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Daily News for Commercial Real Estate & Business – June 21, 2012

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

FlexPrint Inc. Acquires Bldg in Mesa FlexPrint Inc., a managed technology service provider, purchased the single story flex building at 2845 N Omaha St. in Mesa, AZ for $2.4 million, or about $60 per square foot. The 39,572 square foot R&D building is part of the Red Mountain Business Center located in the Falcon Field submarket and was constructed in 2008, according to CoStar information. View article…

CAMELBACK PLACE AT DYSART SELLS FOR $8.6M Camelback Place at Dysart, a 66,367-square-foot retail center in Litchfield Park has sold to a private investor from Canada for $8.67 million. The center, which is anchored by Ace Hardware, was 84 percent occupied at the time of sale. View article…

Westwood Financial Sells Sonora Village In Scottsdale Westwood Financial Corp has sold the retail center, Sonora Village, located at 15515-15745 North Hayden Road in Scottsdale for $46.5 million, or about $187 per square foot. The center was built in 1996 and is located on over 21 acres. The 248,322 square foot center retains Best Buy, Staples, Studio Movie Grill, and many other tenants. View article…

O’Donoghue’s Irish pub in Scottsdale is closing O’Donoghue’s Irish pub in Scottsdale has announced it is closing Friday after 41/2 years but plans to open a new restaurant this winter. Co-owner David O’Donoghue said the pub at Hayden Road and Thompson Peak Parkway did not hit the financial goals the owners had hoped to achieve. View article…

CBIZ Plaza to head to auction after $35.6M default The CBIZ Plaza, a 16-story office building in Phoenix where a National Bank of Arizona branch is among the corporate tenants, is set to be sold at a trustee’s sale due to the owner defaulting on its $35.6 million loan. The 226,166-square-foot Class A high rise, located adjacent to the Metro light rail tracks on the northeast corner of Central Avenue and Earll Drive, is set to go to auction Sept. 4, according to Mesa-based Ion Data and public records in the Maricopa County Recorder’s Office. View article…

Officials unveil plan for $1.5B airport expansion Phoenix-Mesa Gateway Airport officials this week unveiled a $1.5 billion expansion plan that aims to develop airport property in four phases, facilitating commercial development and ultimately creating thousands of jobs. Executive director Lynn Kusy detailed the “Gateway 2030” plan at the airport’s standing-room-only board of directors meeting Monday. View article…

Gracie’s height, density waiver wins council OK The Tempe City Council, ignoring a legal protest from neighbors, voted last week to approve a developer’s request to bypass height and density rules on a proposed low-income apartment complex along the light-rail line. After hearing pleas from neighbors opposing the zoning waiver, the council voted 6-0 to approve the developer’s request. Councilman and Mayor-elect Mark Mitchell was absent from Thursday’s meeting. View article…

2nd phase beginning for Power Road changes The second phase of Power Road improvements began Monday, kicking off a 16-month effort that will expand the stretch of road from Loop 202 to the north side of the Pecos Road intersection. The roughly 2.7-mile section will be widened to three lanes in each direction, with raised medians and intersection improvements at Ray and Williams Field roads. View article…

Group’s goal is to keep Old Town Scottsdale looking old When people from all over the world visit Old Town Scottsdale, they want to feel like they’ve stepped back in time to the days of the Old West. They want to see an area frozen in time, with rustic storefronts and wooden sidewalks. View article…

Arizona still down 229K jobs from recession Arizona’s sputtering job market is still in the red from the jobs lost during the recession and housing slump. Labor data from the Economic Policy Institute says Arizona’s jobs total came in at just under 2.45 million in May. That is down 229,200 jobs from the start of the recession, officially recognized as December 2007, or about an 8.6 percent drop. View article…

HOUSING:
Why Rental Activity Remains ‘A Bright Spot’ for Housing While the lights of the housing market continue to flicker, rental market activity has been a bright spot, said Freddie Mac’s U.S. Economic and Housing Market Outlook for June. The Enterprise’s report, released Tuesday, showed that newly formed households seem more interested in renting over owning as the economy struggles to get back on its feet. Freddie Mac expects this trend to continue for the near future. View article…

Optimism Can Be Bad for Recovery, Rental Market is Bubble-Proof: Trulia Optimism is good for the recovery, but too much optimism can lead us back on the path to the next housing bubble, said Trulia Chief Economist Jed Kolko during a conference call Wednesday. Although home prices are rising, renters might be overconfident, with 58 percent of respondents expecting home prices to return to peak in the next 10 years, according to Trulia’s American Dream survey. View article…

FOMC Moves Modestly, Actions Expected to Keep Mortgage Rates Low With a lone dissent, the Federal Open Market Committee Wednesday voted no change in the target federal funds rate but agreed to expand its program to stimulate the economy by purchasing Treasury securities. While voting no change in the target Fed Funds rate, theFOMC said it would “purchase Treasury securities with remaining maturities of 6 years to 30 years at the current pace and to sell or redeem an equal amount of Treasury securities with remaining maturities of approximately 3 years or less [to] put downward pressure on longer-term interest rates and help to make broader financial conditions more accommodative.” View article…

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.