Daily News for Commercial Real Estate & Business – October 12, 2010

Phoenix Desert Sky Mall planning Mercado The shuttered Mervyns store at Desert Sky Mall in west Phoenix offers a chance for Westcor to expand its efforts to connect with Latino businesses and consumers. The developer and mall operator has been orienting the 900,000-square-foot regional center toward Hispanics for about five years, with moderate success, and is now redoubling its efforts. View article...

Scottsdale condos defying real-estate market The owner of Optima Camelview Village condominiums in Scottsdale said sales and property values have been surprisingly resilient for the architectural-award-winning project. View article...

Phoenix office vacancy rates hold steady, but big box stores remain a drag on market The commercial real estate market in Phoenix remained relatively stable during the third quarter, according to a report released today by CB Richard Ellis. The office vacancy rate remained unchanged from the second quarter at 25.9 percent. The average asking price for leased office space is $22.25 per square foot, which compares to $25.44 in the third quarter of 2008. View article...

Hospice of the Valley opens in Pinal County Hospice of the Valley today expanded its services to Pinal County in its first expansion outside of Maricopa County. The nonprofit organization said its Casa Grande facility will provide end-of-life care to people in their homes, group homes, assisted living and nursing homes. View article...

Girlfriend University caters to female entrepreneurs Girlfriend University is inviting female entrepreneurs to visit its coaching and training boutique that opened Thursday at Scottsdale Quarter. View article...

City asks residents for medical marijuana zoning suggestions Encanto Village Planning Committee members seemed hesitant to discuss medical-marijuana dispensaries. The city is attending community meetings to get ideas about what restrictions to impose if voters next month approve Proposition 203, also known as the Arizona Medical Marijuana Act. View article...

Scottsdale hotel revenues drop in August Occupancy, revenue per available room and room rates all declined at Scottsdale hotels in August compared to the same month a year ago. View article...

Food prices drop for first time this year in Arizona It may not be enough to notice. But food prices in Arizona have slipped for the first time this year. 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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