Daily News for Commercial Real Estate & Business – March 7, 2011

Southern Gardens Industrial Building Sells for $47/SF Nick Miner, CCIM and Dave Verwer, CCIM represented Compressed Air in the acquisition of 2507 E Chambers Road in Phoenix, Arizona. The buyer, Compressed Air, plans to relocate to the facilities. The building is just under 13,000 Sq. Ft. and sits on a little over 1 acre. View article...

Glendale casino dispute: Court ruling favors Tohono O'odham A U.S. District Court judge Thursday upheld a federal decision to designate land in the West Valley as a reservation, opening the door to a tribal casino near Glendale's sports and entertainment district. The Gila River Indian Community, Glendale and state legislative leaders had sought to overturn the U.S. Department of Interior's 2010 decision to take 54 acres into trust for a southern Arizona tribe. View article...

Banner Baywood opens Memory Clinic Banner Baywood Medical Center has opened a Memory Clinic to assess people who are concerned about memory loss, Alzheimer's disease and other cognitive impairment. The new clinic provides a consultation service that includes cognitive testing, diagnosis, treatment and guidance for adults who have problems with memory. It is next to the Banner Baywood campus in Mesa, in a medical office building at 6553 E. Baywood Ave. View article...

Bustle portends good times for Scottsdale Quarter Just in passing, it's hard to miss the bustle around Scottsdale Quarter lately. With packed parking spaces during lunch hour and lines out in front of popular venues on weekends, the project is looking less recession-stricken and more like the upscale shopping center it was designed to be. View article...

Signs of a recovery on Tempe's Mill Avenue What once looked like a ghost town is now slowly but surely seeing a revival. Mill Avenue was hit hard by the recession, but new businesses like The Fixx, a small coffee shop, are popping up. View article...

Omni development takes a westward tilt Omni Hotels & Resorts plans to focus on big-name markets during its hotel hunt this year. Specifically, the company will look at properties in such Western United States cities as Seattle, Phoenix and Salt Lake City, said Mike Garcia, Omni's CFO and senior VP of acquisitions and development. View article...

Chandler, Tempe lost Ahwatukee to handshake Ahwatukee Foothills might have been called west Chandler or south Tempe had there not been a handshake deal between former Phoenix Mayor John Driggs and the late Maricopa County Supervisor Bob Stark 40 years ago. View article...

Holsum Bakery in 1880s Arizona Phoenix had only about 1,500 residents when 25-year-old German immigrant and cook Edward Eisele arrived in 1881 and got a job at the Phoenix Bakery at Center and Washington streets, where the CityScape complex is now. View article...

National unemployment rate hits 8.9% U.S. employers added 192,000 jobs in February, compared with 63,000 in January and 152,000 in December, according to the U.S. Bureau of Labor Statistics. BLS also reports the national unemployment rate dropped to 8.9 percent in February, from 9 percent in January and 9.7 percent a year earlier. View article...

1 Credit Union Closed March 4 Regulators closed one credit union on Fri., March 4, raising the year's total to 27 failed institutions so far in 2011. The latest failure: Wisconsin Heights Credit Union of Ogema, Wisconsin The National Credit Union Administration (NCUA) was appointed liquidating agent of Wisconsin Heights Credit Union of Ogema, Wisconsin, by the Wisconsin Office of Credit Unions. View article...

What rising gas prices mean for restaurants With gas prices on the rise, many restaurant operators are bracing for a replay of 2008, when sustained high fuel prices cut into consumers' discretionary spending. The national average price for gas rose to $3.471 a gallon Friday, according to AAA, and a gallon of gas hit $4 in Chicago and California this week. View article...

Fitch: New Issuance May Temper Record-High CMBS Delinquencies Delinquencies on loans held in commercial mortgage-backed securities (CMBS) climbed to a new record high this past month, according to the latest index results from Fitch Ratings. But the company's analysts say the rising influx of new issuance bonds may help to stem future late-pay increases. 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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