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Daily News for Commercial Real Estate & Business – January 24, 2012

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

Phoenix’s Select Top Retail Sales for Q4 2011 The following is an account of the Phoenix market’s select top five retail sales transactions for the fourth quarter 2011. Whitestone REIT purchased Pinnacle Shopping Center at 23415-23623 N Scottsdale Road in Scottsdale for $29 million. Westwood Financial Corp. sold the property. View article…

Praedium Group Sells 62,758 SF in Chandler Five Sons Furniture AZ LLC, a shell corporation for Pruitt’s Furniture, purchased the anchor space in Chandler Market Place at 1200 N. Alma School Road in Chandler, AZ, from Praedium Group LLC for $2.36 million, or about $38 per square foot. Pruitt’s Furniture will occupy approximately 34,325 square feet while leasing out the rest. View article…

Shopping center sells for $13M Los Angeles-based Westwood Financial Corp. has purchased a neighborhood retail center in central Phoenix. Westwood, which has regional offices in Scottsdale, bought the North Park Plaza center for $13 million. The 101,361-square-foot center at 530 W. Osborn Road is anchored by Safeway. View article…

Rare housing mix: Affordable, new Jan McGee raised her daughter on a single income. When she retired and could still drive she supplemented her Social Security check by pet-sitting for her wealthy Chandler neighbors. After a life filled with hard work, she finds it tough to face the reality that now in her late 70s she can’t afford the average rent for a Valley apartment. But this week, reality changed for McGee. View article…

New businesses flock to Scottsdale downtown It’s out with the old and in with the new in downtown Scottsdale as several businesses have arrived to replace others that have closed in recent months. While Baja Fresh, Scottsdale Fashion Market, White House, the Private Rack and others have closed, new businesses have quickly taken up shop in the downtown area west of Scottsdale Road, including some firsts for Arizona. View article…

Z’Tejas’ requests for 2 permits get conditional approval Applications for outdoor-dining and alcohol-sales permits for a proposed Z’Tejas restaurant in central Phoenix have received conditional approval. A decision on a separate but related application for a variance involving parking spots at the shopping center on the southwestern corner of 16th Street and Bethany Home Road again has been delayed. That issue will be revisited at a March 1 hearing. View article…

Scottsdale hotel revenue jumped in 2011 Scottsdale hotels saw a small increase in occupancy in 2011, but stronger growth in revenue, according to new data from STR Global. Scottsdale hotel occupancy was up 1.5 percent over 2010 to 61 percent. The average daily room rate was up 6.5 percent to $145.98. View article…

3 Banks Closed on Jan. 20 Three banks were closed by U.S. federal banking regulators on Friday, Jan. 20, bringing the year’s tally to four failed institutions. View article…

Investors With Cash Place Downward Pressure on Home Prices Homebuyers with enough cash in hand to cover their offer price in full are able to bid significantly lower on properties and according to a new industry report released Monday, because they offer a shorter and more reliable closing timeline without the impediments of a mortgage, they often win out with that lower bid. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate (In Escrow)
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.