Daily News for Commercial Real Estate & Business – May 21, 2010

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

Prominent National Retailer Joins Tempe Marketplace Prominent national retailer Stein Mart has signed a lease at Tempe Marketplace to occupy a 28,000-square-foot box once occupied by Linen 'N Things. Tenant improvements are expected to begin in early summer and the store will open this fall. View article...

Southwest Solar Pays $3.9M for Glendale Land Southwest Solar Technologies Inc., a Phoenix-based energy development company, acquired 58 acres of land on West Glendale Avenue in Glendale, AZ, for $3.92 million, or $67,500 per acre. The parcel is located between North Dysart Road and East El Mirage Road. View article...

Scottsdale Epicenter defaults on state land lease A development group planning the Scottsdale Epicenter project has defaulted on a state land lease and stands to lose a 125-acre parcel northeast of Pima and Bell roads. Scottsdale Vistella LLC has until May 28 to pay $2.4 million overdue on the state trust land, said Jim Adams, Arizona State Land Department real estate director. View article...

Ellman faces foreclosure on land for luxury homes, resort A developer faces foreclosure on a 2,450-acre swath of land east of Fountain Hills where 1,000 luxury homes and a resort were planned. The Ellman Cos., doing business as Goldfield Preserve Development LLC, defaulted on a $177.1 million loan for the land in Maricopa County northeast of Scottsdale. A trustee sale is set for Aug. 4, a company representative said. View article...

Carefree Resort plans extensive makeover The Carefree Resort and Villas is poised for a high-profile makeover that includes design changes and room renovations costing millions of dollars. Following a bankruptcy and ownership change in 2009, the foothills resort is profitable for the first time in years. View article...

Opinion: Smaller retail centers preferred The "What Mesa Riverview Taught Us" editorial (May 12) prompted this letter. I live on the Tempe-Mesa line, so Riverview and Tempe Marketplace are in the 5-mile range. I care for neither. We are dismayed at what has become of Fiesta Mall and some of the strips in Tempe since the opening of the two sprawling marketplaces. View article...

Push begins for LA-Vegas-Phoenix rail A group of high speed public transportation advocates Thursday proposed an ambitious plan to create rail service between Phoenix, Las Vegas and Los Angeles. The presentation was held in Las Vegas. View article...

Arizona gains 19,500 jobs in April Unemployment held somewhat stable in Arizona and Phoenix last month with job gains in nine major sectors, according to the Arizona Department of Commerce. Statewide unemployment came in at 9.5 percent in April, down from 9.6 percent in March, but still well ahead of the 9 percent reported a year ago. View article...

Construction begins on geothermal power plant The Salt River Project has announced that construction is under way on its new geothermal power generation plant in Southern California. SRP signed a 30-year agreement to purchase all of the 49-megawatts of power the facility is expected to generate when it becomes operational in early 2012. View article...

FDIC: Now 775 'Problem Banks' The Federal Deposit Insurance Corporation's "Problem Bank List" rose to 775 in the first quarter of 2010. This number is up from 702 troubled banks at the end of 2009, according to the federal regulator. The total assets of "problem" institutions also rose during the first quarter to $431 billion up from $403 billion. 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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