Daily News for Commercial Real Estate & Business – August 5, 2011

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

To view the Phoenix Office Cushman Wakefield Multifamily Report, click here. This was put together by my buddy Jim Crews and team. Good info on the apartment market to date.

KIMCO BUYS RETAIL PLAZA NEAR PARADISE VALLEY MALL FOR $29+ MILLION . . . WANTS MORE A company formed by Kimco Realty Corp. in New Hyde Park, N.Y. (NYSE:KIM) paid just under $29.24 million ($158.20 per foot) to buy a 184,828-square-foot retail center located across the street from Paradise Valley Mall at the southeast corner of Cactus Road and Tatum Boulevard in Phoenix. The sellers in two transactions were companies formed by Alan Fox of ACF Property Management Inc. in Studio City, Calif. View article...

BARON PROPERTIES DROPS $32+ MILLION FOR PHOENIX APARTMENTS . . . THAT's $115,446 PER UNIT Canyon Crossroads Apts. LLC, a company formed by Baron Properties in Greenwood Village, Colo. (J. Jeffrey Riggs, Scott Fisher, T.J. Tarbell, principals), paid $32.325 million ($115,446 per unit) to buy the 280-unit Broadstone Canyon Crossroads apartments located at 33600 N. 27th Drive in Phoenix. The seller was Broadstone Canyon Crossroads LLC, a company formed by Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenz, partners). View article...

CORNERSTONE PAYS $44.55 MILLION FOR PHOENIX APARTMENT COMPLEX . . . $123,750 PER UNIT A company formed by Cornerstone Real Estate Advisers LLC in Santa Monica, Calif. paid $44.55 million ($123,750 per unit) to buy the 360-unit Windsor at Mountain Park Ranch apartment community at 13820 S. 44th Street in Phoenix. The seller was Windsor at the Preserve LLC, a company formed by GID Investment Advisers in Boston, Mass. View article...

Park ‘n Swap expanding with Glendale location The company that has operated the Phoenix Park ‘n Swap for many years is investing nearly $8 million to create a second Park ‘n Swap in Glendale at 6112 N. 56th Ave. Delaware North Cos., based in Buffalo, N.Y. purchased the 27.5-acre site out of foreclosure in November for $4.2 million. View article...

Bashas' to close Tempe store Bashas' Family of Stores announced Wednesday that it would close its supermarket at Southern Avenue and McClintock Drive in Tempe Aug. 30. It's the first store the company has closed since it shuttered 25 locations during its Chapter 11 reorganization in 2009 and 2010. Bashas' spokeswoman Kristy Nied said the Tempe closure is an isolated case and not part of a larger downsizing. View article...

Potential buyer signs letter of intent for Elevation Chandler A potential buyer has signed a letter of intent to purchase Elevation Chandler, the site near Loops 101 and 202 that was to be a hotel but that has become a long-vacant eyesore. Archstone Apartments of Englewood, Colo., is interested in building luxury apartments on the 10.5-acre site that holds a partly built, abandoned structure. The property is on the southern edge of Chandler Fashion Center. View article...

Twin Peaks restaurants expanding in Scottsdale The former Earl's restaurant at 15784 N. Pima Road in Scottsdale has been sold to Front Burner Restaurants. Front Burner is the parent company of Twin Peaks restaurants, based in Dallas. The purchase price was $1.75 million, according to information published in the Leads section of the Phoenix Business Journal. View article...

Gilbert planners OK permit for SanTan Village Apartments The Gilbert Planning Commission on Wednesday approved a conditional-use permit for a SanTan Village Apartments, paving the way for a 382-unit complex proposed near SanTan Village mall. Once built, the apartment complex will rank as Gilbert's fourth largest and could bring 1,000 new residents to the area. View article...

Scottsdale Quarter - through CEO's eyes Boutiques, upscale eateries and large-merchandise outlets continue trickling in at Scottsdale Quarter, the $270 million shopping center developed by Ohio-based Glimcher Realty Trust on Scottsdale Road near Greenway Parkway. At the same time, the project has generated ongoing legal disputes, liens for unpaid construction work and tenant evictions since it opened in early 2009. View article...

Slow economy pushes down home mortgage rates The slowing U.S. economy pushed down mortgage rates to record lows this week. Freddie Make(OTCBB: FMCC) said a 30-year fixed-rate mortgage averaged 4.39 percent in the week ending Aug. 4, down from 4.55 percent the previous week. A 15-year fixed rate fell to a record low 3.54 percent, down from 3.66 percent last week. View article...

Foreign Investors Will Not Save U.S. Housing But May Help Some States The combination of declines in home prices and in the value of the dollar is making U.S. homes very affordable for some foreign buyers, according to a Capital Economics report released Thursday. However, the research firm says foreign demand is not likely to bring recovery to the American housing market in the near future. 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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