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Daily News for Commercial Real Estate & Business – September 6, 2012

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

To view the September 2012 Commercial Property Executive magazine, click here…

To view this weeks Costar Watchlist, click here…

Irgens buys Scottsdale medical center for $6.5 million After several years of strictly bringing Phoenix-area medical professionals new office space, Milwaukee-based Irgens kicked off the expansion of its local operations last month with the purchase of an existing Scottsdale medical center. The developer, through its newly-formed entity Shea Medical LLC, acquired the 42,439-square-foot Shea Medical Plaza out of liquidation last month for $6.5 million, according to Irgens representatives and public records in the Maricopa County Recorder’s Office. View article…

Prologis Launches Spec Construction on Close to 500,000 SF Marking the first speculative development in the area since 2008, Prologis launched construction on a 486,241-square-foot, cross-dock facility in Prologis Park Riverside. The building is situated on 27 acres and has a target completion date of April, 2013, at an estimated all-in cost south of $25 million. View article…

Wingstop continues Phoenix-area expansion Wingstop has opened a new location in Tempe, the seventh in the Phoenix area, with another new location slated to open later this fall. The Tempe store is at 555 N. Scottsdale Road. Wingstop Tempe is open from 11 a.m. to midnight daily. View article…

Smashburger opening 10th Valley location in Mesa National burger chain Smashburger has selected northeast Mesa for the home of its “milestone” 10th Valley location, replacing pasta house Caff Boa in the Village at Las Sendas shopping center. The restaurant, at Power and McDowell roads, opens to the public today. View article…

West Valley’s Northern Parkway plan surviving hiccups Northern Parkway construction is well under way and West Valley partners are working to uphold their part of the project. The 12.5-mile parkway connecting Loop 303 to Loop 101 and farther east to Grand Avenue largely will be paid with federal funds, with Glendale, Maricopa County, Peoria and El Mirage pitching in. View article…

Small Commercial Building Sales Back to 2008 Levels Trepp LLC is reporting that sales of small buildings nationwide have increased in 2012 to the highest level since 2008, with more and more buyers taking advantage of prices that have yet to rebound from the property boom going bust. Increased access to financing has also played a significant role in the uptick. Improved demand is expected to help broaden a commercial real estate rebound that has so far been confined to trophy office buildings, apartment communities, and shopping malls. View article…

Scottsdale council approves contentious Echo at Windgate condos The Scottsdale City Council Tuesday cleared the way for a two-story condominium project that nearby homeowners say is too dense and intense, and will decrease their property values. Deco Communities, formerly Starpointe Communities, plans to build Echo at Windgate, a 13-building complex with 104 condominiums on a nearly 11-acre site that wraps around the Windgate Crossing shopping center northwest of Bell Road and Thompson Peak Parkway. Residents of nearby Windgate Ranch remain opposed to the project. View article…

Tempe 3rd-most fun in U.S., report says Tempe can pump out its collective chest and boast that it is among the country’s most fun and affordable places to live. And it’s more fun than Scottsdale, honest. A Better Homes & Gardens real-estate report recently named Tempe the third-most fun, affordable city in the U.S. View article…

Check out the Market Reports section of my webpage! The market reports that I review on a regular basis will be archived here. I would like to know your feedback after looking at the page. Send feedback by click here…

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 – 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.