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Daily News for Commercial Real Estate & Business – December 5, 2011

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

To view the December 2011 Chain Store Age, click here.

Update: TJ Maxx Takes 303K SF A national retailer, T.J. Maxx, has signed a lease for 302,640 square feet of warehouse space to fully occupy Prologis’ Tolleson Distribution Center. The company will hold the property at 9704 W. Roosevelt St. in Tolleson, AZ beginning December 2011 on a three-year lease valued at roughly $4 million. The distribution building was completed in 1994 and features 34 loading docks, four drive-in bays, 2,000-amp heavy power, and 8,000 square feet of built-out office space. Prologis acquired the then-vacant building in August 2011 for $9.95 million according to CoStar data. View article…

Consolidated Terminals Signs for 208,000 Square Feet Client requirements encouraged Consolidated Terminals and Logistics Co. to enter the Phoenix market in style by signing a 208,293-square-foot, 18-month lease at Reywest Commerce Park. As part of the transaction, landlord Cobalt Industrial REIT II will install a rail spur to serve the tenant. Reywest Commerce Park at 109 N. 37th Ave. was built in 1997…View article…

Ariz. Bally locations bought by LA Fitness California health-club chain LA Fitness has acquired all four Bally Total Fitness health clubs in Arizona, including two in the Phoenix area, as part of a deal for 171 Bally clubs throughout the United States. About 30 of the Bally clubs, including those at 1350 S. Longmore in Mesa and 4690 N. Oracle Road in Tucson, are scheduled to close Thursday. Memberships at clubs that are closing will be transferred to nearby LA Fitness clubs. View article…

2 state land auctions set for this month The Arizona State Land Department has scheduled auctions in the next two weeks for two large tracts of trust land that Scottsdale wants for the McDowell Sonoran Preserve. The first auction at 10 a.m. Wednesday is for 1,937 acresof trust land valued at $41 million. The parcel is on both sides of Dynamite Boulevard west of 136th Street. A separate parcel of 2,482 acres, with a minimum bid of $45 million, will be auctioned at 10 a.m. Dec. 14. It is northeast of Dixileta Drive and Pima Road, stretching along the Lone Mountain Road alignment to 136th Street. View article…

Smith: Mesa close to landing new colleges Mesa’s two-year drive to become a center of higher education may be about to pay off in bricks and mortarboards. Mayor Scott Smith told reporters this week that several proposals from “high-quality institutions” may be unveiled in early 2012, with formal memorandums of understanding between the schools and Mesa a likely result. They could change not only Mesa’s educational landscape, but its physical one as well. View article…

Refurbished Gaslight Inn debuts in downtown Glendale The owners of a new wine bar and refurbished historic inn in downtown Glendale plan to celebrate the grand opening Friday through the weekend. Teresa Outzen and Pete Gliniak, real-estate brokers from California, bought the 10-room bed-and-breakfast and vacant retail space next door this year. The Gaslight Inn is housed in a red-brick building completed in 1926. The inn closed more than two years ago after previous owners lost the property to foreclosure. View article…

The State of the Investment Environment The U.S. economy grew in the third quarter at the fastest pace since 2010 with real GDP expanding at a 2.0 percent annual rate, up from 1.3 percent in the second quarter. Household purchases, the biggest part of the economy, increased by 2.4 percent, much stronger than forecast. In addition, business investment remained robust. Corporate spending on equipment and software climbed 17.4 percent, the most in a year, contributing 1.2 percent to economic growth. This economic growth, along with hope for a possible resolution of the European debt crisis, has eased some concerns of a double-dip recession in the near term. Nonetheless, the economic recovery is still vulnerable to external shocks and several uncertainties remain a risk. View article…

Unemployment Rate Drops to 8.6% The nation’s unemployment rate fell to 8.6 percent during the month of November, as employers added 120,000 new jobs to their payrolls, the U.S. Department of Labor said Friday. By the government’s calculations, the unemployment rate declined by 0.4 percentage point from 9.0 percent reported in October to hit its lowest level since March of 2009. View article…

HOUSING:
Study Uncovers Declines Among Owner-Occupant REO Buyers Looking for an REO buyer? It’s becoming harder to find owner-occupants to fit that bill. New Vista Asset Management has published the results of a three-year study examining buyers of foreclosed homes in 18 counties hit hardest by the mortgage crisis. The company says the percentage of REO homes sold to owner-occupant buyers has decreased in almost every market. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate!
Investment, multi-tenant retail center. For a brochure, click here…

5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale (CALL FOR OFFERS-DEADLINE 12/1/2011) For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.