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Daily News for Commercial Real Estate & Business – August 28, 2012

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

Property receiver appointed for Lake Pleasant Heights property in Peoria Resolute Commercial Services, an Arizona-based receivership and corporate renewal firm, has been appointed receiver of the Lake Pleasant Heights property in Peoria. The proposed development covers 780 acres out of a total of 3,268 in the planned development near the northwestern corner of the Lone Mountain Road alignment and 115th Avenue. View article…

Downtown Chandler to get Bourbon Jacks Grill A restaurant and bar described as “urban country” is scheduled to open in early September on Boston Street west of Arizona Avenue in downtown Chandler. Bourbon Jacks Grill will be owned by business partners John Radice and Lori Rutten, who own the four metro Phoenix locations of Dos Gringos bar and Mexican restaurant. View article…

Gilbert council move kills Main Street Commons The Gilbert Town Council last week drove the final nails in the coffin for the town’s Main Street Commons commercial center, once envisioned as an urban mixed-use concept similar to Kierland Commons in Phoenix. Instead, the U.S. Department of Veteran Affairs will build a medical clinic on part of the 51-acre parcel at Val Vista Drive and Pecos Road, while the remaining land will await development as a re-branded “Val Vista Square,” according to a recent town staff presentation. View article…

New dorm rooms greet ASU West students Nearly 300 freshmen and sophomores woke up in their new dorm rooms on Arizona State University’s West campus Thursday, ready for the first day of classes. But it was anything but a typical first day of school for the West Valley university. View article…

Scottsdale hotels see occupancy, revenue fall in July After posting year-over-year gains in June, Scottsdale hotels were not as busy in July as they were a year earlier. According to new statistics from STR, July hotel occupancy in Scottsdale and Paradise Valley was 45.5 percent, a 1.8 percent decrease from July 2011. View article…

Commercial Real Estate Recovering at a Slower Pace Positive underlying fundamentals continue to support all of the major commercial real estate sectors, but a slowdown in job creation and ongoing tight loan availability has tempered growth in some areas, according to the National Association of Realtors quarterly commercial real estate forecast. Lawrence Yun, NAR chief economist, said there are mixed results among the commercial sectors. “Job creation in the second quarter was about half of what we saw in the first quarter, which is moderating demand in the office sector,” he said. View article…

NAR: CRE Recovery Slow but Steady Slow job creation and tight loan availability are hindering otherwise positive growth in commercial real estate, the National Association of Realtors (NAR) reported. While “positive underlying fundamentals” helped boost all of the major commercial real estate sectors, growth in some areas has been tempered by various issues, including job growth and shifts in demand. View article…

LIBOR: How You Probably Got Burned So did any of the commercial property deals you touched in the past five years or longer use financing? Let me guess: the answer is yes, of course. Developers acquiring or improving commercial assets such as land or buildings tend not to self-finance. They often turn instead to our pinstriped friends at the banks for adjustable-rate loans – adjustable, more or less because long-term fixed-rate commercial loans are offered less and less by banks. View article…

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CURRENT FOR SALE OPPORTUNITIES:
Former SunTykes Property in Tempe Arizona – Owner/User Opportunity. For more information, click here…

Freestanding Auto in Mesa, Arizona – Owner/User Opportunity. For more information, click here…

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

1 Industrial Condos in Bahia Business Park (UNIT 104-SOLD – 105 Still available) Owner/User opportunity to purchase 1 industrial condos. For more information, 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…

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.