Daily News for Commercial Real Estate & Business – November 22, 2010

To view the ULI Arizona Fall 2010 Report, click here.

To view the 4th Quarter 2010 RERC/CCIM Investment Trends Quarterly, click here.

ARIZONA BOARD OF REGENTS BUYS MILL AVENUE OFFICE BUILDING AT CENTERPOINT IN TEMPE The Arizona Board of Regents paid $11.4 million ($143.78 per foot) to purchase a 79,288-square-foot office building within the Centerpoint mixed-use project located along the west side of Mill Avenue and north of University Dive in Tempe. The seller was Centerpoint Holdings LLC, a company formed by DMB Associates Inc. in Scottsdale (Drew Brown, Mark Sklar, Bennett Dorrance, principals). The buyer paid cash to acquire the four-story building, which is located immediately west of the Arizona State University campus. The office structure, located at 660 S. Mill Avenue, is 82 percent leased. View article...

VENTURE PAYS $52 MILLION FOR CAMELBACK ROAD OFFICE PROJECT THAT WAS TO BE FORECLOSED A venture formed by Angelo, Gordon & Co. in New York City, N.Y. (John Angelo, Michael Gordon, partners) and Phoenix investor Dave Warren paid $52 million ($154.10 per foot) to buy the 337,450-square-foot Anchor Centre office complex located at the southeast corner of Camelback Road and 22nd Street in Phoenix. View article...

East Valley Tribune expanding offices into Tempe, Chandler The East Valley Tribune will expand its operations into Tempe and Chandler next year as part of its growth under new ownership. The Tribune will move from its current single location in Mesa to three sites in the first few months of 2011. View article...

Scottsdale OK's Lyle Anderson eco-resort A luxury eco-resort being developed by Lyle Anderson Cos. gained unanimous approval of the Scottsdale City Council. The project calls 324 resort units on the 219-acre site located between The Golf Club Scottsdale and the McDowell Sonoran Preserve. View article...

Cities craft rules on medical pot dispensaries Southeast Valley cities are working hard to have a say in where the medical marijuana dispensaries are located. Without ordinances setting limits on their location, cities risk getting them placed wherever an approved applicant desires, officials say. View article...

QuikTrip could be built near Avondale City Hall There likely will soon be a QuikTrip convenience store and gas station virtually across the street from Avondale City Hall. The Avondale City Council on Monday unanimously approved a conditional-use permit that paves the way for the QT, as the store is also called. Councilwoman Stephanie Karlin was absent. View article...

Craft building construction starts in Sun City Festival in Buckeye Construction has begun on an 8,700-square-foot craft building at Sun City Festival in Buckeye. View article...

Toy stores make comeback at Mesa malls After two years of no toy stores in Mesa malls, parents now have something to look forward to when they get a start on their holiday shopping this weekend. ToyZam opened a brightly-colored, 3,500-square-foot store Tuesday at Fiesta Mall. Toy Mart is expected to open next week at Superstition Springs Center. View article...

Gilbert Council approves deal for $10 million solar plant The Gilbert Town Council on Thursday discussed the following items. The council is scheduled to meet next in study session on Dec. 6, followed by a regular meeting on Dec. 9. A power-purchase agreement with California-based SPG Solar, which wants to build a $10 million solar plant at Gilbert's Neely Wastewater Reclamation Plant. View article...

Construction industry pulls down AZ GDP Arizona's economy shrunk by 3.9 percent in 2009, due in large part to weakness in the construction industry. The U.S. Bureau of Economic Analysis released state-by-state data for 2009 on Thursday. View article...

AZ delinquencies mark slight decline The delinquency rate for mortgage loans on residential properties in Arizona declined slightly in the third quarter, but Arizona remains among the top states for late mortgage payments. View article...

CoreLogic Home Price Index Shows Decline for Second Straight Month Home prices in the United States have declined for two months in a row, according to CoreLogic's market index, after rising for the first seven months of the year. The latest CoreLogic Home Price Index (HPI) shows that national home prices, including distressed sales, declined 2.79 percent in September 2010 when compared to September 2009. That follows a drop of 1.08 percent in August 2010 from a year earlier. View article...

3 Banks Closed on Nov. 19 Federal and state banking regulators closed three banks on Friday, Nov. 19. These failures raise the total number of failed institutions to 171 so far in 2010. 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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