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

WHITESTONE REIT ACQUIRES SUNNYSLOPE VILLAGE FOR $6.4 MILLION Whitestone REIT has purchased the 111,227-square-foot Sunnyslope Village, located in central Phoenix, for $6.4 million. The Class B community retail center is the second acquisition the Houston-based company has made using the proceeds of its August IPO. View article...

Ahwatukee Office Plaza Sold for $52/SF Cedar Hearts Clinic PLLC purchased the office building located at 11011 S 48th St. in Phoenix for $1.05 million, or approximately $52 per square foot, in an REO sale. The property was reported to have a vacancy rate of 42 percent at the time of closing. View article...

SSTI Secures $32.6M to Refinance Self-Storage Portfolio Strategic Storage Trust, Inc., a non-trading public REIT, secured $32.59 million in loans to refinance its eleven-property self storage portfolio, with facilities in several states across the Southwest and East Coast totaling 797,507 square feet. View article...

HZ Purchases Sorrento Apartments For $9.7M San Ai Dobson, LLC sold the 226-unit Sorrento Apartments complex in Mesa, AZ to Hamilton Zanze & Company for $9.7 million, or approximately $43,000 per unit. View article...

Luxury-condo project in Scottsdale sold to New Jersey firm A stalled luxury-condo project funded by investors in the now-defunct Mortgages Ltd. has been sold to a New Jersey-based real-estate firm for $19.5 million, a broker involved in the deal said Monday. View article...

Build-A-Bear Workshop opens in Paradise Valley Mall Valley residents wanting the newest holiday stuffed animals from Build-A-Bear Workshop can visit the chain's newest location in Paradise Valley Mall. View article...

Goodyear Macy's distribution center to go solar The roof of Macy's distribution center at Sarival Avenue near Maricopa County 85 in Goodyear will get a new solar-panel system by early next year. Macy's, Inc. officials said the system is part of the company's ongoing efforts to reduce energy waste. The company has completed a similar project in California, where a distribution center has a 1-megawatt solar-power system. View article...

Planners recommend rapid bus line for Scottsdale Road Plans for bus riders to reach their location quicker on Scottsdale Road are moving forward. Transportation planners are recommending a Bus Rapid Transit for Scottsdale Road and Tempe's Rural Road Route 72 bus line. View article...

Scottsdale hotels busier in September After seeing annual declines in July and August, statistics show Scottsdale hotels were busier and brought in more revenue in September. View article...

EPA and Crane Co. trade salvos in war of the plume In the Southwest Valley, three cities have been alarmed at the spread of a contaminated groundwater plume that threatens wells in Avondale, Goodyear and Litchfield Park. View article...

AZ business climate moves up to 17 Arizona climbed to No. 17 in Site Selection magazine's ranking of state business climates, buoyed by a 10th place finish in a poll of corporate real estate executives. That's up from the No. 24 spot in the 2009 survey. View article...

Small biz gains jobs in October Small business employment growth and compensation picked up in October with a strong uptick in hours worked, according to Intuit Inc.'s Small Business Employment Index, released Monday. View article...

Vornado Results Suggest Sector on the Rebound Vornado Realty Trust, one of the nation's largest commercial landlords, reported a 26% decline in third-quarter profit, but the results were stronger than expected as the company benefited from higher rents and occupancy levels at its retail properties. View article...

Homeownership Rate in U.S. Holds at 11-Year Low The nation's homeownership rate held steady at 66.9 percent during the third quarter of this year, according to government figures released Tuesday. 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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