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Daily News for Commercial Real Estate & Business – September 11, 2012

May we never forget what happened on this day 11 years ago.

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

Prologis Begins Construction of 486,000-SF Facility Prologis has begun construction on a 486,241-square-foot, cross-dock facility in Prologis Park Riverside, with an estimated completion date of April 2013. The project represents the first speculative development in Phoenix since 2008. Building 3, located at 5501 SE Lower Buckeye Ave. in Phoenix, is on a 27-acre parcel, part of a larger 153-acre, master-planned industrial park. The addition of this distribution center could potentially bring more than 300 jobs to the SW/South of Buckeye Road Industrial submarket. View article…

Spec Development Geared Toward Market Swing In 2007, Prologis acquired 153 acres to develop its Prologis Park Riverside. Five years later, anticipating the market upswing, the San Francisco developer has finally launched vertical construction on a 486,241-square-foot spec industrial property; the first speculative development to commence in more than four years. Though the original goal was to initiate construction on the land at 55th Avenue and West Lower Buckeye almost immediately after acquisition, “the economic returns on the land purchase didn’t justify new construction until right now,” comments Fritz Wyler, Prologis’ SVP Investment Officer. View article…

Phoenix-area land acquisitions up 59% in past year Rebounding home prices and low inventory of existing homes in the first half of this year has pushed Phoenix-area land acquisitions up by a whopping 59 percent year-over-year, according to the latest figures by Colliers International in Phoenix. The Valley’s land acquisition activity in the first half of this year also occurred for a much higher price tag, with median prices surging by 80 percent compared with last year, the mid-year report said. View article…

Communications Test Design to open new shop, hire 200 in Tolleson Communications Test Design Inc. is moving into a new Tolleson facility, looking to expand a workforce that does repair and testing services for Cox Communications Inc. and other telecommunications companies. The West Chester, Pa.-based company has operations in Phoenix, but is increasing its operational footprint by fivefold with its lease of a 238,450-square-foot building at 8602. W. Buckeye Road. View article…

Mill Ave. streetcar could return traffic lost to Tempe Marketplace The City of Tempe is working to bring more business back to Mill Avenue. In the past few years, the city has talked about adding a streetcar and bringing new restaurants, ice cream shops and bars to the area in an effort to restore the heart of the city. Mill Avenue borders the Tempe campus, making it a prime spot for business. View article…

Mesa man lands 1st AZ branch of Ga. pool firm From building up his own pest-control company and upping membership at a women’s gym to dramatically increasing billings at a paramedical company, Mesa native Clint Rowley has a reputation for turning businesses around. Now, the 34-year-old entrepreneur is turning his sights to the pool industry, becoming America’s Swimming Pool Co.’s first Arizona franchisee at 950 E. Brown Road. View article…

Shoe store steps into Tea Loft space A specialty shoe store will occupy the space recently vacated by the Urban Tea Loft in downtown Chandler. Shoe Thrill is expected to open in Suite 2 at 11 W. Boston St. by Oct. 1, said owner Carissa Thurman of Chandler. “We’ll feature European comfort shoes with emphasis on looks and fashion, as well,” she said. View article…

Coffee shop, wine bar eyed for Downtown Chandler site A former welding garage in downtown Chandler soon might be transformed into Covo Cafe, a coffee shop and wine bar that its owners hope will appeal to residents as a friendly, casual, all-day destination. The restaurant has been a long time coming, said Peter Sciacca, who owns di Sciacca, a glassware store in downtown Chandler. View article…

Meeting set on extending light rail to Gilbert Road The public will get an early opportunity this week to evaluate work that has been done on extending light rail from Mesa Drive to Gilbert Road. Construction already has begun on the 3.1-mile leg from Sycamore Street through downtown Mesa, which is supposed to begin hauling passengers by late 2015. But Mesa and regional transportation planners have said for several years that Gilbert Road is a more natural terminus because it would pull in thousands more riders per day. View article…

Arizona No. 2 for expected job growth Arizona is No. 2 in the nation in an Aol jobs report featuring the best places for job seekers to go to find work. Citing data from Moody’s Analytics, the report said that Arizona and six other states are expected to create jobs at a rate of at least 2.1 percent, creating tens of thousands of new positions. The rate in Arizona is 2.9 percent. View article…

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CURRENT FOR SALE OPPORTUNITIES:
Former SunTykes Property in Tempe Arizona (IN ESCROW) – Owner/User Opportunity. For more information, click here…

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…

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

7320 N Dreamy Draw (IN ESCROW) – 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…

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.