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Daily News for Commercial Real Estate & Business – October 6, 2011

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

Lincoln Advisory Group Acquires 437,250 SF in Phoenix Lincoln Advisory Group, Ltd., a full-service real estate investment firm, acquired two properties totaling 437,250 square feet in Phoenix, AZ from RGR Development Corporation for $17.6 million, or about $40 per square foot. The properties at 1825 S. 43rd Ave. and 3404 W. Papago St. were both reported 100 percent occupied at the time of sale. Tenants at 1825 43rd Ave. include McLane Food Service, Amerisource Bergen, and Arch Aluminum. The property at 3404 West Papago St. was occupied by Oldcastle Glass. View article…

One misstep after another leaves Elevation Chandler a shell of an idea What’s taking so long? For years, thousands of daily commuters have driven by the abandoned skeleton that is Elevation Chandler jutting into the sky near the Loop 101 and 202 intersection close to the upscale Chandler Fashion Center. Elevation Chandler is a highly visible failure: an aging structure of steel and concrete that was to have been a gleaming high-rise hotel topped by luxury condos. View article…

Gilbert shopping center hangs on Greenfield Plaza may be down, but it’s not out. The nearly 80,000-square-foot shopping center on the southwestern corner of Baseline and Greenfield roads in Gilbert has gone from nearly full in 2009, to a little less than a third full today, with just six of the center’s 19 retail spaces occupied. The biggest reason, tenants say, was the closure of a Bashas’ grocery store, the center’s anchor, a little over two years ago. View article…

Insurer UnitedHealthcare merges into 2 new sites One of the state’s largest health-insurance companies, UnitedHealthcare, this week is consolidating several of its local offices into two new locations, at CityScape in downtown Phoenix and a site in east Phoenix. The move makes UnitedHealthcare the biggest tenant in CityScape’s 28-story office tower near Washington and First streets. View article…

Adaptive Reuse Turns Den of Sin’ into Artist Haven Adaptive reuse is a growing trend for entrepreneurs, developers and urban planners. Instead of building new and distant, more people are making the investment to return an old building within the urban environment to life with a new purpose. For a project underway in the Discovery Triangle, a crime-ridden hotel on Grand Avenue near downtown Phoenix has been transformed into an apartment complex where artists can create their art, display their work and sell it. View article…

W. P. Carey School Breaks Ground on New Building As one of the largest and highest-ranked business schools in the country, the W. P. Carey School of Business at Arizona State University is home to 10,000-plus students — more than some entire universities. In order to keep up with its growing student population and to play an even bigger role in educating business leaders of tomorrow, the school is about to break ground on a new 129,000-square-foot, state-of-the-art building that will complement its two existing structures. View article…

Phoenix Wendy’s showcases new ‘Urban Design’ There are changes coming to Wendy’s restaurants and the Ohio-based fast food company is rolling out many of them in the metro Phoenix market. “Phoenix is home to our Western regional office,” said Jeanie Hornia, field-marketing manager for Wendy’s International Inc., based in Dublin, Ohio “You have all the necessary executive members here who can oversee a major project like this.” View article…

Frito-Lay takes bigger step toward sustainability Frito-Lay has been pushing sustainability at its Casa Grande facility, and today it took a major step forward. The division of PepsiCo Inc. (NYSE: PEP) showed off its “near net zero” plan on Wednesday to try to get the factory that produces potato chips and other snacks as carbon neutral as possible. View article…

Cole, RED Seeing Black in Value-Add Retail Cole Real Estate Investments formed a joint venture with RED Development to focus on future acquisition opportunities, recapitalizations and note purchases in the retail real estate sector. The primary acquisition target is high-quality, multi-tenant retail properties, including power centers and grocery anchored shopping centers, with upside potential through the implementation of asset management and capital improvement programs to reposition the properties and maximize operational efficiencies. View article…

Capital Chases “Safety” of Sale-Leasebacks Demand for sale-leasebacks is only expected to intensify as investors continue to search for a safe haven for investment dollars. This investment niche has earned a reputation for delivering steady returns. The long-term lease guarantees by the seller/tenant perform much like a corporate bond. “As the global economies and domestic economies continue to be volatile, I think we will see more money coming into the market for hard assets in the U.S., and that is going to improve pricing for companies doing sale-leaseback transactions,” says Jeffrey Shell, executive vice president of corporate finance at Grubb & Ellis in Grosse Pointe, Mich. View article…

OPPORTUNITIES:
5051 E Thomas Road
– Former Dentist Office For Sale/Lease (Price Just Reduced) For a brochure, click here…

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.