Daily News for Commercial Real Estate & Business – April 8, 2011

To view this weeks The Watchlist by Costar, click here.

Developer buys 51 acres in Deer Valley A company that will build commercial build-to-suits and speculative construction has purchased nearly 51 acres in the Deer Valley submarket. TOF DV Bixby Services LLC paid $8.5 million for the land located at the southeast corner of Seventh Street and Deer Valley Road. View article...

MARCUS & MILLICHAP CLOSES OFFICE SALE IN THE VALLEY OF THE SUN Marcus & Millichap has facilitated the $1.1 million sale of the 27,562-square-foot Bella Vista Center, an office property located at 5818 N. 7th Street in Phoenix. The buyer will renovate and occupy the building with plans to operate it as a charter school starting the 2011-2012 school year. View article...

Office Tenants Trade Up in Phoenix As the local office market continues to lag other major markets across the US, tenants here are making the most of the situation and trading up. Companies are relocating from older, lower quality buildings into newer, class A properties, according to research from Cassidy Turley BRE Commercial. View article...

Blue Sky apartment site plans in Scottsdale raise building height Gray Development Group's evolving proposal for its Blue Sky apartment complex east of Scottsdale Fashion Square will go back before city officials on Wednesday with two new site plans, both of which call for a maximum building height greater than its previous plan. View article...

Prudential Americana buys Prudential Arizona Prudential Arizona real estate brokerage, the largest Prudential franchise in the state, has been acquired by Prudential Americana Group in Nevada. Financial terms of the acquisition have not be disclosed. View article...

GE building $600M solar plant General Electric today announced it is building a $600 million-plus plant that will manufacture solar panels. The company said the factory will be the largest solar manufacturing plant in the country. A spokesman said no location has been selected yet, but GE said an announcement will be made soon. View article...

Property Valuations Improve in Primary Markets, but Other Regions Struggle More than three years after the onset of the financial crisis sent commercial real estate prices plummeting, anemic transaction volume in secondary and tertiary markets still has investors struggling to establish prices and close deals. The most significant uptick in asset values has been limited to a handful of primary markets that offer the least perceived risk to investors. View article...

March home sales in Phoenix area the most in 66 months Good news on the residential real estate front. The 9,933 Phoenix-area sales transactions that closed in March marks the most sales in 66 months, according to the Arizona Regional Multiple Listing Service Inc. monthly statistics report. It's also the fifth highest sales month since 2001. View article...

Clear Capital Says Home Prices in the West Now in Double-Dip New data released by Clear Capital Thursday shows that home prices in the western part of the country are sliding again, down 4.3 percent over the first three months of this year. Granted housing is inherently local, but the company says, taken on the whole, the West region has now officially entered double-dip territory, with home values hitting lows not seen since 2001. View article...

International Monetary Fund Voices Concerns With U.S. Housing System The International Monetary Fund (IMF) has some pretty direct words for the American government and its handling of the U.S. housing crisis. In an annual report that will be released next week, IMF says the origins of the global financial crisis can be found in the U.S. housing finance system. The agency says government participation in the U.S. housing market has been "pervasive" but has not yielded the expected benefits to prospective or existing homeowners. 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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