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Daily News for Commercial Real Estate & Business – April 30, 2012

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

$625,000 wins bid for unfinished plaza in Gilbert An online auction this week netted a $625,000 winning bid for the partially built McQueen Professional Plaza near The Islands community in Gilbert, where the blighted complex has gathered weeds, litter and graffiti while sitting vacant for years. The sale could mean a happier ending for a development that was supposed to open in late 2008 but has since fallen into neighborhood-eyesore status. View article…

Brightway Insurance planning dozens of Phoenix offices Brightway Insurance, a Jacksonville, Fla.-based company, is expanding into the Phoenix area with plans to open more than 50 franchise offices here. The business offers insurance coverage for life, home, business and vehicles through a variety of carriers. View article…

Aaron May’s Vitamin T shut down by CityScape Vitamin T, high-profile chef Aaron May’s taco parlor in downtown Phoenix, is being shut down by CityScape developer, Red Development. Jeff Moloznik, the company’s development manager, said Thursday evening that he would be posting a closure notice later that night, and locking up the space. May said he’s still “hopeful to work something out” with the CityScape developer. View article…

Los Aguas plan strives to set tone on McDowell A New York developer submitted plans last week to develop apartments on the former Pitre Buick car lot northwest of 68th Street and McDowell Road. Chason Development Inc. is seeking a rezoning to allow it build Los Aguas with 154 apartments on the 5-acre site. The property borders a neighborhood and the Crosscut Canal. An existing parking structure would serve residents, while one-story garages would be built along the northern property line. The apartment buildings would be up to three stories high with stoops leading to some of the units facing McDowell. View article…

Scottsdale development projects Scottsdale is experiencing a surge of new development projects either planned or under construction. Among the more high-profile are a $135 million Blue Sky apartments near Scottsdale Fashion Square and the Optima Sonoran Village condominium complex southeast of Camelback and 68th Street. View article…

Mesa Community College moves culinary program to Scottsdale After searching for a new home since it was forced out of space in 2010, Mesa Community College has moved its culinary studies program to a sister school, Scottsdale Community College. Beginning this fall, some 200 MCC culinary students will transition to SCC. View article…

Mesa City Council creates new taxing district for DMB project In all likelihood, it will be the biggest bond election in Mesa history. But only one “person” — the corporation known as DMB Associates — gets to vote. And only the people who eventually will own property in DMB’s Eastmark development will pay taxes to cover the cost of the bonds. DMB is developing 5 square miles of the former General Motors property east of Phoenix-Mesa Gateway Airport. The company hopes to break ground for a park and the first 800 homes near Ray and Signal Butte roads in early 2013. View article…

Phoenix Convention Center ranks among the nation’s top facilities The Phoenix Convention Center was ranked as one of the 10 top convention centers in the country, according to Business Review USA. Phoenix ranks No. 7, ahead of Anaheim, San Francisco and San Diego. View article…

HOUSING:
Home prices in Phoenix area up 20 percent in past 12 months Home prices are surging in metro Phoenix, climbing 8 percent in March alone and 20 percent in the past 12 months. The median price of a house in the region climbed to $134,900, according to a new report from the W. P. Carey School of Business at Arizona State University. The trend is projected to continue throughout the year, although at a slower pace. View article…

What an Extension of the Mortgage Debt Relief Act Could Mean According to a preliminary report released by LPS, 2,060,000 properties are in foreclosure inventory. As of the end of the 2011 fourth quarter, 11.1 million borrowers were reported to be underwater, according to CoreLogic. That’s a lot of potential debt to be forgiven, and through the Mortgage Debt Relief Act of 2007, homeowners get a break from paying taxes on their forgiven debt – whether it was forgiven through a short sale, foreclosure, or a modification. The act though, is set to expire at the end of this year. View article…

Surge in Investor Purchases Gave Home Prices Boost in February While Radar Logic reported home prices in February showed a month-over-month increase, the real estate data provider sees this trend as possibly being temporary, considering that warm weather and investment buying helped to drive up sales. View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…

2 Industrial Condos in Bahia Business Park – Owner/User opportunity to purchase 1 or both industrial condos. For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…

5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale/Lease. For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale. For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise. 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.