Daily News for Commercial Real Estate & Business – May 13, 2010

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

Arizona and the SB 1070 (Personal commentary on the issue) There is a lot of misinformation out there regarding SB 1070 and its impact on immigration in our state. We have been receiving all kinds of press...of which is not in the best of light. View article...

To view this weeks, "The Watchlist," by Costar, click here.

Equiant Relocating to Chaparral Business Center VI Equiant Financial Services Inc. signed a 17,350-square-foot lease at Chaparral Business Center VI in Scottsdale, AZ. The financial outsourcing company is relocating from the Galleria Corporate Center in the third quarter. Located at 5401 N. Pima Road in Scottsdale, Chaparral Business Center VI is a single-story office building measuring 70,735 square feet. It completed construction in 2007. View article...

Denim & Diamonds Leases 20,000 SF in Mesa Denim & Diamonds Nightclub leased 20,000 square feet of retail space in Sun Valley Plaza in Mesa, AZ. The nightclub plans to have its grand opening in September, following a build-out. View article...

Agua Fria Union High School buys office building Agua Fria Union High School District now owns a $2.6 million district office building after contracts were signed last week. The 35,000-square-foot foreclosed building is at 1481 N. Eliseo C. Felix Jr. Way, across from the Motor Vehicle Division in Avondale. Built in 2006, the two-story complex gives the district "space to grow into," Superintendent Dennis Runyan said. View article...

$4.23 MILLION CLASS A OFFICE DEAL Cassidy Turley BRE Commercial has completed the $4.23 million sale of the 83,000-square-foot Gilbert Business Center located at 963, 971 and 979 N. Gilbert Road in Phoenix. Gilbert Business Park Properties LLC, dba Affinitas Corp., purchased the Class A office complex with plans to occupy 21,000 square feet. View article...

UA breaks ground on downtown medical building Ground was broken today on a $187 million education building on the Phoenix Biomedical Campus to house the expansion of the University of Arizona medical school. View article...

Sun Radiology headed to Phoenix Sun Radiology is opening its fifth Valley location in the 101 Medical Office Center, 9250 W. Thomas Road in Phoenix. The Class A medical office building is adjacent to the Banner Estrella Medical Center in the 138-acre Algodon Medical Office Park. Sun Radiology leased 9,900 square feet. View article...

Movie Gallery plans to liquidate, close all Hollywood Video stores Movie Gallery Inc., owner of struggling movie rental chain Hollywood Video, is planning to close its remaining stores and liquidate as consumers increasingly get movies through the mail, vending machines and high-speed Internet connections. View article...

Allstate to hire agents for 50 new offices in Arizona Insurer Allstate has launched a campaign to recruit agents to open 50 new offices in Arizona. View article...

ASU: Local home prices up 5.5% in '10 The latest Arizona State University Realty Studies report confirms that home values are increasing modestly in the Valley since the beginning of the year. The median price for an existing single family home was $144,000 in April, up 5.5 percent from $136,500 in January. View article...

U.S. home prices drop by $25 billion A report by Trulia Inc. says home prices around the United States were cut by 10 percent in April. In total, some $25 billion has been slashed from the list prices of for-sale homes. Phoenix was the fourth-hardest hit city on the list, with 33 percent of the listed homes experiencing a price cut. View article...

Chase worries about people dropping mortgages JP Morgan Chase & Co. is worried more underwater homeowners will walk away from their homes even though they might able to pay their mortgages. The Huffington Post website reported the story including Chase Bank's warning to investors in a U.S. Securities & Exchange Commission filing. View article...

ICSC fights revived 'carried interest' proposal The House of Representatives appears set next week to vote on a tax measure that could hurt the commercial real estate industry just as it is trying to emerge from the worst recession for decades. Lawmakers are looking to change the way limited partnerships and limited liability companies are taxed. View article...

Home Depot Calls a Halt to Rapid Expansion At the peak of the retail boom, before recession set in late in 2007, The Home Depot was opening about 200 home improvement stores per year, or roughly one store every 41 hours. Not anymore. This year, the retailer is opening just a single store in the U.S., and five in Mexico. View article...

‘Blowout' Jobs Report Hailed by Real Estate Economists Lost in a tumultuous week in which the Dow Jones Industrial Average plunged 5.7% and rioting erupted in Greece over federal budget cuts and tax hikes in that debt-ridden nation was a monthly U.S. jobs report that easily beat expectations. View article...

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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