Daily News for Commercial Real Estate & Business – October 18, 2010

Hoover Dam bypass bridge an American triumph It stands like a sentinel, watching in the wind over one of America's most treasured landmarks, the Hoover Dam. When the Mike O'Callaghan-Pat Tillman Memorial Bridge opens to traffic later this week, it will become an instant tourist attraction and provide a quicker, safer way to drive from Phoenix to Las Vegas. View article...

MORGAN STANLEY/McCARTHY COOK VENTURE PAYS $44.9 MILLION FOR PHOENIX OFFICE PROJECTS Joint venture companies formed by Morgan Stanley in New York City, N.Y. (NYSE:MS) and McCarthy Cook & Co. in Costa Mesa, Calif. (Thomas McCarthy, Edward Cook, co-presidents) paid $44.879 million to buy two office projects in Phoenix that total 526,880 sq. ft. The seller in two cash transactions was Teachers Insurance And Annuity Association of America (TIAA) in New York City, N.Y. View article...

CENTRAL AVENUE OFFICE OCCUPIED BY VETERANS ADMINISTRATION SOLD FOR $20.3 MILLION Western States Office I LLC, a company formed by Willem Willemstein of Velocity US Properties Inc. in Sisters, Ore., paid $20.3 million ($212.44 per foot) to buy a 95,558-square-foot office building located at the southeast corner of Central Avenue and Osborn Road in Phoenix. View article...

COMERICA THEATRE IN PHOENIX UP FOR SALE . . . (FORMERLY KNOWN AS DODGE THEATRE) The owner of the Comerica Theatre (formerly Dodge Theatre) in downtown Phoenix is looking to sell the controlling interest in the 4,900-seat live entertainment venue. The use rights to the Comerica Theatre is owned by a company formed by JDMD Investments LLC in Phoenix (Jerry Colangelo, David Eaton, Mel Shultz, Dale Jensen, principals). View article...

Northeast Valley home prices continue steady decline Joan Hunsinger sold her Scottsdale Ranch home after finally knocking her asking price down to $650,000. At one time, the home was appraised at $1.2 million, but it sat on the market month after month until she drastically dropped the price. View article...

Theater reopens at new location After a two-year hiatus, the Desert Rose Theatre reopens Thursday in Mesa with a duet of one-act comedies about William Shakespeare. Directed by the theater's founder, Katherine Stewart, the collection of performances is called "Shakespeare in Shorts." The shows include George Bernard Shaw's "Dark Lady of the Sonnets" and ''Roadhouse in Arden" by Philip Moeller. View article...

Matthew Hulsizer has deal in place to buy Phoenix Coyotes Chicago finance executive Matthew Hulsizer has a tentative deal in place to buy the Phoenix Coyotes from the National Hockey League. The sale would keep the Coyotes in Arizona. Hulsizer also has forged lease terms with the city of Glendale to keep the Coyotes playing at Jobing.com Arena. View article...

Phoenix's growth engine fails to ignite income levels The Phoenix area's rapid population growth over the past 25 years has done little to spur individual income levels. Experts say wage growth requires new industries and education. View article...

BofA to hire more than 1,000 small-business bankers Bank of America Corp. plans to add more than 1,000 small-business bankers nationwide by early 2012. View article...

Three Banks Closed on Oct. 15 Federal and state banking regulators closed three banks on Friday, Oct. 15. These closures raise the total number of failed institutions to 149 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.

Speak Your Mind

*

CommentLuv badge

footer script.