Daily News for Commercial Real Estate & Business – December 23, 2010

I hope you have a Merry Christmas! FYI, I won't be sending out a daily news blast tomorrow because family will be in town.

Now, here are the news articles you might find interesting today:

COLLIERS INTL. PRESIDES OVER $5.1 MILLION REO APARTMENT TRANSACTION Colliers International has negotiated the $5.1 million sale of the 149-unit Biltmore Center, an apartment community located in Phoenix's Camelback Corridor at 4341 and 4333 N. 24th Street. Consisting of two adjacent properties built in 1971 and 1982, the multifamily complex offers a mix of studio, one- and two-bedroom units in two- and three-story buildings. View article...

IHOP RESTAURANT TRADES FOR $2.1 MILLION IN VALLEY OF THE SUN Marcus & Millichap has brokered the $2.1 million sale of a 5,687-square-foot IHOP, located at 935 West Elliot Road in Chandler. View article...

Desert Sunrise apartments sell for $4.7M Desert Sunrise, a 165-unit north Phoenix property, sold recently for almost $4.7 million. Mike Thayer, principal of Private Asset Management Inc. in Bellevue, Wash., is the buyer. View article...

Henkel Scottsdale gets LEED certification Henkel Consumer Goods Inc. has received certification for its Scottsdale building under the U.S. Green Building Council's Leadership in Energy and Environmental Design program. View article...

Kroger plans massive expansion of Tolleson warehouse Kroger Co. is eyeing a major expansion of its facility in Tolleson, which would begin with a 10- to 12-story, 117,000-square-foot addition to its perishable warehouse. View article...

Eye clinic finishes Midwestern University campus expansion in Glendale Midwestern University, a private non-profit medical school which opened its Glendale campus in 1996 opened the Eye Institute in October. It represents the completion of the medical school's two-year, $150-million expansion. View article...

Controversial Phase 54 being converted into restaurant Phase 54, a controversial nightclub at Interstate 10 and Ray Road in Chandler, is being converted to a restaurant that the owner hopes will compete with the three neighboring restaurants that tried to close his nightclub. View article...

Desert Foothills Land Trust becomes accredited Desert Foothills Land Trust has won accreditation from the Land Trust Accreditation Commission. Desert Foothills is among more than 100 land trusts in the nation that have been accredited since fall 2008, but the first in Arizona. View article...

Privately funded tech incubator looks to open in Tempe A business incubator plans to open in Tempe next year with an unorthodox model: It's privately funded and will provide seed money to budding technology entrepreneurs. View article...

Hard-hit, high-profile AF commercial area hopes for rebound One of Ahwatukee Foothills' prime commercial areas, the intersection of 48th Street and Chandler Boulevard, has seen numerous businesses go under this year, but those who remain say things are beginning to look up. View article...

Thomas Road streetscape Phase 1 could begin by summer Construction could begin as early as summer on improvements to a milelong stretch of Thomas Road between 73rd Street and Hayden Road in Scottsdale. Phase 1 of the streetscape is designed to increase safety for pedestrians and bicyclists, project manager Gary Meyer said. View article...

Members-only cigar club readying for January opening in Scottsdale Downtown Scottsdale soon will be a destination for cigar connoisseurs. During the first week of January, a high-end, members-only cigar bar will open in the previous upper-level space of the Estate House restaurant, which closed in October. The Napoleon will include a full bar, a $150,000 air-filtration system, a cigar vault with individual and shared cigar lockers, and a billiards room. View article...

New Hands CWCapital has been acquired by New York-based Fortress Investment Group in the third major acquisition of a special servicer in the past year. View article...

Where Are CRE Values? Indexes designed to gauge commercial real estate values have been around for a few years now. The original intention was that creators of various indexes were competing to create the benchmarks around which commercial real estate derivatives could be created. Pros had a vision that it would give investors an alternative to buying and selling actual real estate and REIT stocks in playing in the commercial real estate space. View article...

Following October Dip, CMBS Delinquencies Rise Again in November CMBS delinquency rates bounced back up in November after improving in October according to the two firms that track the sector. As of the end of November, the CMBS delinquency rate stood at 8.13 percent according to Horsham, Pa.-based Realpoint LLC and at 8.93 percent according to New York-city based Trepp LLC. Both firms' data had shown an improvement during the previous month. View article...

Retail Fights Perception Problem The late, great comedian Rodney Dangerfield used to famously complain, "I get no respect." The U.S. retail real estate industry must be feeling the same way these days. Of the five major commercial real estate property types, retail received the lowest investment rating in Emerging Trends in Real Estate 2011, an annual forecast published jointly by the Urban Land Institute and PricewaterhouseCoopers. 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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