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

I hope you had a Great Labor Day Weekend with your family and friends!

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

DICK’S SPORTING GOODS PLANNING 600,000-SQUARE-FOOT DISTRIBUTION FACILITY ON WEST SIDE Dick’s Sporting Goods Inc. in Pittsburgh, Pa. (NYSE:DKS, Dick Stack, chairman) intends to expand its distribution business into the Valley by opening a 600,000-square-foot warehouse in Goodyear. The 60-acre site for the planned project is located within a business park in the Palm Valley community. The 1,600-acre project, called PV303, is located along the Loop 303 about two miles north of Interstate 10. PV303, which is targeted for roughly 20 million sq. ft. of office, industrial and retail space, is owned by a venture comprised of Sunbelt Holdings LLC in Scottsdale (John Graham, pres.), and Rockpoint Group LLC in Dallas, Tex. View article…

PALAZZO TOWNHOMES RECEIVES $16.3M IN FINANCING The 214-unit Palazzo Townhomes has obtained a $16.3-million loan to replace its existing loan, which was scheduled to mature this year. The long-term, fixed-rate loan was arranged by CBRE Capital Markets Debt & Equity Finance team with Fannie Mae at a competitive interest rate through its Delegated Underwriting and Servicing (DUS) platform. View article…

Recession took toll on potential Scottsdale developments Development brochures for some of Scottsdale’s most ambitious projects from a few years ago show pretty pictures of lushly landscaped shopping plazas with fountains and a mix of shops, condos and offices in opulent settings. Those computer-enhanced images are yellowing now. Some of the Northeast Valley projects have stalled and the optimism and free-flowing investment cash of the era before 2008 seem like a mirage. View article…

Real estate briefs: DC Ranch apartments, film studio HCW LLC and Deco Communities LLC have a joint venture to build 224 apartments on 9.82 acres northeast of Legacy Boulevard and Pima Road. The DC Ranch project would include apartments of one to three bedrooms with 950 to 1,100 square feet. Rents are targeted at about $950 to $1,250, said Rob Lyles, a partner with Scottsdale-based Deco. View article…

Arizona Commerce Authority spending $40,000 per month on new private offices The Arizona Commerce Authority is moving into new private offices in downtown Phoenix and will pay $40,000 per month in rent and utilities to lease space at the Freeport McMoran Copper & Gold building. That translates into $480,000 per year. The ACA is the new private-public state economic development agency. It was previously the Arizona Department of Commerce, which was house in government offices at the State Capitol. View article…

Jeweler reflects on 61 years in downtown Phoenix Michael Strong has built a 61-year Phoenix business on fine jewels, but he says that friendship has been worth more than diamonds. Michael’s Jewelers is one of the Valley’s senior retailers. And though some are older – Landis Cyclery, with stores in Phoenix, Scottsdale and Tempe, will celebrate 100 years next year – it’s hard to find a retail business where the founder and operator has been on the job longer than Strong. View article…

Forbes.com: Gilbert among top suburbs for retirees Gilbert’s population on average may be among the youngest in the state, but that didn’t stop Forbes.com from including the town on its list of “25 Top Suburbs For Retirement.” “Isn’t that fantastic? We’re thrilled about it,” said Jenn Daniels, Gilbert’s 31-year-old vice mayor who won her seat in 2009 partly on a campaign platform that stressed the need for government to be more responsive to the town’s young families. “It just shows how versatile Gilbert really is, how attractive it is for all ages.” View article…

CMBS Delinquencies Decrease for Third Month in Past Four After rising in July, CMBS delinquencies picked up their downward trend again in August, decreasing 36 basis points to 9.52 percent. This drop is the third in the past four months, according to analysis from Trepp LLC, a New York-based provider of commercial real estate data. View article…

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