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Daily News for Commercial Real Estate & Business – May 14, 2012

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

Mesa land sold to tire recycler CRM of America A company that recycles used tires for new uses has bought 4.5 acres of land in Mesa. CRM of America LLC bought the bank-owned land in Mesa for $205,000. CRM has tire recycling plants in Los Angeles, New York and Mesa. The vacant land is located at the northeast corner of Pecos and Mountain roads near CRM’s plant. View article…

Loco Patron opening third Arizona restaurant Mexican restaurant Loco Patron will open its third Valley location in Tempe by this fall. The company leased nearly 5,000 square feet from Vulcan Real Estate in the Tempe Gateway building in the Mill Avenue District. The new location will feature a sports bar and patio bar in addition to the restaurant’s award-winning Mexican food and drinks. View article…

Price Corridor data site to break ground A California-based company is building a data center that can hold up to 200,000 servers within five years in the Price Corridor. The company, NextFort, breaks ground Monday on the first phase of 130,000 square feet at 2600 W. Germann Road in Chandler. NextFort President/CEO Mark Towfiq hopes the building will open by the end of the year. View article…

Scottsdale Arte retirement community developer defaults The developer of the Arte retirement community in Scottsdale has defaulted on a loan and the property is set for a July 5 trustee sale, according to Maricopa County records. Arte Senior Living LLC of Scottsdale, affiliated with the Avenir Group of Cos., originally borrowed $36.25 million to develop the rental retirement facility. It opened in early 2010 at 114th Street and Via Linda. The beneficiary for the foreclosed property is SMA Portfolio Owner LLC, which is affiliated with the Square Mile Capital Management LLC of New York. View article…

Tempe’s Hayden Flour Mill set to reopen New real estate developments are coming to Tempe’s Mill Avenue. The long fenced-off and vacant Hayden Flour Mill will have those fences come down on May 22. The mill and silos have been fenced off since 1998 and the historic site has become somewhat of an eyesore. Mill Avenue gets its name from the mill, and the site has long been an iconic symbol of downtown Tempe. View article…

Curis Resources gets $40M loan for Pinal County copper mine Curis Resources Ltd. says it has finalized a $40 million loan for its contentious underground copper mining project in Pinal County. Vancouver-based Curis said it has executed the loan deal with RK Mine Finance Trust I for its Florence Copper Project. View article…

Gestamp Solar Steel to expand, hire 80 Gestamp Solar Steel is slated to expand its Surprise facility that makes parts for solar power plants and add 80 new jobs. The company announced this week at a Surprise council meeting it was starting the second phase of its construction next week, which would add 36,000 square feet to the facility. A third phase of 140,000 square feet will be added starting later this year. View article…

Commuter rail should be fast-tracked in Arizona As someone who drives almost 45 miles round trip from the West Valley into downtown Phoenix every day for work, I was all ears when I heard an National Public Radio report yesterday about yet another study to determine whether a passenger rail between Tucson and Phoenix would be viable. View article…

Downtown Phoenix-to-Tolleson light-rail route revised Valley transit officials are close to approving a new proposal for extending light rail to link downtown Phoenix to Tolleson. Albert Santana of the Phoenix City Manager’s Office and Tom Callow of Metro light rail told the Phoenix Citizens’ Transit Commission on Thursday that a series of meetings with state officials and residents in the St. Matthew’s neighborhood, west of the state Capitol, have led to a tentative agreement on a route. It calls for the 11-mile West Rail Link to run near Interstate 10 from Tolleson into Phoenix. 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…

+/- 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 – 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 – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office For Sale/Lease. 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…

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.