Daily News for Commercial Real Estate & Business – March 24, 2011

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

Paseo Medical Bldg Sells in Phoenix
HTA-Phoenix Paseo LLC, an affiliate of Healthcare Trust of America, Inc., acquired the single-story investment building located at 6120 W. Bell Road in Glendale, AZ from The Plaza Companies for $3,762,219, or about $183 per square foot. The medical office building delivered in 1989 and renovated in 2004. The 28,000-square-foot building is situated on 1.88 acres and was 90 percent occupied at time of sale. View article...

Mach 1 Global Leases 262,080 SF in Phoenix Mach 1 Global Services, Inc., a transportation services provider, signed a lease for 362,080 square feet in the industrial building at 2950 S. Litchfield Road in Goodyear, AZ. The building totals 418,200 square feet in the Goodyear Point Industrial Park. Locally based Lauth Company developed the property in 2008. View article...

East Valley Tribune moving to new offices Expansion of the East Valley Tribune continues this weekend when the newspaper moves into two new office locations. The Tribune, which recently increased its Sunday circulation from 100,000 to 150,000, will relocate its main office to Fountainhead Corporate Park at 1620 W. Fountainhead Parkway, Suite 219, Tempe, AZ 85282. The Tribune will also have an office location in Mesa at 120 N. Center St. View article...

Garage Public House opens in Ahwatukee Ahwatukee's tight-knit neighborhood has a new kid on the block. The Garage Public House is a venture by six nightlife and restaurant veterans, which had its grand opening on March 14. The casual restaurant and bar at 48th Street and Warner Road serves what owners call elevated comfort food and a variety of craft beers on tap. View article...

Ping fights medical-pot dispensary near Phoenix location Golf-equipment manufacturer Ping is threatening to leave its north Phoenix home of 45 years if the neighborhood continues to decline, its attorney says. Phoenix will do all it can to prevent that from happening, according to a top city official. The dispute between Ping and its neighbors came to light last week at the first use-permit hearings for medical-marijuana locations citywide. View article...

Scottsdale's General Plan update already stirring debate Scottsdale officials are receiving an earful from residents as they draft a state-mandated update of the city's General Plan, a voter-approved policy document that outlines the city's long-term development goals. Work began on the 176-page document several months ago. State law required that every city in Arizona have a voter-approved General Plan in place by 2001 and that the General Plan be updated and considered by voters every 10 years. View article...

Foreclosures create tight rental market in Valley Vacancy rates in the rental market have dropped to an average of just 6.6 percent while rent prices increased 2.5 percent, according to the real estate research firm Reis . Mike Rassler with Apartment Finders says the number of people who've gone through the foreclosure process have increased the demand for apartments and reduced the supply. View article...

Arizona 40th in per capita income Arizona ranks 40th among states in per capita income, according to a report released Wednesday morning by the U.S. Bureau of Economic Analysis. At $34,999 for 2010, that puts the state well below the national average of $40,584. Still the ranking is up three notches for 2009, when PCI in the state was $32,935. View article...

Arizona taxes hit $10.2 billion in 2010 Arizona ranked 21st among states for tax revenue last year, according to the U.S. Census Bureau's 2010 Annual Survey of State Government Tax Collections. The state took in nearly $10.2 billion in 2010, the report shows. That includes $775 million in property taxes, $6.19 billion in sales levies, $369 million in licensing fees, $2.83 billion in income taxes and $33.7 million in other taxes. View article...

Shadow Inventory May Deplete Quicker In Hardest Hit States A recent report by the National Association of Realtors (NAR) reveals interesting information regarding the shadow inventory of the hardest hit states. It is pretty well known that Arizona, Nevada, California, and Florida have been most affected by the foreclosure crisis. Together the four states make up 42 percent of the foreclosure volume in the United States. 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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