Daily News for Commercial Real Estate & Business – April 28, 2011

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

To view this weeks' Costar Watchlist, click here.

CoStar Group to Acquire LoopNet CoStar Group, Inc. (Nasdaq:CSGP), the leading commercial real estate information company announced today the signing of a definitive agreement to acquire LoopNet, Inc. (Nasdaq:LOOP), the leading online commercial real estate marketplace. Pursuant to the merger agreement, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock for each share of LoopNet common stock, representing a total equity value of approximately $860 million and an enterprise value of $762 million. View article...

Phoenix's Select Top Retail Sales for Q1 2011 The following is an account of the Phoenix market's select top five retail sale transaction for the first quarter 2011. Miller Capital Advisory, Inc. purchased 15210 N Scottsdale Road, a 363,001-square-foot shopping center consisting of 16 buildings in Scottsdale, for $34.2 million, or about $185 per square foot. View article...

Phoenix's Select Top Retail Leases for Q1 2011 The following is an account of the Phoenix market's select top 10 retail lease transactions for the first quarter 2011. Big Lots leased 35,000 square feet at 2020-2040 N 75th Ave. in Phoenix. View article...

Scottsdale office property sells for $2.1M Kootenay Holdings, a Vancouver, British Columbia investor, purchased Pinnacle Peak Place at 8525 E. Pinnacle Peak Road in Scottsdale for $2.1 million. The 22,300-square-foot multi-tenant office building was built in 1999. It was 50 percent occupied at the time of sale. The seller was Minnesota-based Columbia Management. View article...

T&R Properties Pays $3.1M for Gilbert Commerce Center T & R Properties, a California-based commercial developer and manager, acquired the Gilbert Commerce Center, a three-building office park, from Raskin Partners for $3.075 million, or about $41 per square foot. View article...

REIT Buys Desert Canyon Center in Phoenix Whitestone REIT, a Texas-based real estate company, purchased the Desert Canyon Shopping Center in Scottsdale, AZ. The property was purchased out for foreclosure for $3.65 million, or about $58 per square foot. View article...

For-profit Phoenix School of Law plans to move downtown The growing for-profit Phoenix School of Law is moving downtown this year into bigger digs at the Tower at One North Central near Washington Street, providing more potential customers for downtown businesses and creating new jobs. The school, owned by InfiLaw System, has been growing since it was founded in 2004. It is now in a building at 4041 N. Central Ave., near Indian School Road. Its downtown lease, which starts Aug. 1, doubles its space for new students and employees. View article...

Gangplank expands to Tucson, Avondale Ganglplank is expanding its collaborative working space established in Chandler to new locations in Tucson and Avondale. The deal for the Tucson location, in a Bookmans Entertainment Exchange operation, already is inked, and the group still is negotiating with the city of Avondale for a space. View article...

City land swap near SkySong would allow for apartments Scottsdale will consider a small-parcel land swap east of SkySong that would allow Mark-Taylor Inc. to develop apartments on a city-owned site. The Scottsdale City Council voted unanimously Tuesday to negotiate with the Scottsdale-based apartment developer on an exchange of adjacent sites along 74th Street south of McDowell Road. View article...

Scottsdale City Council approves revised Blue Sky project After several months of delays and objections, Scottsdale gave approval this week to a proposal that will add more than 700 luxury apartments to the city's downtown area across from the Scottsdale Fashion Square mall. Gray Development Group won Scottsdale City Council approval Tuesday for its Blue Sky apartment complex proposal on a 5-2 vote. View article...

Ensemble DevMan Plans 35,400-SF MOB Ensemble DevMan has plans to develop the first medical office building in THE CITY at Surprise, a 765-acre masterplanned community here. The 35,400-square-foot facility, dubbed Surprise Medical Plaza, has a price tag of roughly $8 million. View article...

MBA: Loan Originations on Retail Properties Surged in Fourth Quarter The Mortgage Bankers Association's (MBA) Quarterly Databook shows that the volume of retail loans rose significantly in the fourth quarter of 2010, making it the most active quarter since the third quarter of 2008. For all property types, the MBA's originations index reached 114 - up significantly from the 70 it posted in the third quarter of 2010 and the highest quarterly reading the association has measured since the third quarter of 2008. 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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