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Daily News for Commercial Real Estate & Business – September 20, 2011

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

CyrusOne Buys 55.9 Acres in Chandler In separate cash transactions, Cyrus Networks LLC, a subsidiary of Cincinnati Bell, purchased 38.89 acres and 17 acres in the Continuum Business Park located in Chandler, AZ. The 38.89 acres sold for $12.2 million, and the adjacent 17 acres for $2 million. Situated on 152+/- acres, Continuum is Phoenix’s signature science and technology business park. CyrusOne will construct a 350,000-square-foot data center with plans to expand it to 1 million square feet. Construction for the first phase of the project is expected to start in early 2012. This will be CyrusOne’s 19th facility, with assets across the US and London. View article…

Part of Glendale Westgate City Center repossessed by lender Westgate City Center, the Glendale entertainment complex that serves as a pre-game party destination, is now partially lender-owned after a foreclosure auction Monday. The lender iStar Financial took back the property from the developer, the Ellman Cos., after setting a minimum bid of $40 million and receiving no offers. View article…

Medical clinic takes over closed businesses’ space A derelict Maryvale property that once housed a vacant Harkins movie theater and an all-night bar has been transformed into a state-of-the-art medical facility where residents can get affordable, high-quality health care. Mountain Park Health Center opened Aug. 29 at 6601 W. Thomas Road. View article…

Mortgage firm tenant leaves CityNorth One of CityNorth’s early office tenants has left the northeast Phoenix development, the first to do so since CityNorth’s High Street opened in November 2008. The mixed-use development, troubled by retail failures, a foreclosure and inability to develop additional phases, has had some success with office tenants, but the office space remains less than half full. View article…

Provider of translation plans Tempe site New York-based TransPerfect announced Monday that it is opening a Tempe site and will hire 150 people within the next year. The company, which provides translation services in more than 100 languages for businesses, will immediately fill 50 positions for a new remote interpretation facility in Tempe. TransPerfect is looking to fill a variety of positions, including call-center operators and possibly some director-level positions, it said, without elaborating on wages. View article…

Huge Pinal development gets cool reception A conceptual plan to turn 275 square miles of state land into a sustainable desert community near the Superstition Mountains has not been as well received as its framers had hoped. Members of the Pinal County Planning and Zoning Commission and its citizens advisory panel say the Superstition Vistas project is too big and its land-use plan too precise for something that likely won’t materialize for decades. View article…

Phoenix dog day-care service flourishing What started as an alternative to retirement has turned into a growing business venture for Tom Murray, president and CEO of Villa La Paws Resort and Spa. And despite the economic downturn, Murray’s Phoenix-based dog day-care and boarding business has expanded to two locations since it opened in 2005. His cage-free facility appeals to canine owners who come from as far as Queen Creek and Avondale, Murray said. View article…

New rules target non-aviation hangar tenants at Falcon Field Five years ago, random city inspections of Falcon Field Airport hangars turned up surprises like carpentry workshops, vintage cars and an array of other unauthorized uses. The findings spurred city officials to start updating storage rules for hangar renters, but as the regulations finally take effect they’re getting mixed reviews from airport tenants. “There are probably very few people that will have difficulty complying, but I think the problem is that many folks are just tired of government encroachment,” said Larry Ryerson, a pilot and a founder of the Falcon Field Tenants and Users Association. View article…

Holiday hiring could reach pre-recession levels U.S. companies will hire more holiday workers this year, with seasonal employment approaching pre-recession levels, according to job posting site Snagajob. But a separate look at holiday hiring from Challenger, Gray & Christmas paints a darker picture. View article…

HOUSING:
Sales of foreclosed homes in SE Valley down from last year
Two numbers do not a pattern make. But a couple of statistics from August seem to be good news for the housing market in Maricopa County. “The ma rket is actually in better shape than most people realize,” according to Mike Orr, a Mesa-based housing-market analyst who publishes the Cromford Report, an online analysis of real-estate transactions. View article…

Phoenix new home sales up 26 percent in August New-home sales improved in August, according to the Phoenix Housing Market Letter produced by RL Brown Reports. There were 632 new closings in August, compared with 500 in August 2010. The numbers were down for the year to date, however: There were 4,186 new home closings from January through August, compared with 5,657 for the first eight months of 2010. View article…

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