Daily News for Commercial Real Estate & Business – February 17, 2011

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

To view the 2011 Report Housing For All Americans by Affordable Housing Finance, click here.

Wal-Mart Shadow-Anchored Asset Sells for $276 Per SF A 28,780-square-foot, shadow-anchored retail center here has sold for $276 per square foot - one of the highest prices in the state. The buyer, a high-net worth individual from Seattle, paid $7.98 million for the property, which was developed by Sandor Development. The Phoenix-based company sold the center, dubbed Wal-Mart Plaza, in an all-cash transaction at a cap rate of 7.6%. View article...

TRW Automotive tries again to sell facility Airbag maker TRW Automotive has revived a 3-year-old effort to sell its manufacturing facilities on Germann Road in east Mesa, consisting of six large buildings on 375 acres zoned for heavy-industrial use. Company representatives said they have retained a commercial-real-estate broker, Commercial Properties Inc./CORFAC International of Tempe, and are actively seeking a buyer now that the stalled commercial-real-estate market has begun to exhibit renewed signs of life. View article...

Restaurateur Sam Fox's Arrogant Butcher restaurant to open Feb. 21 Many cities have a landmark restaurant where politicians and business leaders make deals over lunch in a quiet booth or a drink at the bar. Restaurateur Sam Fox believes his latest creation, Arrogant Butcher, will become that restaurant for Phoenix when it opens Monday in a prime downtown spot - the corner of First and Jefferson streets in downtown's CityScape retail-and-office development. View article...

Borders closings will have numerous impacts on Phoenix The Valley's retail scene and book-lovers alike took a hit on Wednesday when Borders announced that it would file for Chapter 11 bankruptcy and close about 200 stores nationwide. The Metro Phoenix retail scene is also going to see some changes, as the Borders' stores at Biltmore Fashion Park, The Scottsdale Waterfront, the store at the intersection of Scottsdale Road and Mayo Boulevard and the one at Chandler Pavilions were all among those slated for the chopping block in the firm's bankruptcy filing. View article...

CoreLogic: 55% of local homes underwater The Phoenix area has a large portion of "underwater homes" but interest in distressed property form homebuyers and investors means the region has a lower supply of such homes than many other areas of the country. That's evident in a report released Wednesday from real estate information firm CoreLogic, which compared distressed residential property among the nation's top 25 markets. View article...

Updated: CRE Brokerages Report Strong and Accelerating Leasing, Sales Growth In 2010 In a sign of improving commercial real estate market conditions around the globe, the industry's two largest global property services companies, CB Richard Ellis Group Inc. and Jones Lang LaSalle, reported solid results for the last quarter of 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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