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Daily News for Commercial Real Estate & Business – November 15, 2011

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

Market Trend: Phoenix’s Retail Vacancy Decreases to 12.4% The Phoenix retail market did not experience much change in market conditions in the third quarter 2011. The vacancy rate went from 12.5% in the previous quarter to 12.4% in the current quarter. Net absorption was positive 288,887 square feet, and vacant sublease space increased by 34,388 square feet. View article…

Westcor may give up land for high-profile Palisene project A coveted mall site at Scottsdale Road and Loop 101 could be going back to the state. Westcor has deferred a $1 million lease payment until Dec. 30 on 112 acres of state trust land and is weighing whether it will retain a 99-year lease for the property, said Scott Nelson, company vice president of development. “We’re working with the state to evaluate our options for Palisene,” Nelson said of its shopping-center site, which is north of Loop 101 and west of Scottsdale Road in Phoenix. View article…

Facelift set to begin at Tempe’s iconic Hayden Flour Mill Work to restore the historic Hayden Flour Mill should start in as little as 10 days, bringing life to an iconic building that’s sat idle since 1997. Mayor Hugh Hallman announced the project’s start date Thursday in the annual state of the city address, which will be the last Hallman will deliver as he wraps up two terms in office. View article…

Shea Corridor touted as destination for cancer care Scottsdale Mayor Jim Lane joined local health-care leaders last week to tout the city’s emerging reputation as a destination for cancer care. Collaborate efforts in treatment and research between Scottsdale Healthcare, Mayo Clinic Scottsdale and the Translational Genomics Research Institute (TGen) have helped cement that reputation, Lane said, during a Mayor and City Council Breakfast held Tuesday.All are within a 5-mile stretch of Shea Boulevard in Scottsdale. View article…

Investment adviser tries hand at furniture Catherine Crandall left Wall Street nearly a decade ago and now has landed on main street, recently opening her own home-decor store in Scottsdale. Abode Fine Living, on Scottsdale Road north of Greenway-Hayden Loop, is one of the independent retailers among larger chain stores on “Furniture Row,” which stretches north to Paradise Lane and includes Thomasville, Copenhagen and the Room Store. View article…

Carefree the smartest small town in Arizona New data that examines the educational attainment of residents in small towns shows that Carefree is the smartest small town in Arizona. According to data from On Numbers, Carefree ranked 397th nationwide among more than 10,000 small towns for educational attainment. Small towns are those with 1,000 to 9,999 residents. View article…

Phoenix foreclosures reach lowest level since early 2008 Foreclosure sales are taking up a smaller percentage of monthly home sales in the Phoenix area, according to a report released today by the W.P. Carey School of Business at Arizona State University. Foreclosure sales in October accounted for 26 percent of existing home sales as compared with 43 percent in January and February and 29 percent in September. View article…

One Bank Closed on Nov. 10 One bank was closed on Nov. 10 by state and federal banking regulators. This failure brings the year’s tally to 107 failed institutions. 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.