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Daily News for Commercial Real Estate & Business – November 3, 2011

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

To view this weeks Costar Watchlist, click here.

Pacific Real Estate Group buys Phoenix facility for $6 million Pacific Real Estate Group LLC of Newport Beach, Calif., has purchased a distribution center at 640 S. 51st Ave. in Phoenix for nearly $6.3 million. The seller was the Realty Associates Fund VI LP of Boston. The building is fully occupied by Tharco, a division of Boise Cascade. View article…

Mega Furniture store opening in Mesa Pavilions shopping center A fast-growing locally owned chain offering “low-cost, high-quality” furniture today may start breathing new life into the Mesa Pavilions shopping center on Power Road. Mega Furniture is opening in the center, between East Hampton and East Southern avenues, several years after the closing of a Costco store and a restaurant left part of the shopping center vacant for several years. WinCo Foods, an Idaho-based supermarket chain, also is expected to open a store there next year. View article…

Scottsdale Healthcare Tech Provider Leases 19,280 SF Carefx Corporation, a leading healthcare technology solutions provider to more than 600 hospitals, regional health information exchanges (RHIO’s) and health information exchanges, renewed its lease for 19,280 square feet at the Riverwalk Arizona building in Scottsdale, AZ for seven years. Located at 7500 N. Dobson Rd. and built in 2005, the three-story, 100,268-square-foot, class A office building is also home to such tenants as Thompson Reuters and the Alter Group. View article…

Icon Injection Leases 19,080 SF in Phoenix Icon Injection Molding, an innovative mold builder, signed a 10-year lease for 19,080 square feet in the flex warehouse building at 23034 N. 17th Dr. in Phoenix, AZ. The single-tenant, two-story building was a build-to-suit for Icon Injections. Barr Development Group LLC completed the property in 2010. The lease will commence on November 1st. View article…

Pollack decries intersection project near shopping centers Valley shopping center magnate Michael Pollack is lashing out at Chandler for reconstructing an intersection when small businesses are struggling and for failing to demolish a vacant building the city purchased to widen the road. “It’s atrocious and unfair,” he said of work on Alma School and Ray roads after he learned businesses on the northwestern corner were without phone, Internet and credit card processing capabilities for nearly a week and their water was shut off for 20 minutes without notice during ongoing utility relocations. View article…

Scottsdale hotels busier than a year ago Scottsdale hotels are posting stronger occupancy results in 2011 than last year. New data from Smith Travel Research shows occupancy at Scottsdale hotels in September was 53 percent, a 4.3 percent increase over September 2010. Also for September, the average daily room rate was $122.94, a 5.2 percent increase from a year ago. View article…

More than 97% of Phoenix businesses are small businesses Nearly all of the businesses in the Phoenix area – 97.35 percent – are considered small businesses. The high figure isn’t surprising, considering that the vast majority most businesses across the country – 97.7 percent – have fewer than 100 employees, according to an On Numbers analysis. View article…

Arizona’s economy: Breaking down the good, bad and ugly Consumer confidence is back down to Great Recession levels, though actual consumer spending numbers nationwide and in Arizona are holding their own. Manufacturing sentiment is flat, but trade with Mexico and Canada are up. The housing industry still is struggling, but the state’s gaming and tax revenue are on the rise. View article…

Air Force laying off 9,000 workers; push on for drone base in Tucson The U.S. Air Force announced today it was cutting 9,000 civilian jobs across the branch, including 78 at Luke Air Force Base in Glendale. The base previously had reported 120 civilian job cuts to the Arizona Department of Economic Security. View article…

ADP: U.S. adds 110,000 jobs in October The ADP National Employment Report released today shows private-sector employment across the country grew by 110,000 from September to October. The news helped boost stocks on Wall Street Wednesday morning, and continues the trend in 2011 of very slow job growth nationwide. Arizona’s unemployment rate declined to 9.1 percent in September from 9.3 percent in August. View article…

Housing Woes Lead Fed to Cut Growth Forecast In the last of three monetary policy press conferences scheduled this year, Federal Reserve Chairman Ben Bernanke said Wednesday that “ongoing drags from troubled housing conditions and still tight credit” have led Fed officials to downgrade their forecasts for short-term economic growth to “only moderate.” View article…

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