Daily News for Commercial Real Estate & Business – March 26, 2010

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

Maricopa Community College Purchases Industrial Bldg. Maricopa County Community College purchased the industrial building at 3631 W. Thomas Road in Phoenix for $1.15 million, or $48 per square foot. The facility consists of 23,650 square feet and has four drive-in bays and has a clear height of 18 feet. The college will be moving into the space in third quarter 2010. View article...

NEW HOLIDAY INN & SUITES TO OPEN NEAR PHOENIX AIRPORT PHOENIX The 114-room Holiday Inn & Suites Phoenix Airport is set to open at 3220 S. 48th Street two miles from Phoenix Sky Harbor Airport, 3 miles from downtown Tempe and 8 miles from downtown Phoenix. View article...

Five Guys ranks as fastest-growing chain Five Guys Burgers and Fries ranked as the fastest-growing restaurant chain in the nation in 2009, according to data compiled by restaurant consulting firm Technomic. View article...

Care clinic will open doors in Chandler on Monday A long-awaited medical and dental clinic for children and parents who can't afford health insurance is getting ready to open its doors in Chandler. The $2.5 million C.A.R.E. center east of Galveston Elementary School in central Chandler expects to open Monday. It also will house a food bank and provide counseling services for residents and their families. View article...

Food market to be new anchor for Chandler's Promenade A new food market will become the anchor tenant at the Promenade at Fulton Ranch, taking the spot of the departed AJ's Fine Foods. Colorado-based Hill Grocery Company will open a specialty full-service market at the northeastern corner of Chandler Heights and Alma School roads. View article...

Big Surf owners resume park management The Tempe water park known for its man-made waves for the past four decades won't be shutting down after all. Big Surf's longtime owners have taken back management of the facility after a 20-year hiatus and plan to open the park May 28 for its 41st season. View article...

Historic O'Connor house rebuilt in Papago Park Before walking up the hill to her relocated 1958 adobe home, Sandra Day O'Connor recalled how she first thought its move to Papago Park would be impossible. But as the project came together over the years, the retired Supreme Court justice decided the time and money spent moving it brick-by-brick deserved a grander purpose. View article...

Estrella's CantaMia active-adult community to bring 600 homes to Goodyear Estrella's first active-adult community is expected to bring more than 600 homes to Goodyear, and buyers will be offered green building features like solar panels. About 1,400 people attended the recent grand-opening weekend for the development, called CantaMia. View article...

Ariz. jobless rate jumps to 9.5 percent The state's jobless rate jumped three-tenths of a point last month as the number of jobs created lagged behind what normally would be expected at this time of year. New figures Wednesday from the Arizona Department of Commerce put the seasonally adjusted unemployment rate at 9.5 percent. That comes despite an additional 19,900 people working in February as compared to January. View article...

Personal income in Arizona slips 4 percent The personal income of Arizonans slid more last year in this state than almost everywhere else in the nation. New figures from the Bureau of Economic Analysis show the average per capita income of Arizonans last year dropped, to $32,935. The fact of the slide is not surprising. The recession resulted in a decline nationwide of 2.8 percent. But the drop in Arizona was 4.1 percent. View article...

Study: Home prices to level off by spring Valley home prices should level off soon if the current trends continue, according to a new report from the W.P. Carey School of Business at Arizona State University. The report shows price drops slowing and likely coming to an end later this spring after about three years of falling. View article...

Brinker sells On the Border Brinker International Inc. said late Thursday it is selling its 160-unit On The Border Mexican Grill & Cantina casual-dining chain to Golden Gate Capital, a private-equity firm based in San Francisco. Brinker, parent to the Chili's Grill & Bar chain, did not disclosed terms of the deal with the Golden Gate Capital affiliate, OTB Acquisition LLC. The company did say the deal was expected to close by the end of fiscal 2010. Golden Gate purchased Romano's Macaroni Grill from Brinker in December 2008, although Brinker holds 19.9-percent ownership in the 189-unit Italian chain. View article...

A look at the fastest-growing chains The annual Technomic Top 500 report found that 2009 was a brutal year for the industry's largest concepts, with aggregate systemwide sales for the largest chains falling 0.8 percent. Upstarts, however, including Five Guys, Noodles & Company and Potbelly Sandwich Works, were able to post double-digit increases in sales. View article...

REITs Could Break Ground on $1 Billion This Year Public REITs are poised to break ground on as much as $1 billion in new development this year in another sign of industry confidence that fundamentals are improving. Last year, public REITs hit a low-water mark by starting just $100 million in new apartment construction. That's a steep fall from the average of $1.5 billion seen annually between 2000 and 2008. View article...

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.

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