Daily News for Commercial Real Estate & Business – August 18, 2011

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

To view the July/August 2011 Apartment Finance magazine, click here.

To view this weeks Costar Watchlist, click here.

BH Continues AZ Inroads with Two Acquisitions BH Properties broadened its footprint in Arizona with the acquisition of two assets. The California company added the 79,380-square-foot Thunderbird Square retail center and the 410-unit Casa Bella Apartments in Tucson, AZ to its Grand Canyon State portfolio. BH Properties acquired both properties from receivers, spending north of $10 million combined on the deals. View article...

Whitestone REIT pays $9.3M for Ahwatukee shopping center Whitestone Real Estate Investment Trust in Houston continues its buying spree in the Phoenix area with the purchase of the Ahwatukee Plaza at 51st St. and Elliot Road in Phoenix. The shopping center sold for almost $9.3 million in an all cash transaction. View article...

El Dorado Place Trades For $12M HSL Properties, Inc. purchased El Dorado Place, a 147-unit multifamily property in Tucson, for $12 million, or nearly $82,000 per unit. The property was reportedly 92 percent occupied at the time of sale. No income and expense information was available. The sale price included $1.8 million of personal property in fixtures and appliances. Located at 1150 N. El Dorado Place, the property consists of 65 one-bedroom and 82 two-bedroom units and was built in 1979. View article...

Triumph Group moving into Chandler facility Triumph Group Inc., an international aerospace company, has leased about 78,200 square feet at 50 S. 56th St. in Chandler. The company will move its Auxiliary Power Unit repair and overhaul facility there in May. The lease term is for 11 years, and financial details were not disclosed. View article...

HIV/AIDS center plans move to old Channel 12 building in Phoenix The Southwest Center for HIV/AIDS is working on plans to remodel the old KPNX/Channel 12 building at Central Avenue and Portland Street in downtown Phoenix. Carol Poore, the center's president and CEO, hopes the center and its partners can move into the Channel 12 building within 18 months from its current base at 12th Street and McDowell Road near Banner Good Samaritan Medical Center. View article...

Peoria's move on Northern Parkway leaves questions A divided Peoria City Council this spring removed the Northern Parkway project from its 10-year capital-improvement plan. The project would transform Northern Avenue into a 12.5-mile, multilane parkway from Loop 303 to Grand Avenue, providing relief to the congested Bell Road. View article...

Goodyear may annex to gain $1.1M in funding for streets Goodyear believes that annexing Maricopa County right-of-way land next to some city streets would help the city qualify for more than $1 million in state money. The Arizona Department of Transportation has pledged about $1.1 million to improve city streets used as detours while the agency closes Cotton Lane at Loop 303 to complete the interchange of Loop 303 and Interstate 10. View article...

Arizona the 8th most financially distressed state Arizona was the 8th most financially distressed state in the second quarter, but that's an improvement from the previous quarter. Credit counseling agency CredAbility reported in its CredAbility Consumer Distress Index that Arizona improved from being the 5th most financially distressed state in the first quarter, but lingering housing, credit and consumer bankruptcy issues continued to weigh the state down in the second quarter. 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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