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nick@nickminer.com  480-612-0384

Daily News for Commercial Real Estate & Business – February 1, 2012

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

2.47 Acres of Land Sold in Tucson Nick Miner, CCIM, of Commercial Properties, Inc exclusively represented the buyer to acquire this property located at 4575 S Coach Drive, Tucson, Arizona. View article…

Inland American Communities Group, Inc. Breaks Ground on Student Housing and Dining Facilities at Arizona State University Inland American Communities Group, Inc. (IAC), a wholly-owned subsidiary of Inland American Real Estate Trust, Inc., has broken ground on the first phase of its newest on-campus project, Innovation Academic Village, on Arizona State University’s (ASU) Polytechnic Campus in Mesa, Ariz. This state-of-the-art student housing community and dining facility will be located adjacent to the campus core, the newly constructed Student Recreation Center and recreational sports fields. Construction of the $13.5 million housing project began July 2011 and is on schedule to open for the fall 2012 semester. View article…

Park Central owner defaults on $32.5M loan, faces foreclosure For months, there have been fewer and fewer large commercial real estate foreclosures to report, but that changed today as word seeps out that Park Central’s owner is in default on a $32.5 million loan that is secured by about 330,000 of the 700,000 square feet that comprise the mixed-use development. The property is at Central Avenue and Earll Drive in Phoenix. View article…

GPE Closes 95,037 Square Feet for $9.6M in December 2011 GPE Commercial Advisors (gpe1.com) reported closing 25 commercial transactions in the amount of $9.6M for 95,037 square feet in December 2011. $4.7M in commercial sales (54,212 SF); $3.1M in commercial leases (40,825 SF); $1.8M in business sales…View article…

Developers delay Goodyear Estrella Falls regional mall again Construction of regional shopping mall in Goodyear will be delayed for a fourth time, and developers are reluctant to offer any building timeline except to say they plan to break ground by the time a development agreement with the city ends in 2016. Estrella Falls is a planned 1.2 million-square-foot mall that would be built northwest of McDowell Road and Bullard Avenue. Previous plans included tenants such as Macy’s and Dillard’s. View article…

Velocity Retail Group Helps Mega Furniture Go “Mega-Mega” in Mesa Velocity Retail negotiated a lease on behalf of Mega Furniture to open a new store in east Mesa. The store is located in the Mesa Pavilions shopping center at the southeast corner of Southern and Power. At 41,750 square feet, it is nearly twice as large as the company’s typical store. View article…

Prada opens at Scottsdale Fashion Square Mall Italian. Leather. It rolls off the tip of your tongue. And now, the Italian leather designer, has opened its long-awaited store at Scottsdale Fashion Square Mall. Crews had been working on the former Banana Republic space since last fall in preparation for its entree into the market. That finally came today. View article…

Portillo’s planning expansion into Arizona The Portillo Restaurant Group is planning an expansion into Arizona, bringing a Chicago institution to the Valley in the form of hot dogs and Italian beef. The Chicago-area restaurant company is scouting locations in Tempe, Chandler and Scottsdale for new Portillo’s restaurants, and founder Dick Portillo said he’s bullish on the expansion. View article…

Biltmore Bank acquired by Grandpoint Capital Biltmore Bank in Phoenix said today it has been acquired by Grandpoint Capital Inc. of Los Angeles. Terms of the all-cash deal were not disclosed. Regulators and shareholders still need to approve the deal before an expected cosure in the second quarter of this year. View article…

Blackstone Spies Retail Recovery Blackstone Group LP’s $11 billion bet on retail property is showing signs of paying off. As the retail property market struggled over the past year with high vacancies and competition from online shopping, the private-equity giant made a bold play: It bought up three major retail portfolios to become one of the largest owners of U.S. shopping centers. Now there are signs that the industry is near its bottom, and perhaps starting a slight recovery. View article…

Case-Shiller Records Continuing Declines in Home Prices Data released this morning by Standard & Poor’s for its S&P/Case-Shiller home price index showed declines in November of 3.6 percent for the 10-city composite and 3.7 percent for the 20-city composite when compared to price levels from a year earlier. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – (BACK ON MARKET)
Investment, multi-tenant retail center. For a brochure, click here…

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

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. 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…

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