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Daily News for Commercial Real Estate & Business – February 22, 2012

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

Chandler Industrial Sells for $3.2M Infinity Trading and Solutions acquired the industrial building at 450 E. Elliot Rd. in Chandler, AZ from Wells Fargo Bank for $3.22 million, just about $55 per square foot, in an REO sale. The 58,559-square-foot manufacturing building was constructed in 2008 and sits on 4.23 acres. The property was 100 percent vacant at the time of sale. View article…

Construction begins on Tanger outlet mall in Glendale Construction is now under way on a new Tanger outlet mall slated for Glendale. Set to open this fall, Tanger Outlet Center Westgate will be a 328,000-square-foot outlet mall with 85 stores. Names of the retailers to occupy the project have not yet been announced. View article…

Feds identify 237,100 acres in Arizona for renewable energy projects The Bureau of Land Management has recommended 237,100 acres of public land in Arizona are suitable for renewable energy development, part of an effort to speed up the process for clean-energy companies looking to set up shop in the state. View article…

Pressure building over Fiesta Village A Mesa city councilman is asking his constituents to turn up the heat on the owners of the defunct Fiesta Village shopping center. Meanwhile, the city already is doing that. Mesa filed a code-compliance case — at least the 13th in the last nine years — against W.M. Grace Development Co. a month ago. View article…

Grubb & Ellis files for bankruptcy, sells assets to BGC Partners Commercial real estate advisory firm Grubb & Ellis Co. on Monday filed for Chapter 11 bankruptcy protection. Grubb & Ellis has agreed to sell almost all of its assets to BGC Partners Inc. (Nasdaq: BGCP), according to a news release from the company. View article…

Phoenix leads nation in construction job losses The Phoenix metro area has lost the most construction jobs of all metro areas – some 93,000 – since the industry was at its peak in December 2006, according to the Associated General Contractors of America. Construction employment remains below peak levels in 329 out of 337 metro areas, recent analysis shows. View article…

Closure of Navajo Generating Station could cost Arizona $18B Closing the Navajo Generating Station in northeastern Arizona could cost the state $18 billion or more, should the power plant’s owners be unable to work out a deal with the Navajo Nation, according to a study released Tuesday. View article…

HOUSING:
Low-income housing near Metrocenter gets update Collins Court, an affordable housing project that replaces Royal Suites, is scheduled for a ribbon-cutting this spring near Metrocenter mall. Arizona Housing Inc. bought the 80-unit Royal Suites complex in 2010 to house low-income residents. Arizona Housing used money it borrowed from Phoenix to purchase and renovate the property at 10421 N. 33rd Ave. View article…

Chandler blight program razed 3 more houses downtown Three more vacant, deteriorating downtown Chandler houses have been torn down under a city blight-reduction program that shares the demolition cost with owners. All three were owned by real-estate broker Rudy Granado, 53, a Chandler resident and Arizona native who said his father’s family came to Gilbert from Mexico in 1925. View article…

Arizona home development’s course changes with downturn On the western edge of metro Phoenix, nearly 2,000 homes surround a small downtown. Spanish- and Craftsman-style houses line the quiet side streets, their front porches facing out to greet visitors. Approaching from the Interstate 10 freeway, there’s a view of the golf course with the White Tank Mountains in the background. 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.