Daily News for Commercial Real Estate & Business – February 4, 2011

WEIDNER SPENDS $46 MILLION FOR 768-UNIT APARTMENT COMPLEX IN PHOENIX . . . WANTS MORE A company formed by Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) paid $46 million ($59,896 per unit) to buy the 768-unit Peaks at Papago Park apartments at 815 N. 52nd Street in Phoenix. The seller was a limited partnership formed by investor James Carter of Spruce Grove Inc. in Santa Ana, Calif. View article...

SAN DIEGO-BASED INVESTOR BUYS POINTE AT SOUTH MOUNTAIN APARTMENTS FOR $22.7 MILLION A company formed by investor Danny Gabriel of ColRich in San Diego, Calif. paid $22.7 million ($62,363 per unit) to purchase the 364-unit Pointe at South Mountain apartments at 8809 S. Pointe Parkway East in Phoenix. The seller was a company formed by Equity Residential Trust in Chicago (NYSE:EQR). View article...

New restaurant leases pop up Valleywide A number of restaurant real estate deals are being served up in and around Phoenix. Here's a rundown that might make you hungry. View article...

Ahwatukee retail vacancies up, but still lowest in SE Valley Ted Schroder said he and business partner Shay Beverse looked at retail spots all over the Southeast Valley before signing a lease at 48th Street and Chandler Boulevard in Ahwatukee Foothills. Schroder said it took months to find the right spot for The Dugout Sports Grill, scheduled to open soon in a space formerly occupied by a Hooters. View article...

Phoenix home prices drop again in December A new report shows home prices in the Phoenix area dropped by 8 percent in December from the same period a year ago. Wednesday's preliminary report from the W. P. Carey School of Business at Arizona State University is the latest in a string of dismal reports on area home prices, which have now fallen for five straight months. View article...

Survey shows employed Arizonans are spending money again Unemployment may still be at levels not seen since the 1980s. But the latest state consumer confidence survey shows that Arizonans who do have jobs apparently think the worst is over. And they're starting to spend again. 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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