Daily News for Commercial Real Estate & Business – October 11, 2010

Chandler, Tucson RV dealership shuts down A recreational vehicle dealership with locations in Chandler and Tucson has closed its doors. The Arizona Daily Star reports Beaudry RV Co. has suspended operations as bankruptcy creditors say the company's recent sale has forced its real estate loans into default. View article...

Phoenix apartments near Desert Ridge Marketplace sold for $43 million Shade Apartments, the brightly colored complex near Desert Ridge Marketplace, has been sold in one of the year's larger transactions. Geneva Holdings, which built the complex, turned the apartments over to a group led by LaSalle Investment Management, a British investment bank. View article...

LA Fitness opens in Laveen LA Fitness is opening a sports club in Laveen. The 42,000-square-foot facility, at the southwest corner of 51st Avenue and Baseline Road, will employ 50 people, ranging from part-time group fitness instructors to full-time club staff, said Louis Welch, CEO of the Irvine, Calif.-based company. View article...

Suntech opens solar manufacturing facility in Goodyear Suntech Power Holdings Co. Ltd. opened its first U.S. manufacturing facility in Goodyear on Friday, bringing solar panel assembly to the Valley. View article...

Arena, shopping center being proposed for Los Arcos site A $50 million arena and events center is one of two development proposals submitted for city-owned land east of SkySong. The other is a $25 million shopping center of 200,000 square feet. View article...

Cave Creek approves plan for shopping center near Walmart site With the groundbreaking for a new Walmart in Cave Creek on the horizon, the Town Council unanimously approved a site plan for a shopping center just north of the big-box retailer's site. The plan for Black Mountain Plaza, a 100,000-square-foot commercial retail center on the southeastern corner of Carefree Highway and Cave Creek Road, includes three "junior" anchors, shops and stand-alone buildings. View article...

Potential tennis stadium could be economic driver for Surprise Surprise's nationally renowned tennis facilities draw thousands of visitors to the city each year, yet the city's headline event - the Cancer Treatment Centers of America Tennis Championships - brings in little revenue. View article...

Glendale issued deadline to find Phoenix Coyotes buyer If the Phoenix Coyotes were a Valley house for sale, the brochure would sound urgent. "Fixer-upper with troubled past needs TLC. Foreclosed after owner spent hundreds of millions and walked away from spending more. National Hockey League and Glendale highly motivated to sell. No less than $140 million. Deadline to close: Dec. 31." View article...

Report: Bottom in Home Values Still Months Away Home value depreciation remained steady in August after improvement stalled in July, according to the Zillow Real Estate Market Report released Friday. View article...

Unemployment Rate Holds at 9.6% as Economy Sheds 95,000 More Jobs Getting more people back to work is key to not only the nation's economic recovery, but to a recovery in housing as well. But figures released Friday show that job creation remains an elusive ideal here in the United States and in fact, the economy is still shedding jobs. 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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