Daily News for Commercial Real Estate & Business – August 31, 2011

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

Cole Buys PetSmart - Again Less than a week after acquiring PetsMart Inc.'s 356,000-square-foot corporate headquarters for $102 million, Cole Real Estate Investments bought PetSmart again. The local investor spent $74 million to add 11 PetSmart retail properties to its expanding portfolio. The portfolio consists of properties in California, Florida, Illinois, Maryland, Massachusetts, Michigan and Texas that are leased to PetSmart under one master lease. View article...

Prologis buys Tolleson warehouse for $10 million San Francisco-based Prologis Inc . has purchased its second major property in Phoenix in the past month. Brokers at Jones Lang LaSalle report that a 302,600-square-foot warehouse space at 9704 W. Roosevelt Road in Tolleson has sold for $9.95 million in an all-cash transaction. The seller was the Paul and Eleanor Sade Trust in Alamo, Calif., which was represented by Managing Directors Anthony Lydon and Marc Hertzberger with Jones Lang LaSalle. Prologis was represented in-house. View article...

Phoenix luxury apartments sell for $44 million CREF Windsor LLC in Santa Monica, Calif. has purchased Mountain Park Ranch, a 360-unit luxury apartment at 13820 S. 44th St. in the Ahwatukee area of Phoenix. Though the brokers involved in the deal would not disclose the price, an affidavit with the Maricopa County recorder's office shows the price to be almost $44.6 million. View article...

Outlet-mall plans target Loop 101 area in Scottsdale Outlet-mall competition is heating up along Loop 101 in Scottsdale. Macerich, parent company of Valley mall giant Westcor, is in a partnership with the AWE Talisman Co. to build the Fashion Outlets of Scottsdale at Loop 101 and Scottsdale Road. "Their expertise in the outlet industry along with our knowledge of the retail environment in the Phoenix market is a perfect combination for" the Scottsdale outlet mall, Macerich Chairman Art Coppola said in a statement. View article...

New Ahwatukee coffee shop boosts area's café options When Eric Cosgriff got fed up with having no place to relax and have a cup of coffee near his Ahwatukee home, he took matters into his own hands. Cosgriff called up Chris Madson, an "old military (buddy) from 25 years ago," who owns Pioneer Coffee Roasting Co. in the Cascade Mountains near Seattle. Madson has been in the coffee business for more than two decades and also runs two cafes. View article...

Investors Gravitate to Less Glamorous Assets and Secondary Markets for Higher Returns There is fierce competition among institutional investors for minority ownership in trophy properties in primary markets such as New York, London and Washington, D.C. Flush with stockpiles of cash from recent fund-raising activities, fund managers and their private equity partners are lining up to force the hand of owners still reeling from the financial crisis. View article...

Arizona governments shed 12,000 workers in 2010 Arizona lost more than 12,000 full-time state and local government employees between 2009 and 2010, the U.S. Census Bureau announced today in the Annual Survey of Public Employment and Payroll. View article...

Median Phoenix home prices could drop below $100,000 Phoenix-area home prices edged upward from May to June, but the S&P/Case-Shiller Home Price Index shows the area's median home price still is in danger of dropping below $100,000. View article...

Maricopa County homeowners will see property-tax cut For the first time since metro Phoenix home values crashed, most of the region's homeowners can expect a noticeable drop in their property taxes. Maricopa County property-tax bills are being mailed this week, and the average homeowner bill is expected to decline more than $60 from last year's bill. View article...

Wells Fargo Jumps on Commercial Deals At a time when the U.S. banking sector is reducing its exposure to commercial real estate, Wells Fargo & Co. has taken a different approach: expanding lending to the sector while also buying real-estate loans from other banks. Last week, Wells Fargo reached a deal to buy $3.3 billion in loans tied to U.S. commercial properties from Anglo Irish Bank Corp., according to people familiar with the matter. 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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