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Commercial Real Estate & Business News – January 14, 2013

Here are the news articles you might find interesting today for commercial real estate and business:

Brookfield Readies for Bullhead City Medical Campus Development Locally based Brookfield Communities is readying to develop a medical and commercial project at its 750-acre Fox Creek master-planned community in Bullhead, AZ. Situated on five acres, the project be anchored by five 7,500-square-foot medical office buildings. Furthermore, an assisted living facility called Joshua Springs will be developed next to the medical office complex. View article…

U.S. Wants Resort Sale Postponed to Clear Up $331 Million Tax Issue The U.S. has a $331 million problem with the sale of a group of luxury resorts to the government of Singapore. Preet Bharara, U.S. Attorney for the Southern District of New York, said in court papers that MSR Resort Golf Course LLC’s plan to sell its resorts to the real-estate arm of Singapore’s sovereign wealth fund creates $331 million in tax liabilities that should be owed to the Internal Revenue Service but can’t be collected. View article…

Ghoulish downtown Mesa restaurant closing its doors A hauntingly unique Mesa restaurant announced Friday that it would be closing its doors for good. Monsterland, located on 13th near Main and Center in downtown Mesa, is a horror-themed restaurant that sought to entertain guests along with feeding them. View article…

Phoenix extension of light rail to break ground Metro’s on-again, off-again light-rail extension along 19th Avenue in Phoenix will break ground today. The event will be met with a mixture of relief by those who want access to the rail system and dread by nearby businesses and residents who fear the disruption from long-term construction. The three-station extension is scheduled to open by early 2016. The $300million project will add stations at Glendale, Northern and Dunlap avenues, and is expected to attract an estimated 5,000 additional riders a day. View article…

Boutique hotel is home away from home for Valley visitors Downtown Scottsdale’s newest hotel is not really a new kid on the block. El Dorado Scottsdale opened in the fall as a vacation-suites hotel tucked away on a cul-de-sac at 6825 E. Fourth St. It is surrounded by some of Scottsdale’s best preserved mid-century apartments with retro-sytlish architectural character akin to other sunny vacation destinations like Miami Beach, Palm Springs and Las Vegas. El Dorado was one of the those apartment complexes for snowbirds until Franco Calabrese and Stephen Weiss bought it in December 2011 for $2.17 million. View article…

Groups still in talks about future of Firebird Raceway The current owners of Firebird Raceway have announced an end to their 30-year operation, but representatives from the National Hot Rod Association say talks are still under way to continue racing at the facility. “NHRA continues to have meaningful discussions with the Gila River Indian Community regarding the facility and hopes to finalize the agreement in the coming weeks,” Peter Clifford, executive vice president and general manager of the NHRA, said in a statement. View article…

CMBS Delinquency Rate Falls for 7 Straight Months: Fitch The delinquency rate for commercial mortgage-backed securities (CMBS) managed to slip below 8 percent before the close of 2012, while the multifamily sector led with the biggest decline for the year, Fitch Ratings reported Friday. View article…

HOUSING:
Flagstaff’s home sales in 2012 rose by 15 percent The number of single-family homes sold in the greater Flagstaff area during 2012 was up by 15 percent when compared with 2011. The Arizona Daily Sun reports that the 886 single-family homes sold in 2012 marked the highest number of homes sold in the last six years. The median home price in 2012 was down 4 percent from last year while the price per square foot was essentially flat. View article…