Daily News for Commercial Real Estate & Business – March 8, 2011

Retail centers sold in Mesa, Phoenix Two investment retail transactions have closed at opposite ends of the Phoenix metro, according to Cassidy Turley/BRE Commercial and Faris Lee Investments. The first one is Ridgeview Plaza at 2824-2910 Power Road in Mesa. View article...

Realtors group to open new Peoria location Realtors in the West Valley will soon have a new Peoria location to congregate. The West Maricopa Association of Realtors, comprising more than 6,000 members, is set to open a new location at 9001 W. Union Hills Drive, east of 91st Avenue. View article...

Old Fifth Avenue commercial center being renovated A Canadian investor has purchased and is revamping a dilapidated commercial center on downtown Scottsdale's Fifth Avenue west of Goldwater Boulevard. The three-building, 6,000-square-foot complex, at 6925 E. Fifth Ave., has been vacant for more than two years and was to be part of a new development planned before the economy tanked in 2008. View article...

Construction on Hotel Palomar Intensifies CityScape has maintained an active presence on Facebook since its grand opening last year. Last Friday, they posted new construction photos of the Hotel Palomar being built at the northwest corner of First Street and Jefferson across from US Airways Center. The Hotel Palomar in Downtown Phoenix will join eight other Palomars across the country including four-star rated properties located in Los Angeles, San Francisco, Chicago and Washington DC. View article...

Phoenix-area population jumps a notch to No. 11 Phoenix gained a notch to take 11th place among the nation's metro areas, according to research from Business First of Buffalo. As of today Phoenix and its suburbs are home to 4,575,353 people, and the number is on the rise. The next milestone of 4,580,000 is expected to hit March 20. View article...

The Future of the Strip? For more than 50 years, retailers have favored the commercial strip: a linear pattern of retail businesses strung along major roadways characterized by massive parking lots, big signs, boxlike buildings, and a total dependence on automobiles for access and circulation. View article...

Where Should Investors Place Their Real Estate Bets in 2011? Last year marked a turnaround for U.S. commercial real estate. Vacancy rates bottomed for all property sectors. Corporate tenants took advantage of lower rents to consolidate their space, and leasing activity surged over the past three quarters. 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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