Daily News for Commercial Real Estate & Business – February 9, 2011

10 Chandler Industrial Portfolio Sells for $30.4M Galveston 10 LLC, a venture formed by Lincoln Property Co. and RReef America LLC, sold the 553,317-square-foot 10 Chandler industrial park at the southwest corner of 54th and Galveston Streets in Chandler, AZ. The buyer, North 54th Street Venture LLC, a company formed by Alliance Commercial Partners LLC, purchased the nine-building park for $30.45 million, or approximately $55 per square foot. View article...

Weidner Apartment pays $46M for Peaks at Papago Weidner Apartment Homes, a major new player in the local multifamily market, has purchased a large apartment complex, the Peaks at Papago Park. Weidner paid $46 million for the 768-unit complex located at 815 N. 52nd St. in Phoenix. Weidner is based outside of Seattle in Kirkland, Wash. It has purchased more than 3,000 units in Phoenix and Tucson in the past year. View article...

HB Equities loses Mainstreet site in foreclosure sale Land that had been proposed for the blockbuster Mainstreet development in Glendale has gone back to the lender following a trustee auction Tuesday morning. No one was there to bid against the lender, ML Manager LLC, according to that company's Chief Operating Officer Mark Winkleman. View article...

CityScape feels growing pains in downtown Phoenix Bob Lynn is the principal of LGO Hospitality Group, the organization that operates La Grande Orange, The Arcadia Room and Chelsea's Kitchen in the Valley and several others in California. View article...

Job openings up from a year ago The number of job openings in December fell to a three month low, but compared to a year ago, there are many more jobs waiting to be filled. View article...

CoreLogic: AZ home values fall 11% in 2010 Data released Tuesday from CoreLogic shows home values in Arizona declined in 2010 at twice the national rate, and metro Phoenix had the biggest loss among the top 10 metro areas in the U.S. The company's latest report shows Arizona home values - including distressed sales - fell nearly 11 percent in 2010. View article...

Retail REO Expert Provides Tips for Dealing with Distress When the credit crunch took hold in late 2008, there were expectations that there would be a pressing need for receivers and REO specialists as banks and special servicers grappled with troubled loans. Instead, lenders "kicked the can" down the road, extending loans whenever possible rather than dealing with properties. 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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