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Daily News for Commercial Real Estate & Business – March 22, 2011

To view Discover the Discovery Triangle from the AZRE March/April 2011 magazine, click here.

GSA leases new office space in Phoenix The U.S. General Service Administration will occupy 29,500 square feet of space at the 2800 Tower, which is located at 2800 N. Central Ave. in mid-town Phoenix. GSA signed the 10-year lease on behalf of the Military Entrance Processing Station. View article…

BlackRidge Real Estate expands to Phoenix BlackRidge Real Estate Group LLC of Los Angeles has acquired its first Phoenix property. BlackRidge paid almost $9.7 million for a 265,000-square-foot warehouse at 844 N. 47th Ave. The seller was Chamberlain Investments LLC of Tempe. The structure was built in 1998 by Sun State Builders. View article…

Tempe startup turns garbage into compost It’s said that one person’s trash is another’s treasure, but for a Tempe startup called EcoScraps, that trash is its very business model. The fledgling business is based on the grocery industry’s massive piles of fruits and vegetables that go bad before they can be sold and until now have been hauled to a landfill. View article…

Scottsdale will assist car dealers in locating to best site Scottsdale has initiated a study aimed at ensuring auto dealerships are located in areas that will maximize their sales, and, in turn, sales-tax revenue for the city. The study also is looking at the feasibility of a luxury auto dealer locating a boutique in the downtown area, such as a storefront showroom on the ground floor of a future development. This is the first time the city has conducted such a study, said Jim Mullin, the city’s economic vitality director. View article…

Phoenix area gains 7,200 jobs over past year The Phoenix area added 7,200 jobs during the past year, good for No. 26 in the nation among 372 metro areas. A total of 266 metropolitan areas gained employment between January 2010 and January 2011, according to new figures from the U.S. Bureau of Labor Statistics. View article…

Scottsdale hotels see revenue gains Scottsdale’s tourism sector is off to a strong start in 2011, according to new lodging data from Smith Travel Research. Occupancy in Scottsdale hotels in February reached 73.9 percent — up roughly 1 percent from February 2010. View article…

Economic Conditions Snapshot, March 2011: McKinsey Global Survey results Our most recent survey of economic conditions was in the field from March 7 to March 11, 2011, a week when Libya, which has the largest oil reserves in Africa,1 fell into near civil war and oil prices fluctuated. The earthquake and tsunami in Japan, given their timing, did not have a meaningful effect on results. View article…

Commercial Real Estate: A Prime Driver of Job Creation As the U.S. economy recovers from the Great Recession, the major issue continues to be the need for more jobs. Commercial real estate generates a significant number of jobs – both from new construction and from ongoing building operations. NAR projects a recovery in the commercial sector in the 2011/2012 time frame. That recovery could ultimately provide an additional 800,000 new construction jobs, plus additional operating jobs servicing the expanding building stock. View article…

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.