Daily News for Commercial Real Estate & Business – November 16, 2009

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

FORMER DIAL OFFICES IN SCOTTSDALE BEING SOLD TO TRAVEL AGENCY
Scottsdale - A company formed by ICE Enterprise in Phoenix (Marcia Rowley, John Rowley, partners) has agreed to buy the former Dial Corp. headquarter offices in Scottsdale. Sources say ICE Enterprise will pay $14.5 million ($111.81 per foot) to buy the 129,689-square-foot office building at 15501 N. Dial Boulevard in Scottsdale. The seller is CL Scottsdale LLC. The deal, scheduled to close at press time

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CANADIAN INVESTOR SPENDS $53.2 MILLION FOR 484 APARTMENT UNITS IN TWO VALLEY PROJECTS
Scottsdale/Chandler - Companies formed by Sunstone Realty Advisors in Vancouver, British Columbia, Canada (Steve Evans, Darren Latoski, principals) paid a combined $53.2 million to purchase 484 apartments in two Valley projects. The seller in two transactions was a pension fund operated by TIAA-CREF in New York City, N.Y. (Teachers Insurance And Annuity Association of America). Sunstone Paragon LP paid $34.2 million ($123,913 per unit) to buy The Paragon at Kierland, 276 units located at 15440 N. 71st Street in Scottsdale. Sunstone San Brisas LP paid $19 million ($91,346 per unit) to acquire San Brisas, 208 units at 900 N. Rural Road in Chandler.

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Silverman's $17M Buys 72 Units

SCOTTSDALE, AZ-The Detroit buyer acquires the majority of the Mark, an 85-unit condominium project from Toll Bros. AZ in a first-time area deal.

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Grocery strike averted with tentative deal

There won't be a strike at Safeway and Fry's Food Stores after all. The United Food and Commercial Workers Union Local 99, Safeway Stores, and Kroger Co., the owner of Fry's and Smith's, have reached a tentative settlement on a new collective bargaining agreement, the parties said early Friday morning.

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Deloitte consumer spending index up for 5th month

The Deloitte Consumer Spending Index rose in October for the fifth consecutive month, driven in large part by real wage growth.

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Green manufacturing company to unveil new product in Phoenix

Upcycle Living, a fledging green manufacturing company, will unveil its signature product this evening at the City of Phoenix's Green Street Festival, a showcase for local green companies that couldn't afford a display at the national Greenbuild conference held this week at the Phoenix Convention Center.

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Westmarc plans economic strategy conference

The Westmarc economic group will host an economic development strategy conference Nov. 20.

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Fewer Americans See Hard Evidence of Global Warming

American's belief in global warming and its human causes has begun is waning. That's the conclusion of the latest national survey by the Pew Research Center for the People & the Press, which revealed that just 57% of respondents today say there is solid evidence of rising global temperatures compared with 71% who held that same belief in April 2008.

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New tenants to fill 2 vacated big-box stores in Peoria

Hobby Lobby will take over the old Circuit City location on Bell Road between 75th and 77th avenues, which has been vacant since 2008. M.D. Pruitt's will take over the old Walmart location off Peoria Avenue near 83rd and Grand avenues.

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New breed of helicopters may mean more jobs for Mesa

A new breed of reconnaissance helicopters designed with foreign customers in mind could result in more jobs for Boeing Co.'s Mesa manufacturing site.

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Tempe Town Lake thrives despite setbacks

Alex Dolotov still marvels that a 20-minute drive from his Scottsdale home to Tempe transports him from the Arizona desert to a narrow stretch of beach where he can feel sand under his feet.

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REGISTER ASAP! THERE ARE A LIMITED NUMBER OF TICKETS AVAILABLE FOR THIS EVENT! I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.

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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