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Daily News for Commercial Real Estate & Business – October 27, 2011

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

To view this weeks Costar Watch List, click here.

GSA BUILDING IN SIERRA VISTA SELLS FOR $7.4M The 23,485-square-foot General Services Administration (GSA) building in Sierra Vista has sold to a New York-based REIT for $7.4 million. The property is a former Lazy Boy showroom that was renovated and converted into an eco-friendly office building. It is fully occupied by the Department of Interior. The U.S. Federal Government has a 10-year lease at the single-tenant, freestanding property. View article…

Black Canyon Conference Center Renews 60,000-SF Lease Sodexo, Inc, a leading provider of conferencing capability and facilities, renewed its lease for seven years at the 59,802-square-foot Black Canyon Conference Center. Built in 1983, the one-story masonry building is situated on a 5-acre parcel at 9440 N. 25th Dr. in Phoenix, AZ. View article…

Four Peaks Brewery Leases 55,927 SF in Tempe Hop Knot Brewing Co. LLC, a shell company for Four Peaks Brewery, signed a ten-year lease at 2401 S. Wilson St. in Tempe, AZ. The Tempe Distribution Center is located near the corner of Broadway Road & Roosevelt Street. The building totals 55,927 square feet in the Tempe Southwest Industrial submarket of Maricopa County. Western Industrial Investors developed the property in 1983 on approximately three acres. Eastgroup Properties, Inc. currently owns the building. View article…

Auto Repair Firm Takes Space Rockefeller Distro Center Safelite Group Inc. owner and operator of Safelite Auto Glass locations, has taken down 33,331 square feet of space in the 113,000-square-foot Rockefeller Group Distribution Center, located in the Tucson Airport Commerce Center. The company, which repairs and replaces automobile windshields and other related types of glass, will use the space as a local service center as well as a warehouse and distribution location. View article…

Phoenix veterans housing project gets $12M in financing Financing for the $12 million Madison Pointe apartments has been secured. The development at 4134 N. 9th St. in Phoenix will provide low to moderate income housing to Phoenix residents and U.S. veterans. Bank of America is an equity partner, construction loan originator and permanent lender. Funds have also been secured from the Arizona Department of Housing and the city of Phoenix. View article…

Foreclosures expected to put Glendale Westgate City Center on new track A major shift is taking place at Westgate City Center. The Valley developer who envisioned and built the signature complex near Glendale Avenue and Loop 101 is losing control in a piecemeal manner. Soon, his successors will have to create a vision for the Glendale property, responding to a retail market radically changed by the down economy. View article…

Anchor Centre update planned Phoenix developer David Warren has been negotiating with city officials and fending off neighborhood critics in an effort to revitalize Anchor Centre, a 27-year-old office park at 22nd Street and Camelback Road. Warren’s vision is to reinvent the aging project as an upscale, pedestrian-friendly office and retail park on a par with the nearby Esplanade. View article…

Scottsdale approves 2nd plan for apartments near airpark The Scottsdale City Council this week approved a second plan to build apartments in the Scottsdale Airpark but postponed consideration of a third proposal until after the Federal Aviation Administration weighs in on allowing residences close to Scottsdale Airport. By a 6-1 vote, the council Tuesday approved a non-major, General Plan amendment to the Greater Airpark Character Area Plan. The change creates a mixed-use residential designation that allows apartments on a 32-acre site along Scottsdale Road south of Paradise Lane. The site currently houses CrackerJax Family Fun and Sports Park. View article…

US House to vote on Arizona copper mine land swap Republicans in the U.S. House of Representatives could vote on a land swap bill key to the development of the Resolution Copper Co. mine near Superior. Resolution is an arm of mining giant Rio Tinto and the land exchange is needed for the mine’s development. View article…

Arizona Supreme Court denies Glendale appeal in casino case The Arizona Supreme Court Tuesday denied Glendale’s request to hear an appeal related to a proposed tribal reservation near the city’s sports district. The high court said the city must pay the Tohono O’odham Nation’s legal fees in the case. Glendale opposes the tribe’s quest to take land it owns near 95th and Northern avenues into the reservation system to build a resort and casino. View article…

Apartments aplenty rising out of Tempe’s condo crash The Centerpoint Condominium towers stood abandoned for two years in downtown Tempe as the most glaring symbol of the Valley’s real estate meltdown. But just as the second tower of the renamed West 6th is nearing completion, Tempe’s condo crash is transforming into an apartment boom. Nearly 2,500 units have opened, are under construction or expected to have tenants within 18 months. The city estimates the projects are worth $235 million. View article…

Old Tempe grocery, industrial sites find new potential Two high-profile Tempe properties that never met their potential now have new owners who plan to revive them. The former Gentle Strength Cooperative property – which was supposed to become a condo tower with a Whole Foods Market – is being considered again for a grocery store. And a developer has plans to add office buildings and two hotels to a former Motorola plant along the Loop 101. The Gentle Strength land was bought by Canadian developer Brookfield Properties, which owns two office buildings at Centerpoint on Mill. View article…

Recession erodes Arizona government jobs The past four years have not been kind to government workers in Arizona. New data compiled by On Numbers shows that Arizona shed 11,100 government jobs from federal, state and local payrolls between September of 2007 and September of this year. That equates to a 2.6 percent loss in government jobs. View article…

Arizona tax revenues up 21 percent Arizona’s major tax revenues grew by nearly 21 percent from the second quarter of 2010 to the second quarter of 2011, according to a report issued today by the Nelson A. Rockefeller Institute of Government in Albany, N.Y. Total tax revenues for the second quarter in terms of dollar amounts increased to $3.5 billion from $2.9 million a year ago. View article…

Fitch: Special Servicers Maintain Impressive Workout Rate for CMBS Special servicers resolved $63.5 billion in distressed commercial mortgage-backed securities (CMBS) loans in the 18 months from January 2010 to June 2011, according to a report released Wednesday by Fitch Ratings. This amount is more than three-fourths the amount resolved between 2007 and 2009, according to Fitch. Fifty-five percent of the $63.5 billion total was modified and returned to master servicers, and 30 percent was returned to performing status without a modification. View article…

HOUSING:
New Home Sales Better Than Expected in September
New single-family home sales rose at their fastest pace in five months in September, a government report showed on Wednesday, but sustained price declines indicated the housing market is far from recovery. View article…

S&P/Experian: Default Rates Rise for First and Second Mortgages Default rates for both first and second mortgages increased during the month of September, according to the S&P/Experian Consumer Credit Default Indices. First mortgage delinquencies rose from 1.92 percent in August to 1.99 percent in September. Second mortgages rose from 1.27 percent in August to 1.32 percent in September. 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 (New to market) For a brochure, click here…

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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.