nick@nickminer.com  480-612-0384

Daily News for Commercial Real Estate & Business – May 7, 2012

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

Solis hotel, condo site in downtown goes for $30 million An 11-acre redevelopment site for a planned hotel and condominiums in downtown Scottsdale was sold last week at a trustee sale for $30 million. AZ-Waters Edge LLC submitted the only bid and will take title of the land northeast of Scottsdale and Camelback roads, said attorney Lawrence Petrowski of Stinson Morrison Hecker LLP, the trustee. Scottsdale Canal Development LLC, which started assembling the property along the Arizona Canal in 2006, had planned a 240-room Solis Scottsdale hotel and 140 condos on a site that now includes a SRP substation. View article…

Waterstone Apts Sells For $11M Gelt Acquisitions, Inc. purchased the 269-unit multifamily property located at 1651 South Dobson Rd. in Mesa, AZ for $11,287,000, or approximately $42,000 per unit. LNR Partners sold the property in an REO auction sale. Waterstone is a three-story, 159,840-square-foot apartment complex that was built in 1979 on eight acres in the Superstition Corridor submarket of Maricopa County. The 14 buildings offer a mix of one- and two-bedroom units with numerous amenities. View article…

West Valley industrial complex sells for $7.3M A real estate partnership with local and Canadian ties has acquired a Peoria industrial park for $7.3 million Arrowhead Commerce Centers Partners LCC has bought the 121,000-square-foot Arrowhead Commerce Center. It is located just south of Bell Road and west of Loop 101 in Peoria. View article…

Tempe lands Residence Inn, to open in 2014 A new hotel is slated for development in dowtown Tempe with an opening expected late next year or in early 2014. Construction is expected to start soon on a 173-room hotel Residence Inn by Marriott hotel on Forest Avenue. The project will be located on the east side of Mill Avenue, adjacent to the Tempe City Hall parking garage at the southeast corner of Fifth Street and Forest. View article…

See Spot Shop opens second store in Phoenix The Valley’s second See Spot Shop store will open at Stetson Village Shopping Center this summer. The center is at the northeast corner of 39th Avenue and Happy Valley Road in Phoenix. Owned by Eileen Urbanowski, the store is a 1,566-square-foot full-service holistic pet center that offers products and services including food, treats, supplements. Among the merchandise offer are collars, beds, clothing, toys and grooming supplies. View article…

Body Lab opens 2nd fitness location, in Scottsdale Starting a fitness studio centered on a new, hot workout in a city unfamiliar with it following a recession would scare off many prospective business owners. But Rachel Forman wasn’t intimidated by those odds when she and business partner Jenny Cushing decided to open the Body Lab in Phoenix in 2010. Nearly two years and hundreds of members later, the gamble appears to have paid off: A second location recently opened in Scottsdale. View article…

Hotel opens along Loop 101 at Salt River The Courtyard Scottsdale Salt River opened last week along the Loop 101 corridor northeast of Pima and Chaparral roads. The 158-room hotel at 5201 N. Pima Road is owned by Salt River Devco and managed by Marriott International. Courtyard by Marriott has rolled out a new lobby and room design for the four-story hotel. It is showing room rates this weekend starting at $119. View article…

Phoenix Urban Grocery and Wine Bar is closing The downtown Phoenix Urban Grocery and Wine Bar, a startup business that helps local farmers market their foods, is closing. The news was announced Saturday in an e-mail sent to reporters by Dan Klocke, board president of the non-profit Community Food Connections. Community Food Connections founded the store in 2010 with the help of downtown business leaders — including Kurt Schneider, whose limited-liability company Scheider and Schneider owns the store property — and with grants from the city. View article…

Covance closing Chandler lab; drew protests Drug development services company Covance plans to close a $150 million laboratory it opened in Chandler in 2009 amid protests from animal rights activists. The Princeton, N.J.-based company said in a May 2 regulatory filing that closing the facility would help it reach a goal of saving $20 million a year in its early development segment. The company fought off a suit trying to block the 300,000-square-foot facility in 2008. The lab was built so the company could test chemicals and potential drugs on mice, rats, dogs and monkeys. View article…

Surprise studies payment options for $2.2 million Westcor debt The Prasada regional mall project is still years from being built, but a development agreement between Surprise and developer Westcor is giving city officials financial headaches today. As part of a complex agreement that was renegotiated last year, the city must start making interest payments to Westcor for public infrastructure — roads, water and sewer — already built. View article…

Gilbert to bid farewell to last big piece of farmland Gilbert’s Morrison family this week announced the impending development of the town’s last full square mile of farmland, which will soon be replaced by hundreds of homes in the new Elliot Groves subdivision near Elliot and Recker roads. Many Valley natives remember Gilbert as a sleepy farm town that produced crops such as alfalfa, cotton and corn and was likely home to more dairy cows than humans. Only 30 years ago, the town’s population was less than 6,000. View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center – 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.