Daily News for Commercial Real Estate & Business – April 6, 2011

PICOR CRES HANDLES $1 MILLION INDUSTRIAL ACQUISITION IN SO. ARIZONA 2470 Majestic LLC has purchased 17,664 square feet of industrial space, located at 2470 W. Majestic Park Place in Tucson, from Commerce Drive & W. Majestic LLC for $1 million. View article...

NALS Gets $24M Refi for Tucson Apt. Property Nevins Adams Lewbel Schell has refinanced a 300-unit luxury apartment complex here through HUD's Section 223(a)(7) program. CBRE's direct HUD FHA lender, CBRE HMF, Inc. provided the $23.7 million loan for Finisterra Apartment Homes. Located at 6795 East Calle La Paz, Finisterra Apartment Homes offers a mix of one, two and three bedroom units ranging from 670 square feet to 1,300 square feet. Monthly rents range from $750 to $1,089. View article...

Bice Group bringing restaurant to Scottsdale The Bice Group, which owns Italian restaurants around the world, has leased space in The Citadel in North Scottsdale. Whitestone REIT (AMEX: WSR), a Houston-based real estate investment trust which owns the boutique center, said Bice will occupy 9,900 square feet. The Citadel is located at the corner of Pima and Pinnacle Peak Roads. View article...

High-end beach club planned for downtown Scottsdale The latest phase of Triyar Entertainment's makeover of downtown Scottsdale's entertainment district is a high-end beach club on the northeastern corner of Stetson Drive and Wells Fargo Avenue. Triyar purchased the nearly 2-acre parcel several years ago and has been working on its plans for redevelopment, said Shawn Yari, Triyar's owner. It now houses an older medical office building, and most tenants already have vacated, he said. View article...

Office-Space Occupancy on the Rise The amount of occupied office space in the U.S. continued to inch higher during the first quarter of 2011 as businesses slowly began to expand. Average effective rents, which include such benefits as free rent and interior work, rose by 0.5% to $22.20 a square foot, according to property-research firm Reis Inc. This marked the second consecutive quarter of rent increases and more evidence the industry has finally turned the corner after more than two years of dramatic rent and occupancy drops. View article...

Demand high for Tempe's West 6th luxury apartments The bird's-eye views from the long-stalled high-rises in downtown Tempe were stunning enough to draw gasps from those who took a guided tour last week of West 6th luxury apartments. Last week marked the first time prospective renters could tour the units since Tempe's tallest buildings were sold to Zaremba Group and the project was converted from high-end condominiums to apartments. View article...

Beazer Homes buying up Phoenix foreclosures to then rent Beazer Homes (NYSE:BZH) is buying up bank-owned or auctioned properties in Phoenix and converting them into rentals with the Beazer name. "We think this makes sense. It's a way to put our corporate bank accounts to work," said Carey Phelps, director of investor relations and corporate communications for Beazer Homes in Atlanta. View article...

Feds move up plans to create reservation land near Glendale The federal government plans to formally create a reservation on tribal-owned land near Glendale on May 16, according to a court document. Once that happens, the southern Arizona-based Tohono O'odham Nation could move forward with a casino on its 54 acres near the city's sports and entertainment district. View article...

CMBS Delinquencies Rise, but Trepp Sees Signs of Market Healing The commercial mortgage research and analytics firm Trepp LLC says the delinquency rate for loans held in U.S. commercial mortgage-backed securities (CMBS) edged higher in March, but the New York-based agency says it's seeing clear signs that the market is starting to heal. View article...

Extend and Pretend is Quietly Ending As Foreclosure Activity Picks Up Many investors have criticized the reluctance of lenders to foreclose on defaulted loans, calling it one of the major reasons the real estate decline has proven to be as prolonged and unpredictable as it has. But what a difference a year makes in the world of commercial real estate. Even though property prices slipped in December and January, the longer-term picture shows a rise in prices of 4.2% since touching an eight-year low in August 2010. 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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