Daily News for Commercial Real Estate & Business – August 15, 2011

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

OTHER FOOT DROPS ON WESTGATE IN GLENDALE... 2ND TRUSTEE's SALE FILED ON $202 MILLION LOAN As it turns out, $299.5 million in loans are in default that are secured by the partially developed Westgate City Center mixed-use project in Glendale. BREW previously reported that the developer of the massive entertainment complex had defaulted on a single loan of $97.5 million. According to Ion Data, a Mesa-based provider of real estate data, a trustee's sale is scheduled for November 3 on another loan that is secured by portions of Westgate City Center. That mortgage has an original principal balance of $202 million. View article...

SUPPLY OF AVAILABLE BIG BOX DISTRIBUTION SPACE DWINDLING. PROLOGIS BUYS 300,000+ SQ. FT. A limited partnership formed by Prologis Inc. in Denver, Colo. (NYSE:PLD) paid $9.95 million ($32.88 per foot) to buy a 302,640-square-foot distribution building located at 9704 W. Roosevelt Road in Tolleson. The seller of the vacant property was the Paul and Eleanor Sade Trust in Alamo, Calif. (Eleanor Sade, trustee). View article...

OFFICE BUILDING AT SCOTTSDALE FASHION SQUARE MALL SOLD FOR $10+ MILLION WCCP II Camelback Tower LLC, a company formed by William Metzler and Scott Douglas of West Coast Capital Partners in Scottsdale and Torrance, Calif., paid $10.035 million ($81.69 per foot) to acquire a 122,848-square-foot office property located at 6900 E. Camelback Road in Scottsdale. The seller was The Bank of New York Mellon Trust Co., as trustee for Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-IQ14. Morgan Stanley marketed the loan as a commercial mortgage backed security (CMBS). The special servicer was C-III Asset Management LLC (formerly known as Centerline Servicing Inc.). View article...

BH BUYS CASA BELLA FOR $9M BH Properties has purchased the 410-unit Casa Bella apartment complex in Tucson for $9.1 million. This is the firm's sixth multifamily acquisition in less than a year. BH Properties was represented in-house. View article...

COPPER PLAZA SELLS FOR $1.38M The 11,053-square-foot Copper Plaza shopping center has sold to 3122 N. Campbell Ave. LLC for $1.38 million. Copper Plaza was built in 2005, and was 75 percent occupied at the time of sale. CBRE's Tim Healy and Robert DeLaney represented the buyer. CBRE's Mike Chapman and Shannon Murphy represented the seller, Great Western Bank, which acquired the property through foreclosure. View article...

West 6th Tempe tenants a mix of students, pros, boomers College students, business professionals keen on urban living, and Boomers looking to simplify their suburban lifestyle are among the 250 residents settling into the West 6th Tempe apartments. The luxury high-rise just west of Mill Avenue in downtown Tempe opened last week after sitting vacant for years. The development was slated to be condominiums but that project failed when the lender went bankrupt. View article...

No changes planned for Desert Ridge medical buildings Healthcare Trust of America Inc. has no plans for immediate or major changes at Desert Ridge Medical Campus. The Phoenix-based real-estate investment firm in July began a purchase and sale agreement of the two medical office buildings for about $32.7 million. Ryan Cos., a commercial real-estate developer with a Phoenix office, owns the campus at 21300 N. Tatum Blvd., in northeast Phoenix. View article...

Real-estate briefs: Airpark property in receivership Phoenix-based Hannay Investment Properties was appointed last week as the receiver for the Raintree Corporate Center North in the Scottsdale Airpark. The 300,000-square-foot office complex includes a pair of three-story buildings at 15111 and 15333 N. Pima Road. View article...

Phoenix drops 8% of retail jobs in past five years The Phoenix area has shed 8.4 percent of its retail jobs in the past five years, according to new figures from the U.S. Bureau of Labor Statistics. The 8.4 percent loss in retail jobs ranks the Phoenix area 76th in the nation among the top 100 metros in the country. View article...

Mortgage Delinquencies Have Risen 25% Since Pre-Recession Mortgage delinquencies remain elevated while other aspects of the consumer credit picture, such as bankcard performance, are improving, according to Experian's latest report released Friday. "While the trend is positive on the bankcard side, the mortgage side is continuing to suffer in most of the markets," Experian said in a press release. View article...

Failed Bank List he FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. 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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