Daily News for Commercial Real Estate & Business – April 29, 2011

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

Omni Group Buys Two Phoenix Apartments for $41M Omni Group of Companies in Vancouver, British Columbia, spent $41.35 million for two apartment properties located in Phoenix, AZ. The properties, located at 17249 and 17435 N. 7th Street, were purchased from Chicago-based Equity Residential. Desert Homes and Remington Place apartments were built in 1982 and totaled 824 units located in two-story, garden-style apartment buildings with a wood frame and stucco exterior that measured a combined 607,136 square feet. Each property is comprised of 412 units, both with 168 one-bedroom, 224 two-bedroom, and 20 three-bedroom units. View article...

Gilbert Commerce Center sells for $3.1M Gilbert Commerce Center, a Class B office complex at 459 N. Gilbert Road in Gilbert, was sold to California-based private investors for $3.1 million. Keith and Ava Ungar and Rochelle Vedres purchased the three-building, 75,000-square-foot property from Trident Pacific Real Estate Group, a court appointed receiver. View article...

Mongolian stir-fry eatery opening in northeast Phoenix A Mongolian stir-fry restaurant chain is opening a northeast Phoenix location the first week of June and expanding its Valley operations. Troy Horning is the franchise owner of a Genghis Grill opening at 4722 E. Cactus Road, Phoenix, near Paradise Valley Mall. The restaurant is in a fully leased shopping center, said Mona Sullivan, senior property manager at Los Angeles-based Westwood Financial Corp., which owns the property. View article...

Realty Executives staff locked out...again There was more drama Wednesday with Realty Executives Phoenix. Staff based at 4427 N. 36th St. in Phoenix were locked out of their offices this morning. The information was confirmed by Realty Executives spokesperson Andrea Kalmanovitz. Landlords evidently locked out staff for non-payment by the Realty Executives Phoenix franchisees, Rich Rector and his wife Robyn Lee Dependahl. View article...

Phoenix Investor Interest More Than Wishful Thinking Not so long ago, investment sales professionals here were "wishin' and hopin' and prayin'" for a sign that the market had hit bottom and was on its way up again. Today, it's not just wishful thinking - investor interest has returned to the local office market, according to experts. "Activity here is robust, and that's something that I couldn't have said 12 months ago," says Jan Fincham, a principal with Lee & Associates' local office. "Investors see Phoenix as a prime fishing spot for value." View article...

Recovery for U.S. Bank Loan Delinquencies Stalls: Trepp The recovery in delinquency rates that began in the second quarter of 2010 appears to have stalled, according to the research firm Trepp LLC, with delinquency rates for the major real estate loan types declining only slightly in some categories and increasing in others during the first three months of this year. 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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