Daily News for Commercial Real Estate & Business – March 19, 2010

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

Apartments sell in quick cash deals

The $260,000 sale of the 24-unit Landing Pointe Apartments may sound like a screaming deal, but brokers on the transaction say there are good reasons for its place on the lower end of the scale. The lender-owned complex at 2417 W. Campbell Ave. in Phoenix was completely vacant and in need of renovations to the tune of about $3,400 to $4,000 per unit, View article...

Ensemble, Universal joint venture buys North Valley Medical Plaza

Ensemble Healthcare Properties and Universal Health Realty Income Trust have purchased the 81,000-square-foot North Valley Medical Plaza located on the campus of Paradise Valley Hospital, where the joint venture partners plan to invest $500,000 for improvements. The partners paid $5.5 million for the three-story building, which was built in 1992 as the first medical office building on the hospital campus. The buyers are also considering making the property a showcase for a solar conversion. View article...

Clothing shops close their doors

Fleur't Boutique in North Scottdale and Spoken Boutique in downtown Phoenix are closing their doors. Fleur't Boutique will be closing its doors at the end of April at Gainey Village Shops. A liquidation sale will start on Friday with items sold at 20 to 50 percent off retail prices. View article...

Tech company to hire 70 in Chandler

Chicago-based CDW, a leading provider of technology products and services, wants to hire 70 salespeople this year at its office in Chandler. "In sales, there's always a need for people," Vice President Matt Troka says. View article...

Businesses looking to move to Gilbert

Nearly 90 businesses are looking to open facilities in Gilbert, representing a potential 7,524 new jobs for the town and $725 million in potential capital investment. Dan Henderson, Gilbert's business development manager, told a group of people at a Gilbert Chamber of Commerce luncheon on Wednesday that out of about 200 companies expressing some form of interest in Gilbert during the second quarter, 73 are beyond the point of an initial inquiry and are in some way moving forward on plans to open facilities. View article...

Mondrian Scottsdale gets new name, management

GF Management of Philadelphia has taken over operations at the Mondrian Scottsdale in Old Town, which is now operating under a different name. GF Management took over duties from Morgans Hotel Group this week and re-named the property Hotel Theodore. View article...

Business spending steady on equipment, buildings

U.S. businesses spent $1.38 trillion on new and used structures and equipment in 2008 - on par with 2007 numbers - according to the U.S. Census Bureau. The numbers, the most recent available, come from the Annual Capital Expenditures Survey, which measures capital investment in new and used structures and equipment by nonfarm businesses. View article...

Phoenix tops construction job loss list

Construction employment continues to shrink in most urban hubs, Phoenix topping the list with 27,600 jobs lost, according to the Associated General Contractors' January-to-January comparison. The Phoenix area saw a 25 percent decline over the 12-month period, with 82,600 jobs as of January 2010. In all, 313 out of the 337 metro areas surveyed dropped construction jobs, according to the AGC. Eighteen of the cities lost more than 10,000 jobs during that period. View article...

House passes Cactus League tax for Cubs stadium

The Arizona House of Representatives approved a bill Thursday that would impose and 8 percent fee on all Cactus League spring training tickets - a measure designed to help pay for an $84 million stadium for the Chicago Cubs. House Bill 2736 passed 35 to 19 with opposition from some Democratic lawmakers as well as conservative Republicans. House Speaker Kirk Adams and House Majority Leader John McComish helped usher the bill through. It now goes to the Arizona Senate. Money from those ticket fees would be shared with Pima County and Tucson to deal with their own stadium debt issues, McComish said. 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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