Daily News for Commercial Real Estate & Business – February 10, 2011

To view this weeks The Watchlist by Costar, click here.

Duke Realty Unloads More Than $32M in Commercial Land in 2010 Duke Realty, one of the largest commercial real estate companies in the United States, has sold over 127 acres nationwide in 2010 alone. Noteworthy sales include: 5.96 acres of medical office land in Anson, TX, 9.7 acres at the Woodland Corporate Office Park in Indianapolis, 49.8 acres for a distribution facility and 10.3 acres for The Rosemont Crossings at Balmoral both in Chicago, 12.2 acres at the Goodyear Crossing in Phoenix, and 7.5 acres at the Pembroke Pointe Office Park in South Florida. View article...

Gilbert Industrial Sells for $1.1M Davis & Sons Doors LLC has purchased 887 N. Acacia Dr. in Gilbert, AZ for $1,058,000, or approximately $57 per square foot. The 18,558-square-foot industrial building was constructed in 2007, and has never been occupied. View article...

Lincoln Drive complex sells for $7M Lincoln Center, a 13-building office complex at the northwest corner of Scottsdale Road and Lincoln Drive, was sold to Covington Asset Management LLC in Scottsdale for $6.9 million. Len Noel is the principal of Covington, which purchased the center from Orix Capital Markets LLC of Dallas. View article...

WELLS REIT II GETS MAJOR LEASE EXTENSION FROM TOYOTA IN METRO PHOENIX Toyota Motor Credit Corp. has committed to a 65-month extension of its lease of Wells Real Estate Investment Trust II's 133,317-square-foot building at One San Tan Corporate Center in Chandler. Terms of the transaction were not disclosed. View article...

LA software company moving to Scottsdale Former Arizona State University sociology professor and Blackboard Inc. co-founder Matthew Pittinsky is moving the corporate headquarters of Docufide Inc. to the Valley. Pittinsky is the new CEO of the education technology company, which is relocating from Los Angeles to SkySong, the ASU Innovation Center. View article...

Merchants who remain on East Main desperate for revival From scores of vacated commercial outlets to burned-out buildings and empty lots, stretches of Mesa's east Main Street are a blighted testament to poor land-use zoning, overbuilding and an exodus of retailers to the malls. The mostly modest shops and services that remain are desperate for help, hoping for revival with infill redevelopment despite the fact that the city has few tools available to deal with some of the worst symptoms. View article...

Shooting club, house, firearms retail planned for Chandler A family-friendly recreation and training center may open this fall in Chandler with an indoor shooting range, archery and air-gun range, personal-defense classes, a retail store and firearms training for individual men and women as well as law enforcement, security and military personnel. View article...

Phoenix tax collections increase nearly $2.5M in December Phoenix's December sales-tax collections of nearly $120.7 million were up nearly $2.5 million from December 2009, according to the city's monthly report. The collections for business activity in December saw a 5 percent increase in retail, the largest category, but a decrease of more than 12 percent in contracting and a drop of nearly 1 percent in restaurants and bars. View article...

Jobs bill cuts business property tax 2% Arizona's proposed jobs bill includes a 2 percent cut to business property taxes - a top priority of real estate industry and business groups. The Arizona Technology Council outlined in an e-mail to members today the latest version of the tax cut package being penned by business interests, Republican legislative leaders and Gov. Jan Brewer's office. View article...

HOUSING NEWS
Foreclosures Rise Again in the Phoenix Area
The number of foreclosures in the Phoenix area jumped back up in January, putting a damper on hopes for a quick 2011 recovery in the hard-hit housing market. A new report from the W. P. Carey School of Business at Arizona State University reveals details. While foreclosures represented about 30 percent of the transactions in the single-family-home resale market in the last few months of 2010, the rate bounced back up to 43 percent in the first month of 2011. View article...

Zillow: 70% of Phoenix mortgages under water Nearly 70 percent of all homes with a mortgage in Phoenix area were under water at the end of 2010, according to online real estate marketplace Zillow.com. The company's latest data shows 69.9 percent of homes the Valley had negative equity in the fourth quarter, while the national negative equity rate is 27 percent. View article...

NATIONAL NEWS
Updated Commercial REO and Non-Performing Loan Reports The final quarter of 2010 saw an overall reduction of late and non-performing commercial real estate loans and Commercial REO (distressed bank assets) by about 2.3% or $1.43 Billion dollars. View article...

Commercial/Multifamily Mortgage Originations Jump 36% in 2010, MBA Survey Shows Mortgage bankers originated $110 billion of commercial and multifamily mortgages during 2010, a 36% increase over 2009 levels, according to the Mortgage Bankers Association. The results are based on preliminary estimates from the MBA's quarterly survey of commercial/multifamily mortgage banking originators. 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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