Commercial Real Estate & Business News – November 7, 2013

Proving the old adage of making hay while the sun shines, U.S. banks have wasted no time in selling off their REO properties as the economic recovery continues to gain strength. The volume of foreclosed property sales by the nations’ banks and the Federal Deposit Insurance Corp. (FDIC) reported through the end of October has dropped dramatically… Read more
The once-venerable video-rental chain Blockbuster LLC is rolling its final credits. Dish Network, which owns Blockbuster, announced today it will close its remaining 300 rental stores, including those in the Phoenix area. According to the Blockbuster website, the chain operates 11 stores in the greater Phoenix region… Read more
Apartment living is about to jump in Scottsdale as a growing number of new complexes near completion, while others begin construction. The first units of various new complexes are available for leasing in the southern, central and northern parts of the city… Read more
Three months after the 183-unit, 774-bed Retreat at Tucson was completed and leased up, developer partners Harrison Street Real Estate Capital LLC and Landmark Properties – operating under the name Harrison Street Real Estate Partners III LP – have sold the student housing project to Clarion Partners… Read more
Noble Investment Group has purchased two Windmill Suites hotels in Arizona and plans to pump more than $18 million into improvements and rebranding. Atlanta-based Noble scooped up Chandler’s Windmill Suites Hotel in Chandler at Chandler Fashion Center and the Windmill Suites Hotel at the University of Arizona in Tucson…Read more