Daily News for Commercial Real Estate & Business – December 13, 2010

120-Unit Glendale Multi-Family Changes Hands A private investor has purchased Maryland Gardens, a 120-unit apartment complex located at 4529 W. Ocotillo Rd. in Glendale, AZ for $4.3 million, or $35,800 per unit. The price represents an actual capitalization rate of 5.8 percent. The seven-building, 88,896-square-foot complex was built in 1983 on four acres in the Northwest Phoenix submarket of Maricopa County, and was renovated in 2004. The property last sold in 2006 for $7.39 million. View article...

Direct Alliance leases call center space Direct Alliance Corp. has leased 26,000-square-feet in north Phoenix off of Interstate 17. The Tempe call center company inked a seven-year lease at Black Canyon Corporate Center south of Loop 101. View article...

PHOENIX INDUSTRIAL PROJECT SOLD TO BLACKSTONE AS PART OF $1 BILLION PORTFOLIO DEAL BRE/US Industrial Properties LLC, a company formed by Blackstone Real Estate Advisors in New York City, N.Y., paid just under $4.324 million ($35 per foot) to buy a 123,557-square-foot industrial project at 3315 W. Buckeye Road in Phoenix. The seller was Catellus Operating Limited Partnership, a company owned by ProLogis in Denver, Colo. (NYSE:PLD). View article...

REPUBLIC PLASTICS BUYS ELOY PROPERTY FOR NEW PLANT THAT WILL EMPLOY 300 Plastics Management LLC, a company formed by Republic Plastics in McQueeney, Tex. (Gino Inman, principal), plans to open a manufacturing plant in Eloy that will eventually employ 300 workers. The company paid $3 million ($35.21 per foot) to purchase a 85,200-square-foot industrial project at 1550 W. Battaglia Road in Eloy. View article...

CareMore brings health care facility for seniors to Mesa CareMore Health Plan, a Medicare Advantage plan for seniors, has opened a full-service, one-stop neighborhood senior health care facility in Mesa, and is generating new jobs. View article...

Chandler opportunity could to create jobs in Pay Pal division Chandler is going to spend millions on eBay, but taxpayers are buying jobs, not trinkets. The City Council approved a development agreement Thursday that gives the national auction company up to $4,996,500 if it creates 3,000 PayPal jobs. The money won't change hands until the jobs materialize, and eBay must promise to keep them at least five years. View article...

Glendale reveals its deal with Phoenix Coyote Buyer. See the whole agreement by clicking here. (One interesting piece of this the value of the land...originally valued at $2/SF and at the peak was worth $16.50/SF. Now, estimates are $10/SF).

Women own 7.8M businesses nationwide, 138,000 in Arizona Twenty-eight percent of all businesses in Arizona are owned by women, a percentage that puts the state 21st in the nation, according to a new report from the U.S. Census Bureau. Arizona had a total of 138,121 women-owned businesses in 2007, the latest year for which figures are available. View article...

Arizona's biggest employers are shrinking Arizona's largest employers are getting smaller. Phoenix Business Journal research from the 2011 Book of Lists shows that all but one of the five largest employers in the state shrank their local payroll in the past year. View article...

Phoenix-area Foreclosures Hit Lowest Level of the Year Overall Housing Market Activity Down, Too Things are really slowing down in the Phoenix-area housing market. The Valley of the Sun just experienced its lowest levels of foreclosures and overall resale activity in more than a year. A new report from the W. P. Carey School of Business at Arizona State University reveals the new numbers and questions why this is happening. View article...

Jones Lang LaSalle Predicts Retail Growth in 2011 Stronger fundamentals in the retail sector have renewed investment interest while setting the stage for a more promising 2011. Jones Lang LaSalle's 2011 Retail Outlook noted the retail sector is nearing the bottom of the real estate cycle. The anticipation is increased consumer buying power will lead to greater sales, higher profits and a resurgence in demand for store space in malls and shopping centers. View article...

Two Banks Closed on Dec. 10 Federal and state regulators closed two banks on Friday, Dec. 10, raising the total number of failed institutions to 173 so far in 2010. 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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