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Daily News for Commercial Real Estate & Business – February 20, 2012

Happy President’s Day!

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

ASU sells Sundome for $2 million The Arizona Board of Regents voted unanimously today to approve the $2 million sale of the Arizona State University Sundome to a retail developer. The property has been on the sales block for the past three years and had not received very much interest, according to ABOR’s executive summary released today. It was appraised at $4.525 million, but because it would cost $2.64 million to abate the building, the value actually is closer to $1.88 million, according to ABOR. View article…

Tanger outlet mall set for Westgate site in Glendale Glendale’s beleaguered Westgate City Center should get a shot of consumer energy later this year, when Tanger Factory Outlet Centers Inc. opens a new outlet mall on the site. The project, called Tanger Outlet Center Westgate, will feature about 85 brand-name stores in an open-air mall on 38 acres at Loop 101 and Glendale Avenue. “This shows that Westgate is not dead,” said Glendale Councilwoman Joyce Clark. “This is a sign that things are turning around for Glendale and for Arizona.” View article…

Developer envisions Scottsdale luxury apartment complex Scottsdale’s latest downtown infill-incentive proposal calls for construction of a 420-unit luxury apartment complex northwest of Indian School Road and Goldwater Boulevard. Zaremba Residential Co. plans to purchase the roughly 5-acre parcel from Shawn Yari’s Triyar Corp. to build the five-story complex. The property houses a Travelodge hotel, a closed Village Inn restaurant and a mostly vacant office building. View article…

Downside Risk plans revival at Gainey Village Longtime restaurant and bar owner Randy Frederick is planning to revive the Downside Risk at the Shops at Gainey Village. Frederick is seeking a conditional-use permit for the restaurant and bar on the northern edge of the shopping center northeast of Scottsdale Road and Doubletree Ranch Road. Downside Risk Scottsdale, 8989 N. Scottsdale Road, Suite 608, would share a building with a dry cleaner just north of the former Garduno’s Mexican-food restaurant. View article…

Old Oakville Grocery space at Scottsdale Quarter now a pile of rubble What was a beautiful building that once housed the failed Oakville Grocery Co. in Scottsdale Quarter is now a heap of rubble. Actually, by the time you read this blog, most of the demolished building may have been carted off by dump trucks. View article…

HOUSING:
Realtor.com Lists Top 10 Turnaround Towns Realtor.com released its list of the top 10 turnaround towns for the 2011 fourth quarter. While the 10 towns listed – eight of which are in Florida – suffered from high foreclosure rates, they are now rebounding. The current list was developed based on market rankings on year-over-year median price appreciation, reduction in year-over-year median age of inventory, and inventory reduction levels from Realtor.com, as well as unemployment rates on a year-over-year basis, according to a release from Move.com View article…

Bad news on Phoenix area home valuations, but next year may be better Few Maricopa County homeowners will be surprised when they open their latest property valuations to learn that their homes are officially worth less than they were a year ago. It’s the fifth straight year for annual drops in the region’s home prices. But based on home-price increases during the past few months, this could be the last of the declining numbers for some metro Phoenix homeowners. 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…

2 Acres of Land(NEW LISTING) Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. 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.