Daily News for Commercial Real Estate & Business – March 28, 2011

U of Phoenix sells corporate headquarters for $170 mil A real-estate investment trust has bought the buildings in University of Phoenix's corporate headquarters for $170 million and will lease back the property to the education company as part of a deal announced Thursday. The university's parent company, Apollo Group Inc., signed a 20-year lease with Cole Real Estate Investments. The leaseback-purchase deal requires Apollo to keep the company's corporate headquarters in the building for at least the next 20 years. View article...

$2M donation opens door for new animal shelter A no-kill animal shelter in Phoenix will nearly double its capacity, thanks in large part to a $2 million gift from an anonymous donor. The project will involve a remodel and 10,000-square-foot addition to a shelter on the east side of 40th Street, north of Washington Street. View article...

Menchie's owner found 'lifestyle location' in Ahwatukee Brian and Leah Robertson were well aware their frozen-yogurt shop wouldn't be a novelty in Ahwatukee, not with three others becoming well-entrenched in the past two years. But they persevered and today and Saturday mark their grand opening, which includes fundraisers benefiting area children. View article...

Arizona job trends over 20 years Arizona jobs grew steadily from 1990 through early 2001, when a mild recession and then 9/11 put on the brakes. They recovered during the building boom and homebuying spree that began in early 2004 and peaked at 2.68 million in October 2007. Then the Great Recession hit. View article...

Sundt Construction launches division to chase large projects Tempe-based Sundt Construction Inc. has created a new special projects division to pursue projects larger than $100 million. The company's regular business development team will continue to chase projects as small at $2 million. View article...

Vision helped Tempe mine decade of redevelopment gold You might think being a landlocked, mostly built out, 41-square-mile city would be a bad thing when it comes to growth. But in the past decade Tempe has turned its challenges into redevelopment gold. Tempe residents have witnessed a stunning transformation in recreational, residential, transportation, shopping and business developments. View article...

Final read on Gross Domestic Product much stronger U.S. economic growth accelerated at a faster pace than previous estimates, according to the final fourth-quarter Gross Domestic Product report released by the Commerce Department in Washington Friday. Fourth quarter GDP grew at an annual pace of 3.1 percent, up from the Bureau of Economic Analysis' previous estimate of 2.8 percent, led by stronger consumer spending. View article...

Radar Logic's Home Price Index Hits Lowest Mark Since 2007 The latest RPX Composite price from the New York-based real estate data and analytics firm RadarLogic, which tracks home prices in 25 metropolitan areas, declined to $179.50 per square foot in January, its lowest level since 2007. View article...

1 Bank Closed on March 25 One bank was closed by state and federal regulators on Fri., March 25, raising this year's running tally to 31 failed banks and credit unions. Bank of Commerce, Wood Dale, Illinois was closed by the Illinois Department of Financial & Professional Regulation-Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. View article...

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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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