and Laurel Crown Partners LLC. View article...

Scottsdale foreclosure rate lower than county's Foreclosures accounted for 26 percent of Scottsdale home sales in February, well below the overall rate of 43 percent for Maricopa County, but median home prices continue to fall, according to the latest monthly report from Arizona State University Realty Studies. Foreclosures accounted for one-third of Scottsdale's 320 condominium sales last month. View article...

Chandler proving to be mecca for Asians in Arizona When Intel Corp. last month announced its plans to expand operations in Chandler, the news held special significance for Chandler's Asian community because more high-tech jobs almost certainly will result in an increase in its numbers as well. According to the 2010 U.S. census data released last week, the percentage of Asian people in Chandler has nearly doubled from 4.3 percent in 2000 to 8.2 percent in 2010. View article...

NFIB members back property tax cuts National Federation of Independent Business members in Arizona overwhelmingly favored chopping property taxes, according to a poll released this week. When asked if Arizona should lower the level of taxation on business real property to be closer to that on residential property, 82 percent of members said yes while 11 percent said no. View article...

IPD Index Shows Impressive Returns on U.S. Commercial Real Estate IPD, a firm that tracks the commercial real estate performance and maintains several industry indexes, revealed that the commercial real estate funds it tracked posted a 14.2 percent return in 2010 making it the third strongest year in the 11 years that the firm has monitored the United States. Of that, 6.9 percent was the result of capital return and 6.9 percent of income return. 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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