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Daily News for Commercial Real Estate & Business – November 10, 2011

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

To view the Commercial Insight Fall 2011 by First American Title, click here.

To view this weeks Costar Watch List, click here.

Honeywell Int’l Renews in Glendale Honeywell (NYSE: HON) has signed a long-term lease renewal to remain at 19019 N. 59th Ave. in Glendale, AZ. The 252,300-square-foot industrial property has housed Honeywell’s aerospace facility for 25 years, and represents approximately 400 local jobs. Specific terms of the lease were not available. Honeywell will continue to occupy the entire building, which was constructed in 1985 on 52 acres in the N. Glendale / Sun City Industrial submarket of Maricopa County. View article…

Industrial Building in Glendale Sold For $2.8M TIN, Inc. sold the industrial building located at 4932 W. Colter St. in Glendale, AZ to Moran Real Estate Properties, Ltd. for $2.85 million, or about $19 per square foot. Built in 1959 and situated on a 12-acre parcel, the 150,155-square-foot warehouse offers 10,000 square feet of built-out office space, a clear height of 13 feet, and a fenced yard. It was reported that the buyer will occupy the property as an owner/user, doing business as Corsicana Bedding, Inc. View article…

Vestar takes over management of Westgate City Center in Glendale Westgate City Center is under new management. Phoenix-based Vestar Development Co. has taken over for the Ellman Cos., which had been managing the retail center after the company lost the property in a recent foreclosure sale. Teetsel Properties, Westgate’s new asset manager, made the switch. Vestar has developed numerous shopping centers in the Valley, including Tempe Marketplace and Desert Ridge Marketplace. View article…

Kimpton Palomar Hotel at CityScape could be hub for visiting sports teams The Kimpton Palomar Hotel opening next year in downtown Phoenix may become a hub for professional sports teams visiting the Valley to play Phoenix-area teams. The 250-room Palomar will be part of the CityScape mixed-use development, across Jefferson Street from US Airways Center and a few blocks west of Chase Field. View article…

Mesa holding light rail forum to connect businesses Businesses that will be affected by the Central Mesa Light Rail extension construction will have the opportunity to discuss those issues with business people who were affected by the construction of the starter line that runs from central Phoenix to west Mesa. View article…

Arizona drops on list of most desirable states A new Harris Poll that measures Americans’ desires and fears about living in different U.S. cities and states showed that Arizona ranks 8th on the list of states in which people would most like to live. However, Arizona dropped a few spots from a No. 5 ranking in the same poll a year ago. View article…

HOUSING:
Phoenix home prices expected to drop 10 percent next year
A new report distributed today from Fiserv Case Shiller shows that home prices in Phoenix continue to fall, and are expected to continue on that downward track at least through the second quarter of 2013. Average home prices in Phoenix fell by 9.5 percent in the past year and are projected to drop another 10.3 percent by next summer. Between next summer and second quarter of 2013, prices are expected to fall another 4.5 percent. View article…

Fiserv: Home Prices Will Continue to Fall into 2012 In the second quarter of 2011, single-family home prices fell 5.9 percent on an annual basis, according to the latest national Fiserv Case-Shiller home price indexes released Wednesday. This continuation of the double-dip that started in 2010 is not the end, according to Fiserv. View article…

Americans Consider Housing Policy in 2012 Election As Americans consider the best candidates for the 2012 presidential and congressional elections, housing is at the forefront of the debate for many. About 70 percent of Americans say a candidate’s position on housing could sway their vote, according to a survey released Tuesday by Move, Inc. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center –
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.