Daily News for Commercial Real Estate & Business – March 23, 2010

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

Tribe sues federal government over casino application The Tohono O'odham Nation is suing the Obama administration, charging that the U.S. Interior Department is dragging its feet on a proposed casino west of Phoenix. The Native American tribe said Monday it filed suit in the U.S. District Court in Washington asking that the Interior Department be compelled to act on its land and casino application. The O'odham Nation wants land it acquired at 91st and Northern avenues in the West Valley to be deemed part of its reservation, and that it be allowed to build a $500 million casino there. View article...

Valley sees boom in gourmet-burger digs The Camelback Corridor in central Phoenix is poised to become a "burger row," as two new burger-focused restaurants open in the next few days between 24th and 40th streets along Camelback Road. The Grind opens today at 40th Street and Zinburger opens at Biltmore Fashion Park Monday several blocks west on Camelback Road, joining two other burger joints, Smashbuger at the Camelback Colonnade at 20th Street, and Delux, at 32nd Street. These are in addition to the more than 12 other restaurants in that stretch that serve burgers, too. View article...

2-alarm fire damages south Phoenix supermarket A two-alarm fire Saturday evening caused an estimated $500,000 in damage to a popular Phoenix supermarket, said Phoenix Fire spokesman Scott Walker. Firefighters were called about 8:30 p.m. when smoke was discovered inside the Pro's Ranch Market at 5833 S. Central Avenue, at West Southern and South Central avenues, Walker said on Sunday. View article...

Charter change would protect Scottsdale property owners Property owners could not be forced to surrender their right to sue Scottsdale if a city action in some way diminishes the value of their property, under a change recommended by the Scottsdale Charter Review Task Force. The city doesn't force private property owners to sign such waivers, but backers of the change say it will prevent elected officials from ever changing city policy to include that provision. View article...

Crime rate drop in Maricopa County exceeds national average The Maricopa County crime rate, which dropped 19 percent between 2004 and 2008, is declining more than twice as quickly as the national average, County Attorney Andrew Thomas announced Sunday. The most recent statistics, taken from the Federal Bureau of Intelligence, show an 8 percent decrease in the national crime rate from 2004 to 2008, Thomas said. View article...

The changing American diner The average American consumer has been evolving for quite some time, and Nation's Restaurant News' upcoming special report reinforces the most crucial aspect of that change: There no longer is a typical American consumer. According to projections of the 2010 U.S. Census by demographic-trends expert Peter Francese, Americans are becoming older, more diverse and increasingly clustered in bustling and multiethnic regions of the country, which affects their dining out behavior and how restaurateurs must adapt to the new consumer landscape. View article...

Medical Office Sector Ramps Up Investors aren't waiting for the outcome of the healthcare debate before they inject their capital into the medical real estate sector. After a year of inactivity, hospitals are expanding again and investors are realizing that demand for medical office space, by most measures, is inexhaustible. Last year, transaction volume for medical office properties valued at $1 million or more was down by more than half from 2008 totals, both by the number of deals and by dollar amount. In 2008, there were 891 transactions with a total value of $4.3 billion. In 2009, just 420 medical office deals, valued at $1.9 billion, closed. View article...

Southwest Valley home values drop 36 percent in 2009 Home values in the Southwest Valley fell by more than 36 percent last year, from a median price of $194,966 in 2008 to $124,782 in 2009. On the flip side, home sales rose in almost every West Valley community. In the Southwest Valley, sales were up 33 percent. View article...

TEMPE SPECIFIC NEWS: PERMITS FINALLED

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

SHAMELESS PLUG: My wife entered Jacob in the Great American Photo Contest. The baby photo with the most votes this month wins $2,500 (that could be a nice amount to put away now for college!!). Please do me a big favor and click on the link to vote http://gapc-vote.com/?p=2150585 Please forward as well 🙂 I really appreciate it, and so does Jacob.

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

Comments

  1. Almost all the articles are all nice and great..!!I had fun reading the articles above,very interesting and fascinating.!!Especially the “Southwest Valley home values drop 36 percent in 2009”..I was a bit shocked with the report..!!

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