Daily News for Commercial Real Estate & Business – September 7, 2010

PRUDENTIAL BUYS NOTE SECURED BY GRAY DEVELOPMENT APARTMENTS . . . FILES TRUSTEE's SALE Phoenix - A company formed by Prudential Real Estate Investors has filed foreclosure proceedings on a $82.52+ million loan that is secured by Valley apartment projects and multi-family land owned by Gray Development Group in Phoenix. View article...

FORMER BELDEN INDUSTRIAL PROJECT TARGETED IN FORECLOSURE ACTION Phoenix - A 95-acre industrial project in southwest Phoenix has been noticed for a trustee's sale. The property, previously occupied by Belden Communications Co., is at 505 N. 51st Avenue. View article...

Mesa renews efforts to lure colleges, health care downtown Mesa is ramping up its campaign to attract colleges to its downtown, as well as hospitals and clinics that could have a regional or even global appeal. View article...

Centerpoint revived, Tempe aims to boost another lakeside project A flurry of workers will return to the 30-story Centerpoint Condominiums in October, bringing life back to a symbol of the Valley's economic meltdown. View article...

Air Novo expands into Arizona Air Novo Inc., an air filtration system manufacturer, is expanding into the Valley. It is the first move for the New York-based company after an 18-month trial and distribution phase in Canada. View article...

Scottsdale panel awaits developer's proposal on luxury apartments The Scottsdale Planning Commission and concerned residents will have to wait a while longer to find out what Gray Development Group has done to address the numerous concerns about its proposed luxury apartment complex just east of Scottsdale Fashion Square. View article...

Heliae Leases Space at 202 Business Park in Gilbert Heliae Development LLC has inked a lease for 60 months with Mountain West Industrial Properties in for 15,070 square feet of space at the 202 Business Park on 614 E. Germann Road in Gilbert. View article...Avondale drafting sports-entertainment district to allow PIR expansion Avondale is drafting a proposed sports and entertainment zoning district that would allow Phoenix International Raceway to expand near the racetrack. View article...

US Airways, Chase Bank hiring nearly 300 in Tempe US Airways Group Inc. and JPMorgan Chase & Co. have close to 300 jobs available in Tempe - some welcome new to the Valley's dour job market. View article...

Arizona real estate: ADOT buying some houses in planned freeway's path The Arizona Department of Transportation is quietly buying Phoenix homes in the path of the planned South Mountain Freeway from people with special hardship cases, even though the state is strapped for cash and the agency is in talks to move the route. View article...

Labor Day facts and figures As the nation celebrates Labor Day today, the U.S. Census Bureau counts 154 million people 16 years of age and older in the U.S. work force. Arizona reports a civilian labor force of 3.18 million, however, 10 percent of those people are currently unemployed as the recession's effects linger. View article...

Number of homes for sale in Phoenix area up 5 percent in August Real estate research firm ZipRealty released numbers Friday that reflect poorly on the Phoenix residential real estate market. View article...

Seattle's Best hits 30,000 location mark Starbucks Corp. said its aggressive push to build diverse points of distribution for its secondary Seattle's Best Coffee brand has resulted in the coffee now being available in 30,000 locations, including Subway and Burger King restaurants. View article...

Shameless plug for my wife and son: Can you become a fan of Krista Campbell photography on Facebook for them? The link below should take you to their photo that was submitted. Each "like" is considered a vote. They can win the "Mommy & Me Photo Contest" and receive a free photo session, 1- 8×10, 2 5x7s and one set of wallets and 5 web-sized digital images to share online with family/friends. To get votes, have your family/friends become a fan of Krista Campbell Photography and then "like" their picture. Here is the link to Tiffany & Jacob's photo we entered: http://www.facebook.com/photo.php?pid=281233&id=112863485413699&ref=fbx_album Thanks in advance!

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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