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Daily News for Commercial Real Estate & Business – November 18, 2011

It is with a heavy heart that I inform you that the commercial real estate community lost a great leader, Tim Hatlestad, CCIM, late Wednesday night. Tim has been involved in our community for a number of years, was the Past President of the CCIM Institute and owned Remax Commercial Investment. Please keep Tim’s family in your thoughts and prayers. Here is a story that was written by Remax.

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

J.W. MARRIOTT STAR PASS RESORT IN TUCSON SET FOR TRUSTEE’s SALE The owner of the J.W. Marriott Resort & Spa in Tucson is scheduled to be sold at a trustee’s sale on Feb. 2. The 575-room luxury hotel is collateral on a $145 million loan that is in default. According to Ion Data, a Mesa-based provider of real estate data, Jeffrey Pitcher of the Phoenix lawfirm Ballard Spahr LLP is the trustee on the pending foreclosure. View article…

SO. CALIF.-BASED FIRM SNATCHES UP 74 UNITS IN BROKEN CONDO PROJECT IN DOWNTOWN PHOENIX Urban Commons LLC in Los Angeles, Calif. (Howard Wu, Taylor Woods, principals) paid $12.7 million ($171,622 per unit) to purchase 74 units within The Summit at Copper Square, a 165-unit high-rise condominium project located across the street from Chase Field in downtown Phoenix. The seller was Stearns Summit Holdings Co., a company formed by Stearns Bank. View article…

DICK’s SPORTING GOODS CLOSES ON 60-ACRE PARCEL FOR NEW DISTRIBUTION CENTER Dick’s Sporting Goods Inc. in Pittsburgh, Pa. (NYSE:DKS, Dick Stack, chairman) paid just over $5.792 million to acquire a 60-acre parcel located in Goodyear to build a 600,000-square-foot distribution facility. The seller was RP PV I LLC, a venture comprised of Sunbelt Holdings LLC in Scottsdale (John Graham, pres.), and Rockpoint Group LLC in Dallas, Tex. View article…

Phoenix’s Select Top Retail Sales for Q3 2011 Tallying retail building sales of 15,000 square feet or larger, Phoenix retail sales figures rose during the second quarter 2011 in terms of dollar volume compared to the first quarter of 2011. In the second quarter, 31 retail transactions closed with a total volume of $132,426,875. The 31 buildings totaled 1,653,346 square feet and the average price per square foot equated to $80.10 per square foot. That compares to 16 transactions totaling $88,234,640 in the first quarter 2011. The total square footage in the first quarter was 924,609 square feet for an average price per square foot of $95.43. View article…

Genworth Re-Ups in Great American Tower Genworth Financial (NYSE: GNW), a publicly traded global financial security company with more than $100 billion in assets, completed a 19,736-square-foot lease renewal and lease expansion in the Great American Tower, 3200 N. Central Ave. in Phoenix. The 24-story, 344,187-square-foot building was built in 1987. View article…

CareMore opening Phoenix medical center for seniors After more than a year of planning, CareMore Medical Group will have a grand opening Nov. 18 for it’s new Phoenix CareMore Care Center dedicated to senior health. The California-based company originally opened in Tucson last year, and then received federal approval to expand in Phoenix. View article…

Unusual tenants fill Southeast Valley industrial parks When the economy turned sour, many Southeast Valley industrial parks filled vacant space with new types of tenants. Jam-makers, metal sculptors, fitness trainers and churches drawn to large spaces and reduced rents replaced many traditional manufacturers, offices and warehouses. The glut of commercial space during the recession has drawn eclectic mixes to large complexes in Chandler, Tempe, Mesa and Gilbert. It’s also creating challenges for city planners who must decide which uses are compatible and which may be a source of conflict or hazards. View article…

Mesa not opening zoning code for low-end businesses A new zoning code for downtown Mesa is not going to open the door to low-end businesses, the City Council was told Thursday. Vice Mayor Scott Somers raised that worry as staffers briefed the council on the Central Main Plan, a document governing future development of the light-rail corridor from about Country Club Drive to Gilbert Road. View article…

Scottsdale, Tempe the smartest big cities in Arizona; Glendale last The East Valley is the place to be for the smartest big city folk in Arizona. New research from On Numbers shows that Scottsdale has the most brainpower among Arizona cities with a population of at least 100,000 people. It’s followed, in order, by Tempe, Gilbert and Chandler. View article…

Arizona unemployment rate drops to 9% Arizona’s unemployment rate dropped slightly in October to 9 percent as the economy added 15,500 jobs. The rate was down from 9.1 percent in September, as the private sector added 12,700 jobs. The government sector added the rest, according to the monthly report from the Arizona Department of Administration. View article…

Consumers’ Financial Health Takes Hit in Third Quarter A deteriorating housing picture, coupled with an increase in expenses and a drop in consumer confidence, led to a sharp decline in consumers’ financial health during the third quarter. The nonprofit credit counseling agency CredAbility puts out a regular quarterly index measuring consumer distress. Between July and September, the gauge recorded its largest drop since the third quarter of 2008. View article…

HOUSING:
National Delinquency Rate Falls to Lowest Level in Three Years: MBA
Industry data released Thursday indicates the number of borrowers in the United States behind on their mortgage payments is showing signs of improving. The Mortgage Bankers Association (MBA) reported that the national delinquency rate for residential home loans fell to 7.99 percent in the third quarter. View article…

8 percent of Arizona mortgage holders are late on payments Delinquency rates on residential mortgages in Arizona fell to just over 8 percent of all mortgages in the third quarter 2011, according to a report released today by the Mortgage Bankers Association. Arizona rates 25th nationally in delinquencies. The delinquency rates do not count loans in the process of foreclosure, and the numbers are not seasonably adjusted. 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.