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Daily News for Commercial Real Estate & Business – September 16, 2011

Today is the funeral services for Daniel Pollack. Please continue to keep the Pollack family in your thoughts and prayers. If you have not heard about the Silent Witness information to help identify the driver, please click here.

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

KBS REALTY SPENDS $137 MILLION FOR TEMPE OFFICE PROJECT LEASED TO UNIVERSITY OF PHOENIX A fund managed by KBS Realty Advisors in Newport Beach, Calif. (Peter Bren, Charles Schreiber, Jr., co-founders) paid $137 million ($312.02 per foot) to buy a 439,070-square-foot office project in Tempe that is leased to the University of Phoenix. The seller was US Real Estate Limited Partnership. That entity was formed by USAA Real Estate Co. in San Antonio, Tex. and Metro Commercial Properties in Tempe (Pat Althoff, principal). Records show KBSII Fountainhead LLC paid cash for the project. View article…

SCOTTSDALE OFFICE BUILDINGS DEVELOPED BY CAVAN TARGETED FOR FORECLOSURE Another 344,890 sq. ft. of office space in two buildings within the Raintree Corporate Center has been targeted for foreclosure. If a recently filed trustee’s sale is carried out as planned, roughly two-thirds of the office park will have been foreclosed. The 858,490-square-foot project, which was developed by Dave Cavan of Cavan Management Services in Scottsdale, is located on 50 acres at the northeast corner of the 101 Loop and Raintree Drive. View article…

FORMER AUTOMOBILE DEALERSHIP IN SCOTTSDALE AIRPARK TO BE REDEVELOPED AS APARTMENTS A parcel in the Scottsdale Airpark that was previously occupied by an automobile dealership is under contract to be sold to a company that wants to redevelop the site as 600 apartments. Sunrise Luxury Living in Houston, Tex. (Jim Hinton, man. principal) is seeking a General Plan Amendment in Scottsdale to allow the former dealership building to be bladed in favor of the apartments. The 12.2-acre parcel is located along the east side of Hayden Road and between 83rd Way and Northsight Boulevard. View article…

Mountainside Fitness to open new gym in Chase Field Mountainside Fitness Centers is opening a new location inside Chase Field in downtown Phoenix. The 12,000-square-foot center in the Arizona Diamondbacks home ballpark is likely the first fitness center to be located inside a major U.S. sports stadium, according to the team and executives with Tempe-based Mountainside. View article…

3 firms relocating to Scottsdale soon, economic forum told Three companies will announce their relocation to Scottsdale in the next 45 days, according to Barry Broome, Greater Phoenix Economic Council president. Speaking at a Scottsdale Area Chamber of Commerce economic forum Wednesday, Broome did not name the companies or how many jobs the firms might bring because of a non-disclosure agreement. View article…

Photographic Arts Lab opening completes Art Intersection Those discarded methods of early photography have found a new home in Gilbert. Art Intersection, housed in the Heritage District in Downtown Gilbert, completes its facility with the opening of The Photographic Arts Lab. An open house will be held Saturday. Among the methods available are ambrotypes, which creates a positive image on a sheet of glass; bromoils, in which a silver image in a black and white print is replaced by an ink image; and cyanotype, a photographic printing process that gives a cyan-blue print. View article…

T.W. Lewis teams with David Weekley Homes Tempe-based T.W. Lewis homes has joined forces with Houston-based David Weekley Homes. The new partnership will be marketed as the T.W. Lewis Collection by David Weekley Homes. Founder and CEO Tom Lewis will continue with the new company for five years. All current T.W. Lewis employees will retain their positions. View article…

CBRE Report: Retailers Cautious But Confident About the Future A new survey by CB Richard Ellis shows that although U.S. retailers are generally more cautious about the current market environment, 59 percent plan to expand their stores due to lower rental rates. CBRE’s second annual Shop Talk: A Retailer’s Perspective survey, which was conducted during June and July of this year, asked retailers across the country about expansion plans, lessons learned from the recession, ongoing concerns and what they foresee for the future. View article…

Arizona adds jobs in August, unemployment rate drops Arizona’s economy added 52,600 jobs in August as many of the gains were credited to the public sector, where schools and universities were back in session. View article…

RealtyTrac: Foreclosures, defaults jump in Arizona and nationwide Foreclosures and mortgage loan default notices were up in Arizona and nationally in August compared to July, according to new numbers from RealtyTrac Inc. In Arizona, scheduled foreclosure auctions were up 20 percent in August compared to July. View article…

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