Daily News for Commercial Real Estate & Business – October 4, 2010

West Valley business park purchased A Phoenix company named 99th Ave./Van Buren Partners LLC has purchased a business park in the West Valley for $1.7 million. The 99th Avenue Business Park at 9950 W. Van Buren St. in Avondale was built in 2007. At the time of sale, the two-building, 79,150-square-foot business park was 5 percent leased. View article...

My Florist Cafe closes doors in Phoenix A longtime hot spot that helped set the stage for the development of the Seventh Avenue retail corridor has closed its doors. My Florist Cafe, at 530 W. McDowell Road, was closed as of Friday. Its phone number was disconnected. View article...

CA. semiconductor firm bringing jobs to Arizona A California semiconductor firm is bringing 80 jobs to the Phoenix area. International Rectifier Corp. says it plans to open an office for administrative and research and development work in Chandler by the end of the year. View article...

Renovation of Arizona Science Center Taking Shape The Arizona Science Center is undergoing a major renovation this summer and the improvements are hard to miss. Those familiar with the design of the unique downtown landmark will notice the extensive changes to the exterior of the structure, while inside three new permanent galleries are being constructed. View article...

Abrazo Health Care acquires Arizona Heart Hospital for about $32M It's official: Abrazo Health Care has acquired the 59-bed Arizona Heart Hospital for around $32 million. With this deal, Abrazo has a total of 1,027 licensed beds in the Phoenix area. View article...

Gray Development Group takes first steps to claim judgment Gray Development Group has taken its first steps to claim the $110 million legal judgment it won in late July from Northeast Phoenix Partners. The company has filed suit in four other states to seize the corporate assets of Northeast Phoenix Partners and personal assets of its members. View article...

Property owners file protests against luxury apartment plan Gray Development Group faces an extra hurdle next week when the Scottsdale City Council considers its proposal to develop a luxury apartment complex just east of Scottsdale Fashion Square. View article...

CMBS Issuance to Accelerate, Report Says Tightening credit spreads for U.S. commercial mortgage-backed securities (CMBS) since the highs reached in the first quarter of 2009 should continue to spur new issuance over the near term, according to a report published by Standard & Poor's Ratings Services' global structured finance research team. View article...

Two Banks Fail on Friday, Oct. 1 Federal and state banking regulators closed two banks on Friday, Oct. 1. These bank failures raise the total number of failed institutions to 146 so far in 2010. View article...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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