Daily News for Commercial Real Estate & Business – April 22, 2011

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

To view the following First Quarter 2011 Costar Reports, click:

Retail

Office

Industrial

ONNI GROUP KEEPS FOOT ON THE GAS . . . PAYS $41.35 MILLION FOR 824 UNITS IN PHOENIX Companies formed by the Onni Group of Cos. in Vancouver, B.C., Canada. (Rossano De Cotiis, Giulio De Cotiis, Morris De Cotiis, principals) paid $41.35 million ($50,182 per unit) to buy 824 apartment units in two north Phoenix properties. The seller in two transactions was a company formed by Equity Residential Trust in Chicago (NYSE:EQR). Onni Real Estate V LLC paid $20.675 million to buy the 412-unit Remington Place apartments located at 17435 N. 7th Street. Onni Real Estate VI LLC paid $20.675 million to acquire the 412-unit Desert Homes apartments at 17249 N. 7th Street. The multi-family communities, which stand side-by-side, were both built in 1982. View article...

IPA Plans 322-Unit MF Community in Suburban Phoenix Investment Property Associates has purchased 18 acres here with plans to develop a 322-unit apartment community called Campanello. The Grand Haven, MI-based firm is working with Scottsdale, AZ-based multifamily investor P.B. Bell Companies to get the luxury property off the ground. IPA is looking to amass a portfolio of 3,000 to 5,000 apartment units in the Phoenix area, and they plan to do that through both acquisitions of existing properties and new development," says Brad Cooke of Colliers International's Phoenix office. View article...

STAN JOHNSON CLOSES TWO-TENANT RETAIL PROPERTY SALE IN THE DESERT Stan Johnson Co. has negotiated the sale of a 37,540-square-foot retail building, located within the North Pima Center at 3749 W. Ina Road in Tucson, to a Dallas-based private investor. Fully leased to Michaels and Ace Hardware, the property was listed for more than $4.43 million. View article...

Phoenix's Select Top Office Leases for Q1 2011 The following is an account of the Phoenix market's select top 10 office lease transactions for first quarter 2011. Apollo Group, Inc. leased 599,664 square feet at 4025-4045 S. Riverpoint Parkway in Phoenix. This was a sale/leaseback transaction. The tenant and the landlord, Cole Real Estate Investments, were represented in-house. View article...

Phoenix's Select Top Office Sales for Q1 2011 The following is an account of the Phoenix market's select top five office sale transactions for first quarter 2011. Cole Real Estate Investments acquired three properties totaling 599,664 square feet at 4025-4045 S Riverpoint Parkway in Phoenix for $170 million, or roughly $283 per square foot, in a sale/leaseback transaction. The buyer and the seller, Apollo Group, Inc., were represented in-house. View article...

First restaurant coming to ASU Skysong Arizona State University's high-tech SkySong development is marking the arrival of its first restaurant with a grand opening celebration April 25. City Market Deli, owned by Qisai "Q" Putrus and Randy Kassab, has two other locations in the Valley and offers a range of gourmet sandwiches, burgers, hot dogs, wraps and salads. View article...

Dry bean distributor Multi-Enterprise moving to Glendale Multi-Enterprise Inc., a distributor of dry beans, dry goods and produce, is moving into one of Glendale's few remaining industrial buildings at 6632 W. Myrtle Ave. The company, which is the largest distributor in the U.S. of peruano, or yellow beans, is relocating from 1410 N. 27th Lane in Phoenix. Its customers include grocery chains, restaurants and other distributors. View article...

Phoenix officials fail to close deal on Circles building Phoenix officials have crossed off the landmark Circles Discs & Tapes building from the list of possible new headquarters for the Arizona Opera because the building's owners have failed to respond to the city's requests for further environmental testing on the site. The downtown midcentury-design building, easily recognizable with its large curved windows, sits on a property that has underground tanks that probably stored fuel when the property was a car dealership, said Jane Morris, acting executive assistant to City Manager David Cavazos. View article...

Proposed child-care site near airpark waits for green light The Scottsdale Development Review Board will decide Thursday whether a $7 million child-care facility equipped with jungles, lagoons and a tropical island oasis should be built within the Scottsdale Airpark, one of the largest employment centers in Arizona. Arizona-based Children's Learning Adventure USA LLC says its proposed 20,000-square-foot jungle-themed center will serve the area's roughly 48,000 employees by early next year, offering quality, nearby care for about 400 children per day. View article...

SW Valley now counts 13 charter schools, up from 7 in 5 years As the school-choice debate escalates at the national level, more Southwest Valley families are choosing charter schools. The number of Southwest Valley charter schools has nearly doubled in the past five years, from seven schools to 13, and some municipalities continue to see growth, according to Arizona Charter Schools Association. View article...

Gilbert new-home permits reach a 12-month high Gilbert issued more new housing permits last month than it had for any other month in the past year. The town's Development Services Department issued 135 permits for single-family, detached residences, surpassing those issued by every other municipality in Maricopa County, according to Gilbert spokeswoman Beth Lucas. View article...

Leasing: Changing accounting rules shouldn't mean changing strategy When the US and international accounting-standards boards published a draft of their new lease-accounting rules last summer, they defined the move as a significant post-financial-crisis change that would increase transparency for investors. In theory, they're right. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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