Daily News for Commercial Real Estate & Business – March 2, 2010

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

To view the March 2010 issue of Chain Store Age, click here. There is an article discussing Fresh & Easy's expansion.

West Phoenix industrial property sold for $6.4M

Presson Corp., a private investment firm based in Phoenix, paid $6.4 million for a 237,000-square-foot distribution facility in the West Valley. The Martin Van Buren Commerce Park comprises 201-502 N. 37th Drive and 3740 W. Van Buren St. in Phoenix. The property was built in 1987. View article...

Historic site helps Four Peaks Brewery tap success

When Four Peaks Brewery owner Jim Scussel and his business partners opened their bar in 1996 in a century-old brick building in Tempe that once housed a creamery, critics challenged the soundness of their plan. They thought we were crazy opening a brewery on Eighth Street. They said, 'No one's going to come,' " Scussel said. View article...

Kraus-Anderson constructing medical office building in California

The Phoenix regional office of Kraus-Anderson Construction Co. is developing a five-story medical office building on the campus of Loma Linda University Medical Center Hospital in Loma Linda, Calif. The $17.8 million, 160,000-square-foot structure will include offices for 60 physicians. It is being built on behalf of Murrieta Healthcare Investors LLC. Loma Linda UMC also is undergoing a $211 million, 106-bed expansion. View article...

Phoenix average daily hotel rate beats national figure

Even though metro Phoenix posted some declines in a key hospitality category, it is outpacing the national average, according to Smith Travel Research data released Monday. For the week of Feb. 14-20, Phoenix was among several national markets to experience declines in hotels' average daily rate. But, while the ADR in Phoenix dropped by 13.6 percent from the same time last year, its numbers were better than in other cities. View article...

New rules favor flipping to move foreclosures

Flipping used to be a dirty word in residential real estate, but not anymore. A recent policy change by the U.S. Department of Housing and Urban Development is encouraging flipping to foster more sales of foreclosure homes that were badly damaged by the previous owners or others. View article...

US construction spending down by billions to 7-year low

Construction spending in January hit its lowest level since 2003, according to new numbers from the Associated General Contractors. AGC reported Monday that construction spending nationwide totaled $884 million in January - a $5.5 billion drop from December. View article...

Study: Small businesses added 40,000 jobs in February

Small businesses added 40,000 jobs nationwide in February, buoying hopes of improvement in the job market. The same index showed small-business employees' monthly compensation averaged $2,559 in February. That translates into $30,700 in annual wages. View article...

January spending increases but income growth slows

Personal spending jumped by a larger amount than expected in January but Americans' incomes barely budged as millions of Social Security recipients did not get their usual cost of living boost. The weak income growth could depress spending in the months ahead, acting as a further drag on the fragile economic recovery. View article...

TEMPE CONSTUCTION PLANS:

PERMITS FINALLED

01/05/10 - ADDITION/ALTERATION at 1430 E. Baseline Rd. for Accel, Inc. Declared Valuation: $480,000 Plan Check No.: PC09-0227

01/19/10 - ADDITION/ALTERATION at 3159 S. McClintock Dr. for Ross @ Bashas' Valley Plaza Declared Valuation: $200,000 Plan Check No.: PC08-0310

01/19/10 - ADDITION/ALTERATION at 3159 S. McClintock Dr. for Ross @ Bashas' Valley Plaza Declared Valuation: $250,000 Plan Check No.: PC08-0796

01/21/10 - TENANT IMPROVEMENT at 1345 W. Elliot Rd. for The Dump Showroom Declared Valuation: $1,500,000 Plan Check No.: PC09-0823

01/26/10 - ADDITION/ALTERATION at 7414 S. Harl Ave. for Coca-Cola Enterprises Declared Valuation: $2,500,000 Plan Check No.: PC08-0652

01/29/10 - NEW 408 UNIT MULTI-FAMILY/RETAIL DEVELOPMENT at 1811 E. Apache Blvd. for Arete - Tempe Transit Declared Valuation: $39,514,000 Plan Check No.: PC08-0222

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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