Daily News for Commercial Real Estate & Business – November 17, 2010

Potential tenants tour former Chandler City Hall Potential tenants have been touring the building in downtown Chandler that was vacated when city employees moved into the new City Hall. The city had leased 34,000 square feet in the Chandler Office Center at 55 N. Arizona Place. View article...

Software Firm Buys $2M Building for HQ Expansion Mintec, a local software engineering firm, has acquired a 20,271-square-foot showroom/warehouse building for its US headquarters expansion. The company, which specializes in applications for the mining industry, paid $2.1 million for the 13-year-old building located at 3602-3616 E. Fort Lowell Rd. Mintec will occupy the building early next year. View article...

Scottsdale aviation-business owner ordered to pay $9.9 million in restitution A Scottsdale aviation-business owner has been sanctioned by the Arizona Corporation Commission and ordered to pay $9.9 million in restitution for defrauding 91 investors. The commission found that Barron Thomas defrauded investors in a promissory-note scheme involving airplanes. Thomas was not registered to sell securities in Arizona. View article...

Foreclosures mounting in Phoenix A new report from Arizona State University shows nearly two-thirds of the housing transactions recorded in the Phoenix area in October were either foreclosures or resales of previously foreclosed properties. View article...

Arizona begins setting up program for medical pot With unofficial election results showing that Arizona voters have approved a medical-marijuana program, state health officials said Monday that they will begin implementing the measure and expect the drug to be in use by late summer 2011. View article...

Goldwater challenges renewable energy standard The Goldwater Institute is again trying to overturn the state's renewable energy standard. The group is in Arizona Court of Appeals today arguing that the Arizona Corporation Commission overstepped its bounds setting a standard that requires utilities to have 15 percent of their power produced by renewable resources by 2025. 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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