Daily News for Commercial Real Estate & Business – December 6, 2010

GARRETT DEVELOPMENT VENTURE BUYS LAND IN BUCKEYE TARGETED FOR ALMOST 1,000 HOMES A venture formed by Jeff Garrett of Garrett Development in Phoenix and the Kemper & Ethel Marley Foundation in Phoenix paid $3.9 million to acquire 285 acres in a planned community in Buckeye called Ventana Ranch. The acreage, targeted for almost 1,000 homes, is at the southeast corner of Watson and Broadway roads. View article...

SCOTTSDALE ROAD OFFICE PROJECT HEADED FOR FORECLOSURE . . . $32+MILLION LOAN SIDEWAYS An office building located at 16430 N. Scottsdale Road in Scottsdale that was acquired for $53.3 million in 2007 is set to be sold at a trustee's sale. The 175,191-square-foot office property is collateral on a loan with an original principal balance of $32.28 million. View article...

Chameleon Glass Acquires New Location Chameleon Glass purchased 10822 N. 23rd Ave. in Phoenix, AZ from a private investor for $1.05 million, or about $59 per square foot. The 17,840-square-foot building was constructed in 1998 and is located in the Phoenix North Black Canyon Industrial submarket. Chameleon Glass occupied the building immediately following construction and has called Phoenix home since 1991. View article...

HES Relocating to Allred Tech Center Hanchett Entry Systems, Inc. (HES) has signed a 10-year lease to occupy 110,372 square feet of industrial space at Allred Tech Center in Phoenix. A provider of electromechanical locking solutions and support, HES is relocating from 22630 N. 17th Ave. in Phoenix, where they currently occupy 31,513 square feet according to CoStar data. Occupancy is expected to take place at the new space during the first quarter of 2011. View article...

Eloy Owens Corning plant closing after 15 years The slumping housing market has led to the closure of the Owens Corning insulation manufacturing plant in Eloy. Forty people are losing their jobs at the plant that operated for 15 years. View article...

Main Street complex near Glendale ballpark in foreclosure Land that was envisioned to become like a second Westgate City Center and help pay for Glendale's spring-training stadium is in foreclosure after its financially-stricken developer failed to make tax payments. View article...

Lenders take back 2 Glendale office projects Lenders have taken back two high-profile office projects in Glendale's sports-and-entertainment district at foreclosure auctions. There were no other bidders at the trustee sales. The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. View article...

ASU study: Double-dip drop in Phoenix home prices After a three-month plateau over the summer, Phoenix area home values have again begun to plummet in what appears to be a "double-dip," says Arizona State University professor Karl Guntermann. View article...

Unbuckle Your Seat Belts For a Slow Ride, Says Economist Many economists are scratching their heads today, trying to figure out why the nonfarm payroll employment figures for November came in well below expectations, particularly after a report on private sector hiring released early this week was so encouraging. View article...

Database of banks that borrowed from Fed program The Board of Governors of the Federal Reserve System released data on its Web site Dec. 1 detailing more than 21,000 transactions spread over 13 Federal Reserve-backed programs used between Dec. 1, 2007 and July 21, 2010 to shore up the financial system amid the banking crisis. View article...

Nation's Unemployment Rate Climbs to 9.8% The unemployment rate in the United States edged up to 9.8 percent in November, according to figures released by the Department of Labor Friday. The jobless rate had been 9.6 percent in each of the prior three months. View article...

Terranova Assists Strained Community Banks with Distressed Assets The Terranova Group, a Greenville, South Carolina-based provider of specialized asset management and disposition services, has launched a program to purchase troubled assets from the portfolios of community banks while raising capital to support the banks' stability and recovery. 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.

Comments

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