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Daily News for Commercial Real Estate & Business – June 27, 2012

The Baby Reesa Benefit Golf Tournament I would like you to know about The Baby Reesa Benefit Golf Tournament on Friday, July 27th 2012 at Gainey Ranch Golf Club in Scottsdale. All proceeds from the tournament will benefit Reesa Stutzman who has Krabbe Leukodystrophy, an extremely rare genetic disorder with no cure and generally fatal before 2 years of age. Sean and Jamie Stutzman are the parents to Reesa. Sean is a good friend of mine. The goal is to help Reesa and her family during this very difficult time as the medical costs can easily surpass $500,000. To learn more, click here…

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

To view the June 2012 Affordable Housing Finance magazine, click here…

To view the June/July 2012 Chain Store Age magazine, click here…

Maricopa Community Colleges buy Tempe office buildings The Maricopa Community Colleges closed a $1.9 million deal to buy three office buildings in Tempe. The buildings are part of the Airway Corporate Center near 52nd and Broadway streets. View article…

Greenberg Traurig, Quarles to pay $88M to settle Mortgages Ltd. Lawsuits The Greenberg Traurig LLP and Quarles & Brady LLP law firms have agreed to pay $87.5 million to settle investor lawsuits over their legal counsel in the Mortgages Ltd. commercial lending debacle. Greenberg will pay $61 million and Quarles $26.5 million to settle the federal lawsuits. View article…

Western-town project stalls, investors look for new site Investors hoping to develop a Western-themed town on city-owned land on Bell Road are looking for another Valley location for the project. Stagecoach Gap LLC submitted a proposal early last year to develop a $38 million Western town with educational and entertainment elements on 80 acres of leased land at 94th Street and Bell Road. But contract negotiations stalled with Scottsdale. View article…

AirSprint U.S. calls Scottsdale Airport home By the time AirSprint Private Aviation Chairman and CEO Judson Macor founded his private-plane company in Canada in 1999, Macor, a Scottsdale resident and business owner, had enjoyed two different careers. But when an injury ended his days as a pilot, and a yearning to return to aviation drew him away from practicing law, Macor reunited with his first love when he launched AirSprint. View article…

3 Phoenix housing projects in line for tax credits Developers proposing three multifamily housing projects in central and downtown Phoenix have applied for a combined $5.5 million in low-income housing tax credits that the City Council is expected to approve next week. View article…

Scottsdale sticking to buses over light rail Scottsdale is moving ahead with plans for bus rapid transit on Scottsdale Road as community leaders say there is no consensus on extending light rail into the city. Valley Metro’s first 20-mile rail line serves Mesa, Tempe and Phoenix and extensions are planned over the next few years, but Scottsdale has made no move to get on board. “I don’t see light rail bopping up Scottsdale Road,” said Rick Kidder, chief executive of the Scottsdale Area Chamber of Commerce. “Right now, nobody is talking about it and there is no money for it.” View article…

Will Bruder & Partners splitting up The partners of one of Arizona’s most well-known architecture firms will split after 17 years and branch into two independent firms effective July 1, company officials said Monday. View article…

HOUSING:
CoreLogic: Phoenix foreclosure rate continues to fall The latest figures released Tuesday by CoreLogic show home foreclosures in metro Phoenix continue to gradually decline — and at a faster rate than the nation. The decline echoes the market’s most recent challenge of record-low inventories and surging home values creating a fiercely competitive buyer’s market. View article…

Phoenix home prices up in new Case-Shiller index Phoenix home prices increased 2.5 percent in April from March, according to the latest Standard & Poors/Case-Shiller Home Price Index out this morning. The Phoenix rise is the best among major U.S. markets in the index. The same index also shows Phoenix home prices were up 8.6 percent in April from April 2011. That’s also the best performing U.S. market. 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.