Daily News for Commercial Real Estate & Business – December 21, 2009

Here are the news stories you might find interesting today regarding commercial real estate and business:

GILBERT RETAIL PLAZA SOLD FOR $10.5 MILLION TO SO. CALIF.-BASED INVESTOR
Gilbert - KA Phoenix LLC in La Mesa, Calif. (Charles F. Kitzman, principal) paid $10.5 million ($237.23 per foot) to purchase a 44,261-square-foot retail shopping plaza located at the southeast corner of Gilbert and Williams Field roads in Gilbert. The seller was 45 Gilbert Associates LLC in Water Mill, N.Y.

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THE SAGE TOWNHOME/CONDOMINIUM DEVELOPMENT IN SCOTTSDALE SET FOR TRUSTEE's SALE

Scottsdale - A 100-unit townhome/condominium project located near Scottsdale and Chaparral roads in Scottsdale is set to be sold at a trustee's sale on March 9. According to Ion Data, a Mesa-based provider of real estate data, Don Miner of the Phoenix lawfirm Fennemore Craig is the trustee on the pending sale.
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Gilbert Industrial Sells for $1.4M

RBS Investments purchased 436 S. Hamilton Court in Gilbert, AZ, from Arizona Bank & Trust for $1.45 million, or approximately $110 per square foot, in an REO sale. The 13,116-square-foot industrial building was built in 2005 on a 3.5-acre parcel. At...

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Polsinelli Shughart Takes 45,000 SF at CityScape

Polsinelli Shughart PC signed a 10-year lease deal for 45,000 square feet at the CityScape building in Phoenix. The law firm is taking occupancy of the 17th and 18th floors in June of 2010. It is the fifth law firm to sign on with CityScape. This 27...

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Phoenix Industrial Sells for $1.5M

Enchanted Garden Landscape Inc. purchased 21602 N. 21st Ave in Phoenix from private investors for $1.5 million, or $143 per square foot. The 10,512-square-foot industrial property was built in 1987. The buyer plans to occupy the building. Kay Pickron...

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The Apothecary Shops plans expansion, hiring

The Apothecary Shops, a full-service chain of specialty pharmacies based in Phoenix, added 29 jobs in 2009 and expects to fill at least 30 new positions as it expands in 2010.

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Ritz-Carlton opens in Southern Arizona

They're puttin' on the Ritz in Marana.

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Third generation takes reins of Bill Johnson's Big Apple

A third generation has taken over a long-standing Valley business: Sherry Cameron has been named CEO of Bill Johnson's Big Apple Restaurants.

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Glendale holds firm on Coyotes lease, new owners want to play some games in Canada

A reworked lease deal between the city of Glendale and the new owners of the Phoenix Coyotes will not likely change the length of the current lease the team has at city-owned Jobing.com Arena.

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The Top 10 Multifamily Deals of the Decade

The past decade bore witness to the largest multifamily deals in history, all of which occurred before the capital markets came crashing to a halt in mid-2008.

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Why Buying Loan Notes Isn't the Same As Buying Real Estate

In response to the depressed state of the real estate and capital markets, large amounts of capital are now chasing opportunities to purchase defaulted commercial real estate loans at a discount. Not since the savings and loan crisis in the late 1980s has the market expected a comparable volume of loans to be sold.

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Seven Banks Closed on Dec. 18-$6.1B First Federal Bank of California is Largest of Failed Banks
Seven banks were closed by state and federal regulators on Friday, Dec. 18, including four institutions of more than $1 billion in assets under management. The largest of the failures was First Federal Bank of California, a $6.1 billion bank, which subsequently was taken over by OneWest Bank of Pasadena, CA.

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Developer looks to revamp part of downtown Chandler

Up to six new shops, small restaurants and boutiques are expected to replace the recently shuttered downtown Chandler sex shop Naughty But Nice next year.

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Economic Conditions Snapshot, December 2009: McKinsey Global Survey results

For the first time this year, a majority of executives expect consumer demand for their goods to rise in the near term. Respondents offer relatively positive views of the economy and say they can now make longer-term strategic plans. However, many expect investment decisions over the next two years to be affected by heightened exchange rate volatility.

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REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

Wishing you a Merry Christmas and Happy New Year!

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