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Daily News for Commercial Real Estate & Business – July 2, 2012

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

Chicago Developer Plans for 22-Story Office Tower in Phoenix Golub & Co. is planning to construct a 22-story office building in downtown Phoenix. The Chicago-based developer has employed Goettsch Partners Inc., a Chicago-based architectural firm, to design the 325,799-square-foot office tower. Golub purchased the development parcel in 2006 and waited for the real estate market to pick up before starting the project. View article…

Scientologists open complex in Arcadia Scientology’s newest church has opened to the public in Arcadia. Officials with the Church of Scientology Ideal Organization of Phoenix say the 45,000-square-foot complex is part of a global expansion that began about five years ago. Officials say the church has opened three other Ideal Organizations in cities throughout the Southwest in the past month. Seven more are scheduled to open this year. View article…

San Diego group eyes Scottsdale for new restaurant A San Diego-based hospitality development group has targeted Camelback Road west of Scottsdale Fashion Square for its latest restaurant, the first in a national expansion. Searsucker Scottsdale will be located on the first floor of the AmTrust Bank tower, at 6900 E. Camelback. The restaurant will occupy about 9,500 square feet of formerly vacant office space. The restaurant is scheduled to open in October. View article…

Scottsdale plans to buy police building The city is considering buying an 18,000-square-foot office-warehouse building for the Scottsdale Police Department Investigative Service Bureau. The Scottsdale City Council on Tuesday is scheduled to consider buying the building for $1.87 million — nearly $104 per square foot. Scottsdale is paying $429,885 annually — $35,824 per month — to lease a 13,000-square-foot building for the bureau. That lease expires in April. The city estimates it will cost $68,800 more annually to operate the larger building because of higher utility and janitorial costs. View article…

Mesa City Council OKs rezoning request for LA Fitness The Mesa City Council on Monday approved a rezoning request to allow for an LA Fitness gym near the southeastern corner of Power and McDowell roads. Zoning for the parcel, previously “neighborhood commercial,” will change to “limited commercial,” which provides for bigger offices and anchor stores that serve a residential area within a 1- to 10-mile radius. View article…

Phoenix 2Q office vacancies improve slightly; experts optimistic for 2012 upswing Although office space of all types still is struggling with high vacancy rates throughout metro Phoenix, second-quarter data released this week by Jones Lang LaSalle indicates the market may finish the year with a gradual upswing. View article…

Biltmore investors looking to dump Hilton contract, sell resort The iconic Arizona Biltmore Resort & Spa may soon be up for sale – and without any Hilton contracts – as its owners attempt to emerge from almost a year and a half in the trenches of Chapter 11 bankruptcy. A group led by New York-based hedge fund Paulson & Co. and co-investor Winthrop Realty Trust bought the resort out of foreclosure last year and placed it into bankruptcy shortly thereafter. View article…

Mesa poised for next light-rail step Monday The Mesa City Council is poised Monday night to take the next step in extending light rail from Mesa Drive to Gilbert Road. With a preliminary study already flashing green for the additional two miles, the council is expected to approve spending $750,000 for a full environmental assessment of the proposed extension. View article…

MAG’s new leader to focus on Sun Corridor As the newly elected Regional Council chair of the Maricopa Association of Governments, Avondale Mayor Marie Lopez Rogersplans to foster economic development in the Sun Corridor. The Sun Corridor is a potential megapolitan area running from Prescott through Phoenix and Tucson to the Mexico border. View article…

HOUSING:
Phoenix home foreclosure inventory down 20 percent from year ago New housing data released Friday by CoreLogic shows there’s more good news for the rebounding Arizona market. Foreclosure inventory as a percentage of all mortgaged homes in Arizona, Nevada and Michigan in May each dropped about 20 percent from the same time last year, the report said. View article…

Foreclosures Remain High but Improving Yearly: CoreLogic The number of completed foreclosures in May decreased yearly and increase slightly from the previous month, CoreLogic reported Friday. The number of completed foreclosures last month totaled 63,000 compared to 77,000 in May 2011 and 62,000 in April 2012. View article…

Scottsdale home prices climb in May Scottsdale’s median home price in May of $411,654 jumped 19 percent, the largest year-over-year increase since the market collapsed five years ago. The latest monthly report from the Arizona State University Center for Real Estate Theory and Practice showed price increases for four of six Northeast Valley communities, from 10 percent in Fountain Hills to 15.6 percent in Carefree and 36.7 percent in Cave Creek. View article…

Housing-market crash takes toll Arizona real-estate agents The recession took a toll on Arizonans employed in real estate during the past five years with the loss of nearly 17,000 agents. There are 35,864 real-estate agents with active licenses, down 52 percent from 2007 when there were 52,286 active agents, according to recent figures from the Arizona Department of Real Estate. View article…

Check out the Market Reports section of my webpage! The market reports that I review on a regular basis will be archived here. I would like to know your feedback after looking at the page. Send feedback by click here…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS) Investment, multi-tenant retail center. For a brochure, click here…

NEW: Former SunTykes Property in Tempe Arizona – Owner/User Opportunity. For more information, click here…

NEW: Freestanding Auto in Mesa, Arizona – Owner/User Opportunity. For more information, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…

2 Industrial Condos in Bahia Business Park (UNIT 104-IN ESCROW – 105 Still available) Owner/User opportunity to purchase 1 or both industrial condos. For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ (IN ESCROW-ACCEPTING BACK UP OFFERS) – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale. For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise. 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.