Daily News for Commercial Real Estate & Business – January 13, 2011

Zumar Industries Purchases Glen Harbor Business center For $1,250,000 Zumar Industries purchased 7833 N 106th Ave. in Glendale, AZ, from Joseph Martino for $1.225 million or about $78.54 per square foot on Dec. 22. Zumar Industries had occupied the property for a year prior to the sale. The 15,916-square-foot warehouse was constructed in 2007. It is located in the Glendale submarket. View article...

REO Apartment Property Sells for $13.6M Phoenix Sun Valley, LLC sold the 264-unit Ridge at Sun Valley complex at 801 N. 59th Ave. in Phoenix to ADC Ridge at Sun Valley, LLC for $13.68 million, or about$51,799 per unit. The 259,512-square-foot apartment community consists of 176 two-bedroom, two-bathroom, and 88 three-bedroom, two-bathroom units. It was built in 2004 in Southwest Phoenix and was 81% occupied at the time of sale. View article...

Blue Valley Apartments LLC Sells Apt. Building in Phoenix Blue Valley Apartments LLC sold the 165-unit Desert Sunrise multifamily complex in Phoenix to The Meadows Phoenix LLC for $4.65 million, or approximately $28,125 per unit. The 113,400-square-foot apartment community consists of one- and two-bedroom units in 13 buildings. It was built in 1985. At the time of sale, Desert Sunrise was a real estate-owned (REO) property held by Fannie Mae, with 80% occupancy, a significant increase from its 48% in February. View article...

Mental-health clinic opens in South Phoenix South Phoenix has a new clinic where children and their families can get treatment and advice for emotional and mental health. Valley-based Bayless Behavioral Health Solutions has renovated an old restaurant near Central Avenue and Baseline Road and turned it into a mental-health-care center in an area that has pockets of poverty mixed with middle- to upper-income neighborhoods. View article...

PulteGroup to shutter Phoenix-area plant The nation's largest homebuilder, PulteGroup Inc., is phasing out a manufacturing facility in the West Valley that ultimately will result in the loss of 280 jobs. Pulte Building Systems LLC is a Tolleson-based subsidiary of the publicly traded homebuilder that prefabricates and installs certain wood products used in home construction. View article...

Phoenix ranks 14th for small business The Phoenix area ranks 14th with 90,110 small businesses, according to a survey of 938 metropolitan areas across the U.S. Fifty-one metros have at least 25,000 small businesses, led by 526,063 in the New York City area, according to the numbers crunched by Business First of Buffalo, a sister publication to the Phoenix Business Journal. View article...

Phoenix wages end year with 0.6% drop After tracking ahead of the national trend for the past 15 quarters, wage growth in the metro Phoenix area has fallen in line PayScale's U.S. index. Both indexes stood at 104.1 for the fourth quarter of 2010, according to the Seattle-based online salary and career data provider. View article...

CoreLogic: Arizona 3rd in home price drops Arizona made the top five again in terms of the falling home prices in November, CoreLogic said Tuesday. Including distressed sales, home values here declined by 10.4 percent in November compared with November 2009, CoreLogic. View article...

RealtyTrac: More Than One Million Homes Seized by Lenders in 2010 Lenders repossessed 1,050,500 homes last year, according to the 2010 end-of-year foreclosure report from RealtyTrac. View article...

Commercial Property Transactions Soar 109% in 2010 Blockbuster transaction volume in December helped to push U.S. commercial real estate sales to $115 billion for 2010, up 109% from $54.6 billion in 2009, according to preliminary results from Real Capital Analytics. December's volume of more than $21 billion was the highest sum for a single month's trading since the end of 2007. View article...

New Names Are Moving Up the CMBS Charts As the market for commercial-mortgage-backed securities begins to thaw from a two-year deep freeze, a new pecking order among underwriters is emerging, with J.P. Morgan Chase & Co. as the dominant player and onetime market leader Morgan Stanley not yet on the boards. The landscape for CMBS has changed drastically since its peak in 2007...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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