Here are the news articles you might find interesting today for commercial real estate and business:
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Gila River plans casino upgrades, new hotel The Gila River Indian Community will invest $160 million to reconstruct and upgrade two of its casinos in the Phoenix area. The projects are expected to create 700 temporary construction jobs and 400 additional full-time jobs, according to Anthony Villareal, the chairman of the Gila River Indian Community’s Casino Expansion Owner’s Team. The two projects are expected to take 18 months. View article…
Tanger Outlet mulls Westgate City Center Tanger Factory Outlet Centers Inc. appears to still be considering plans to build at Westgate City Center, a project that would energize the struggling area with new customers, according to city and outside sources. Glendale officials declined to comment. A message left with Tanger CEO Steven Tanger was not returned. Charlie Dunlap, who is asset manager for the investors who own a portion of Westgate, said decisions on big changes to the parcel and its management are expected to be made by the end of the year. View article…
Magna International to open Phoenix plant Magna International Inc. is slated to open a new facility in Phoenix this month that will create 50 to 60 jobs initially with the potential for more as it ramps up. The Aurora, Ontario-based Magna is opening a facility for its Cosma International subsidiary which will be branded as a Cosma Power Systems factory, officials said. View article…
Scottsdale buys 2,500 acres for McDowell Sonoran Preserve Scottsdale bought nearly 2,500 acres of state trust land Wednesday morning for $45 million that will be added to the McDowell Sonoran Preserve. The land acquisition at an Arizona State Land Department auction follows the city’s successful bid a week ago for more than 1,900 acres of trust land for $41 million for the preserve. The newest acquisition is northeast of Pima Road and Dynamite Boulevard along a power-line corridor. It stretches east along the Lone Mountain Road alignment to 136th Street. View article…
Retailer picks Tempe for triathlon gear site Tucson-based TriSports.com, a leading retailer in triathlon, swim, bicycling and running products, will open a store in June in Tempe Gateway. The retailer has signed a lease for 7,500 square feet on the first floor of the eight-story building at 222 S. Mill Ave. Tempe Gateway was bought in June 2010 by Seattle-based Vulcan Real Estate, a division of Paul Allen’s Vulcan Inc. Allen co-founded Microsoft with Bill Gates. View article…
Fed Offers Nothing New Those keeping tabs on the Federal Reserve’s movements were looking for a change in the central bank’s communication strategy when officials emerged from their final policy meeting of the year on Tuesday. Some analysts were even anticipating the Fed to launch a third round of Quantitative Easing’ measures. All expectations went unfulfilled, as the nation’s central bankers announced no new policies or economic stimulus programs, and stuck to their traditional messaging surrounding forecasts for short-term interest rates. View article…
Fitch: Timing and Method of REO Disposition Matters Citing data from Lender Processing Services estimating more than 2 million properties in some state of foreclosure, Fitch Ratings stated in a press release Tuesday that REO sales – both single-property and bulk sales – will be an integral component of the housing market over the next two years. View article…
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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.