Daily News for Commercial Real Estate & Business – August 19, 2010

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

Surprise Walgreens Sells for $3.2M Investors Associated LLP, a Wisconsin investor, purchased the Walgreens at 15490 W. Bell Rd in Surprise, AZ, for $3.16 million, or $227 per square foot. View article...

Onni Acquires Phoenix Apt. Complex for $20.5M Fairfield Residential sold the 432-unit Montelano Apartments in Phoenix to the Onni Real Estate LLC for $20.5 million, or approximately $47,500 per unit. View article...

Apartment complex sells for $24.7M A Chandler apartment complex has been sold for $24.7 million. Weidner Investment Services of Kirkland, Wash., purchased Ocotillo Springs Apartments, 825 W. Queen Creek Rd., from a Boston private equity firm. View article...

Ryan Acquires Phoenix Land for Future Development Ryan Cos. purchased 12.3 acres of land at Deer Valley Drive & Seventh Street in Phoenix for $8.97 million, or $17 per square foot, from Vazza Co. View article...

Healthcare Trust Hires JPMorgan To Explore Liquidity Alternatives Healthcare Trust of America Inc. (formerly known as Grubb & Ellis Healthcare REIT Inc.) in Scottsdale, AZ, has engaged J.P. Morgan Securities, Inc. to act as its lead strategic advisor. JP Morgan will assist the company in exploring various actions to maximize stockholder value, including the assessment of various liquidity alternatives. View article...

Chandler: Tell us what merchants you want downtown Chandler is turning to an unusual source for business leads as it recruits new merchants, asking the general public to name merchants that should locate in the downtown. View article...

Peoria's auto dealers cautiously optimistic On a hot weekday afternoon, potential customers at Liberty GMC, dealt directly with General Manager Steve Moore. A self-described "head lot attendant," Moore said it's even more important in this economy to treat customers "the way you'd want to be treated." View article...

New Arizona law ends city rules on where churches, mosques can go In the raging debate over a planned mosque near Ground Zero, President Barack Obama has said a religious institution should be free to choose where to locate. View article...

Macroeconomic Concerns Eclipse Real Estate Deals Unfortunately, what should have been significant and encouraging news on the commercial real estate recovery front last month was hardly noticed on the newswires. First, a top New York bond trader, Cantor Fitzgerald, jumped into commercial mortgage originations. View article...

Retail Cap Rates Remain Steady in Second Quarter Cap rates flattened in the second quarter, exhibiting a stabilizing investment climate for retail properties, according to CBRE. View article...

Capitol Bancorp Awarded Compensatory and Punitive Damages Capitol Bancorp Limited announced today that a Maricopa County Superior Court Judge awarded it more than $14,748,000 in compensatory damages and $30,000,000 in punitive damages. The defendants were a mortgage broker, Tom Alexander and his employers, and several escrow officers and their former employer, Capital Title Agency, Inc. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

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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