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Daily News for Commercial Real Estate & Business – October 4, 2011

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

To view the October 2011 Commercial Property Executive magazine, click here.

Scottsdale/Shea shopping centers sold Two shopping centers at the corner of Shea Boulevard and Scottsdale Road have been sold for $50.3 million to a Los Angeles investor. The seller of Scottsdale Shea Center and Scottsdale Shea East Plaza was Herberger Enterprises Inc. Prominent philanthropist and businessman Gary Herberger is president and CEO of that entity. The two shopping centers were marketed as a single asset. View article…

Kansas company buys Ironhorse apartments for $30.5M VT Inc. of Shawnee Mission, Kan., has purchased the 324-unit Ironhorse at Tramonto apartment community for $30.5 million, or $94,136 per unit. The complex, at 34807 N. 32nd Drive in Phoenix, was sold by Ironhorse Phoenix Holdings LLC in Massachusetts. It’s near the junction of Carefree Highway and Interstate 17. View article…

Old Scottsdale Inn gets new owner The Old Scottsdale Inn at 7110 E. Indian School Road has been purchased for $1.65 million. The seller was Western Pacific Bank in Southern California. The new owner, Scottsdale Inn LLC in Scottsdale, plans to renovate and reopen it as a limited-service hotel, according to Cassidy Turley BRE Commercial in Phoenix, which released specifics of the deal. View article…

Phoenix-area projects reuse resources to help development, expansion In Chandler, worn conveyor belts, recycled tires and chunks of city sidewalk helped turn a landfill into a city park. In Phoenix, the old equipment mezzanine at the Santa Fe Freight Depot became the centerpiece for the headquarters of the Maricopa County Assessor’s Office. And in Mesa, streets that used to flood were turned into arroyos that guide water away from Arizona State University’s Polytechnic campus, helping to complete its rebirth from an Air Force base into a college campus. View article…

3 Tempe projects win environmental awards Most visitors to the busy Ikea store in Tempe have no idea what is taking place on the roof. The roof of that store features a 75,000-square-foot solar array consisting of 2,600 panels capable of generating close to 1 million kilowatt-hours of electricity annually. The panels prevent the equivalent of 760 tons of carbon dioxide from being emitted annually, equal to the emissions of 133 cars or 84 homes. View article…

Scottsdale’s sales-tax revenues rose 2 percent in 2010-11 Scottsdale’s sales-tax revenue for the most recent fiscal year was up 2 percent from the previous year. It’s a modest but welcome gain for city financial leaders, given the 29 percent plunge in tax revenue over the previous three years. Steep declines in construction, automobile sales and other categories since the mid-2000s have battered Scottsdale’s economy and forced the city to tighten its belt. View article…

REITs, Don’t Fail Me Now Mortgage rates are at historic lows, and housing prices have taken a beating. But for investors eyeing real-estate income, the best deals can be found in shares of professionally managed property portfolios. Real-estate investment trusts, or REITs, mostly buy property such as apartment buildings and office parks. They avoid paying taxes on their income so long as they pay the bulk of it out to shareholders as dividends. View article…

Why Industrial? Why Now? The industrial real estate sector was severely impacted during the 2008-09 recession, and has subsequently lagged in the early stages of the U.S. economic recovery. However, beginning in the second half of 2010, industrial real estate fundamentals have been improving. Led by a rebound in consumer spending, business inventory restocking, and a resurgence of U.S. trade volume and manufacturing production since 2010, the industrial real estate sector has benefited from recovering fundamentals and, we believe, is poised to continue its improvement. View article…

Foreclosure Woes to Plague Industry for at Least Five Years: Survey A new quarterly survey of bank risk professionals from FICO paints a decidedly pessimistic picture of housing’s future. The company describes its latest results as a reversal of the growing optimism seen in late 2010 and early 2011. View article…

Closing of Texas Bank Pushes Year’s Failures to 74 The Texas Department of Banking and the FDIC seized control of First International Bank in Plano, Texas, over the weekend. The closing is expected to cost the FDIC’s insurance fund $53.8 million and brings the agency’s failed-bank tally to 74 for the 2011 calendar year. View article…

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5051 E Thomas Road
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7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor (New to market) 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.