Daily News for Commercial Real Estate & Business – March 4, 2011

SO. CALIF.-BASED INVESTOR PAYS $17 MILLION FOR TEMPE APARTMENT PROJECT . . . WANTS MORE A company formed by M.F. Daily Corp. in Camarillo, Calif. (Tim Wolfe, principal) paid $17 million to acquire the 216-unit Elliot Point apartments located at 1155 W. Grove Parkway in Tempe. The seller was Hawthorne VI Limited Partnership, a company formed by Campbell Hogue & Associates in Bellevue, Wash. View article...

CANADIAN INVESTMENT FIRM ENTERS VALLEY MARKET . . . DROPS $14.6 MILLION FOR RETAIL PLAZA A company formed by MDC Property Services Ltd. In Calgary, Alberta, Canada (Jeffrey Kohn, pres.) paid $14.6 million($111.69 per foot) to buy a 130,717-square-foot retail center located at the northwest corner of Power and McDowell roads in Mesa. The seller was Bryan/Moore Development LLC in Scottsdale (Louise Moore, manager). View article...

Raising Cane's planning Phoenix stores Raising Cane's Chicken Fingers, a Las Vegas-based casual chicken tender restaurant, will be opening its first Valley locations this year. The restaurant will open in two Phoenix locations, one in August and one by October. View article...

Bomberos restaurant in Sunnyslope to close The bomb has dropped for Bomberos Cafe & Wine Bar owner Oscar Mastrantuono. Efforts to negotiate a lease renewal have failed, and he will be closing his Sunnyslope restaurant Sunday. The restaurateur and his landlord, Mike Nielsen, had been at an impasse since June. View article...

Long-term acute-care hospital coming to Mesa The arrival of Promise Hospital of Phoenix in Mesa should spare family members of critically ill patients from long drives to similar facilities in Phoenix or Scottsdale. The 48-bed hospital expects to open later this month at Arizona Regional Medical Center near downtown Mesa, the former home of Mesa General Hospital. View article...

Jimmy's brings tastes of Chicago to Gilbert Visit Jimmy's of Chicago, visit Chicago. Gilbert residents Zalena and Kerry Kersting opened Jimmy's of Chicago in 2008 as an Arizona sister to Jimmy's Place - a restaurant owned for 13 years by Zalena's sister, Freminnie, and husband, Jim, in the Forest Park suburb of Chicago. Jimmy's of Chicago shares the Italian and Chicago-Italian recipes from Zalena's family, whose heritage is from Naples, Bari and Calabria. View article...

Go Daddy to hire 350 nationwide, mainly for its customer call centers Scottsdale-based Go Daddy said Wednesday that it plans to hire 350 employees in the United States, mainly for its "customer care" call centers. About 250 of the domain-name registrar and Web-hosting provider's new full-time hires will be part of its metro Phoenix operations, said Warren Adelman, president and chief operating officer. View article...

Surge at East Valley hotels hints at economic rebound East Valley hotel bookings have surged in recent months in what tourism officials hope is a sign of a rebounding economy. Hotels saw a boost in guests across the Valley, but nowhere was the jump as big as the East Valley's 26 percent increase. View article...

Phoenix, Scottsdale block release of Kierland study Scottsdale and Phoenix officials are refusing to release a taxpayer-funded study of a planned pedestrian crossing linking Scottsdale Quarter to Kierland Commons. The two cities are splitting the cost of the $15,220 report that was ordered to resolve a dispute involving Scottsdale, Phoenix and the two shopping districts on the best way to provide a midblock crosswalk and possibly other traffic changes on Scottsdale Road. View article...

Arizona unemployment rate hits 9.6% The seasonally adjusted unemployment rate for Arizona in January was 9.6 percent, according to the Arizona Workforce Employment Report. View article...

Home Loans Now Less of a Toxic Threat than Commercial Real Estate While the housing crisis is what triggered the economic downturn and pushed so many lenders under early on in the receession, it seems the biggest threat has now shifted from residential mortgages to souring commercial real estate (CRE) loans. View article...

Commercial Real Estate Vacancy Rates to Decline but Rent Recovery Delayed A stabilization trend is taking place in commercial real estate sectors, but in most markets rent will remain soft except for multifamily rentals, according to the National Association of Realtors®. 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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