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Daily News for Commercial Real Estate & Business – January 25, 2012

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

SCOTTSDALE PROMENADE SALE IS COMPLETED FOR $166M The second and final part of the $166-million Scottsdale Promenade sale has been completed. This last transaction includes the sale of Promenade Corporate Center, the promenade’s office component, to Excel Trust for $56 million. The promenade’s retail component was acquired by Excel Trust in the third quarter of 2011 for $110 million. The Scottsdale Promenade is a 1-million-square-foot mixed-use project in Scottsdale. View article…

PHOENIX PEAK SELLS FOR $10M Phoenix Peak, an 89,099-square-foot office building in Phoenix, has sold to Alvarado Realty for $10,225,000. The three-story building was constructed in 1986 and was 87 percent leased at the time of sale. View article…

Distressed 55,000-SF Thunderbird Commons Acquired in Value-Add Play Following its typical M.O. in which commercial real estate assets are acquired and improved, Second City Capital Partners bought the four-building Thunderbird Commons from foreclosure for $7.65 million. With this new asset in its portfolio, the Vancouver-based buyer will work with Plaza Cos. to lease up the 70% occupied medical office buildings, which will be renamed Thunderbird Wellness Centre. View article…

NE Mesa shopping center sells for $1.45 million Commercial realtors call it the Red Mountain/Mesa submarket, a northeast Mesa area that encompasses the city’s biggest aerospace companies, high-end neighborhoods and golf courses. Yet, with all the alluring demographics, vacant retail spaces abound on many street corners as a lingering impact of the nation’s second-worst economic downturn that ended in mid-2009. View article…

$12.7 million retail sale in Flagstaff, Ariz. Kevin D. Chin, CCIM, of Sperry Van Ness in San Francisco, represented SC Flagstaff LLC in the $12.7 million purchase of a 140,000-sf Sam’s Club in Flagstaff, Ariz., from an undisclosed seller. View article…

BASIS approved to open new charter school in Ahwatukee BASIS Schools has been approved by the Arizona Board for Charter Schools to open a new campus in Ahwatukee Foothills. The state board approved BASIS Ahwatukee on Monday. BASIS Schools started in Tucson and has been nationally recognized for academic achievement. Serving fifth through 12th grades, it offers a rigorous, accelerated program that targets preparation for college. View article…

Florence getting $1 million honky-tonk in Moonshine Willy’s Dallas has Billy Bob’s. And in a couple weeks, Florence will have Moonshine Willy’s. Owner Harry Luge Sr. described the $1 million, multi-use entertainment facility as “the largest honky-tonk in the state.” View article…

Hotel Highland to become Hampton Inn MIG Real Estate, based in Newport Beach, Calif., said it plans to convert the Hotel Highland in Phoenix into a Hampton Inn. The conversion project should be completed by October, a company representative said. The 119-room Hotel Highland, 2310 E. Highland Avenue, will undergo a variety of modifications to meet the Hampton Hotel system’s standards. View article…

Gilbert Landfill may become home to park site again The Gilbert Landfill, once home to Gilbert Rodeo Park, may return to public use. Maricopa County, which owns the landfill off Val Vista Drive and Ray Road, is taking steps to resolve the drainage atop the landfill, and then plans to collaborate with the town and other stakeholders to create a park, walking trail, baseball field or other facility, according to Timothy S. Phillips, chief engineer and general manager of the Flood Control District of Maricopa County. View article…

Budget reality means lean years loom for Chandler The economy is slowly improving, but Chandler’s lean years are far from over. City Council members got a dose of budget reality Monday when they learned the recession’s steeper-than-expected drop in home values will affect municipal property tax revenues and building projects for years to come. Chandler uses property taxes to pay for capital projects like roads, parks and fire stations, many of which are funded initially with bond debt. View article…

Progressive to hire 65 in Phoenix Progressive Casualty Insurance Co. is expanding its presence in Phoenix by adding 65 people, mostly in sales and customer service. View article…

HOUSING:
Liberal groups want Obama to push for $300B in mortgage reductions from big banks Liberal political groups want banks and mortgage lenders to reduce mortgage principal by $300 billion nationwide to help underwater and distressed homeowners. View article…

Housing Inventory Down 22% From Year-Ago Levels At the national level, the inventory of for-sale single-family homes, condominiums, townhouses, and co-ops dropped by 22.29 percent over the last year, according to new statistics released by Realtor.com. The site concludes that at the close of 2011, there were 1.89 million single-family homes on the market, down 6 percent from just one month prior. View article…

Housing Crisis to End in 2012 as Banks Loosen Credit Standards Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago. 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.