Daily News for Commercial Real Estate & Business – May 3, 2010

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

SONORA VILLAGE SHOPPING CENTER IN NORTH SCOTTSDALE SLATED FOR TRUSTEE's SALE Scottsdale In what could be the start of a major fallout in Valley retail properties, the Sonora Village shopping center in north Scottsdale has been noticed for a trustee's sale. The roughly 250,000-square-foot plaza is scheduled to be sold at public auction on August 2. With all of the vacant space in Phoenix-area retail properties, industry sources say there likely will be additional significant retail centers that could fall to foreclosure. Sonora Village is at the southwest corner of the Pima Freeway (Loop 101) and Frank Lloyd Wright Boulevard. View article...

SO. CAL.-BASED COMPANY ACQUIRES TEMPE APARTMENT PROJECT . . . WANTS MORE Tempe IW/Tempe Properties LLC in La Jolla, Calif. (Alex Roudi, principal) paid $2.515 million ($57,159 per unit) to purchase the 44-unit Regency apartments located at 1100 E. Lemon Street in Tempe. The seller was Compass Bank in Phoenix. View article...

Red Rock Business Center Trades for $3M -A private investor from Lincoln, NE, has acquired Red Rock Business Center for $3.1 million in a short-sale with Newport Beach, CA-based CT Realty. Red Rock Business Center consists of four class B office buildings totaling 42,126 square feet, along with a 1.63 acre parcel for a fifth and final office building. Located at 17100 E. Shea Blvd. and 9624 N. Monterey Rd., the property was built in phases from 1998 to 2008. View article...

MARCUS & MILLICHAP HANDLES $3.5 MILLION WALGREENS SALE IN SO. ARIZONA Marcus & Millichap has brokered the $3.5 million sale of a 13,905-square-foot Walgreens in Tucson. View article...

New Mexican-style Secreto moving into Ahwatukee The Ahwatukee dining scene is about to get a little more interesting. Secreto, a New Mexican-style Mexican restaurant, will be moving into the Chandler Boulevard space that used to house Havana Café. View article...

Calico Jack's Cantina set to open at Westgate East Coast restaurant chain Calico Jack's Cantina is opening in Westgate City Center with festivities at the Glendale shopping complex Friday and Saturday that include music, contests and drink specials. The themed restaurant, named for an early 19th-century pirate captain, features Tex-Mex cuisine, furniture handmade in Mexico and Texas, red-leather and wrought-iron bar stools, outdoor tables inlaid with Mexican tiles and a foyer resembling a Spanish hacienda. View article...

Chandler finalist in competition for solar panel manufacturer Chandler and Austin are the two finalists for the first U.S. factory for Yingli, the second-largest solar-panel manufacturer in China and the fourth largest in the world. A decision is expected within a couple of weeks, said Scarlett Spring, executive vice president and chief operating officer of the Greater Phoenix Economic Council. View article...

Ahwatukee institution My Wine Cellar sold After a successful 12-year run, the owners of My Wine Cellar and Lucy's Place have found a buyer for their popular Ahwatukee Foothills wine bar and restaurant. Owners Tom and Kathleen Fordyce declined an interview, saying the deal was just signed Tuesday and there are still many details to work out. They declined to name the new owner. View article...

Demand for caregivers continues despite recession While many people have lost their jobs due to the poor economy, the caregiving industry has barely felt a blip. The demand for in-home caregivers has increased significantly over the past few years, and industry officials don't see that changing any time soon. View article...

New projections show severe job loss in Ariz. Arizona is expected to lose about 50,400 jobs this year and gain about 23,100 next year, the Arizona Department of Commerce said Thursday in its twice-a-year job forecast. That is worse than the department projected in its last forecast in October when it said the state was likely to lose 17,300 jobs this year. In fact, Thursday's forecast is the third consecutive one in which job losses are projected to be worse than previously thought. View article...

E.V. cities boosting economies with start-ups Before Apple and Google became iconic American businesses, their founders developed the start-ups in the humble garage. The East Valley's cities want to boost their economies with high-tech businesses like that - and they're willing to provide the garage. View article...

Medical records firm's call center set to hire 140 Enterprise Consulting Solutions Inc., a Phoenix company that focuses on electronic medical records storage, plans to hire 140 people over the next 60 days. The company, which currently employs 50 people at its Phoenix call center, will host a call center job fair May 5-7 at its new offices at 1507 W. Parkside Lane, Phoenix. The outbound call center positions, which pay $10 an hour, will be responsible for making outbound calls to provider offices for chart reviews. View article...

Shoppers buying brand names again Big-brand consumer products companies are starting to win the battle for shoppers who traded down to store brands by cutting prices, rolling out both lower- and higher-priced new products, and pumping up promotions. View article...

Fear Gives Way to Greed Not only have signs of life returned to commercial real estate finance, but there are also signs that the capital markets are on the mend. As 2010 began, analysts called for about $20 billion in new issuance of commercial mortgage-backed securities (CMBS). But by the beginning of the second quarter, those estimates rose to $25 billion, and may rise even further. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

Comments

  1. Mike Bishop says:

    Hi Nick…….Nice website! Hope you guys are doing well. We should get together for a beer sometime.

    Regards, Mike

Speak Your Mind

*

CommentLuv badge

footer script.