Daily News for Commercial Real Estate & Business – January 18, 2010

Here are the news stories you might find interesting today regarding commercial real estate and business:

To view my responses at the CCIM/IREM Economic Forecast from last week, click here. I look forward to hearing your comments from the presentation.

Grand Canyon Education Leases 103,700 SF

Grand Canyon Education leased 103,671 square feet at 2411 W. Peoria Ave. in Phoenix. The three-story, 148,605-square-foot office building delivered in 2001 in the Desert Canyon Corporate Campus.

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Choice Hotels International Relocates Regional Office

Choice Hotels International has announced the relocation of its Phoenix regional office. The hospitality company is moving to 6811 E. Mayo Blvd. in the North Scottsdale Corporate Center this spring.

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Adams LaSalle Acquires Avondale Multifamily for $8.2M

Adams LaSalle Realty purchased the Newport Apartment Homes in Avondale, AZ, from AIMCO for $8.2 million, or about $40,200 per unit. The 204-unit multifamily complex at 1333 N. Dysart Road was constructed in 1986. It is in the Phoenix/West I-10 submarket.

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Former Jerry's Audio-Video Sells for $1M

Steven Cooper, an individual owner, purchased the former Jerry's Audio-Video building at 8680 E. Frank Lloyd Wright Blvd. in Scottsdale, AZ, for $1.01 million, or $88 per square foot.

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E.V. shopping centers desperately seeking tenants

Smaller retailers at Greenfield Plaza counted on Bashas' to bring steady traffic to the center at Greenfield and Baseline roads in Gilbert. Since the Bashas' store closed last July, traffic has slowed considerably and the parking lot remains mostly empty.

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Chrysalis to break ground on new shelter

Chrysalis, a Phoenix-based nonprofit organization, will break ground Jan. 20 on a larger shelter for victims of domestic abuse. The $3.1 million facility will be 24,300 square feet, with 40 beds and 10 cribs.

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Underwater CRE Loan Maturities High and Still Rising

More than 36% of the $270 billion in commercial real estate loans maturing in 2010 are under water, meaning the mortgage balance is greater than the value of underlying property, according to data from Oakland, Calif.-based research firm Foresight Analytics. And the worst is yet to come.

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Loan to Own

Given the current credit-market constraints, seller financing may be a way to bridge the financing gap facing buyers and sellers in today's commercial real estate market. Seller financing is a transaction in which the seller makes a secured loan to the buyer to finance a portion of a property's purchase price. The two most common forms are traditional mortgage loans, which are secured by a lien on the underlying real estate asset, and mezzanine loans, which are secured by a pledge of the borrowing entity's ownership interests.

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Default Decisions: What are the options when a tenant files for bankruptcy?

In the current market environment, commercial property landlords are experiencing an increase in the number of tenants that are party to U.S. Bankruptcy Code Chapter 7 and Chapter 11 proceedings. Landlords should have a basic understanding of their rights when tenants seek bankruptcy protection.

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TEMPE CONSTRUCTION NEWS:

PLAN CHECK SUBMITTALS

12/04/09 - ADDITION/ALTERATION at 63 E. Southern Ave for LA Fitness Declared Valuation: $2,000,000 Plan Check No.: PC09-0962

12/15/09 - TENANT IMPROVEMENT at 1500 N. Priest Dr. Ste 301, for University of Phoenix Declared Valuation: $250,000 Plan Check No.: PC09-0989

12/16/09 - NEW 10 STORY OFFICE BUILDING at 1625 W. Fountainhead Pkwy for Fountainhead Office Plaza Declared Valuation: $30,270,300 Plan Check No.: PC09-0995

12/16/09 - NEW 16 STORY OFFICE BUILDING at 1601 W. Fountainhead Pkwy for Fountainhead Office Plaza Declared Valuation: $18,255,400 Plan Check No.: PC09-0996

12/16/09 - NEW 6 TIER OPEN PARKING GARAGE at 2520 S. 55th St. for Fountainhead Office Plaza Declared Valuation: $20,869,000 Plan Check No.: PC09-0997

PERMITS ISSUED

12/09/09 - ADDITION/ALTERATION at 8160 S. Hardy Dr. for Everest Online Declared Valuation: $390,000 Plan Check No.: PC09-0811

12/10/09 - NEW STORE & FUEL FACILITY at 5240 S. Rural Rd. for Circle K Declared Valuation: $400,000 Plan Check No.: PC09-0479

12/14/09 - NEW BUILDING at 830 S. Mill Ave. for Chase Bank Declared Valuation: $402,200 Plan Check No.: PC09-0335

12/23/09 - TENANT IMPROVEMENT at 1401 S. 52nd St. for University of Phoenix Declared Valuation: $350,000 Plan Check No.: PC09-0911

12/23/09 - NEW RETAIL BUILDING at 7510 S. Priest Dr. for Grove Parkway Plaza Declared Valuation: $400,000 Plan Check No.: PC08-0629

12/28/09 - TENANT IMPROVEMENT at 1305 W. 23rd St. for Wells Fargo Declared Valuation: $1,640,000 Plan Check No.: PC09-0946

12/30/09 - TENANT IMPROVEMENT at 1255 W. Washington St. for Sonora Quest Laboratories Declared Valuation: $300,000 Plan Check No.: PC09-0853

PERMITS FINALLED

12/01/09 - NEW BUILDING & ADDITION at 9002 S. Hardy Dr. for United Rentals Shop Declared Valuation: $216,500 Plan Check No.: PC08-0988

12/02/09 - NEW BUILDING at 1565 E. Warner Rd. for Mission del Sol Church Declared Valuation: $2,142,800 Plan Check No.: PC08-0794

12/04/09 - TENANT IMPROVEMENT at 815 E. Baseline Rd. for Chipotle Mexican Grill Declared Valuation: $300,000 Plan Check No.: PC09-0054

12/04/09 - TENANT IMPROVEMENT at 1616 W. 17th St. for University of Phoenix Declared Valuation: $440,500 Plan Check No.: PC09-0732

12/04/09 - TENANT IMPROVEMENT at 1515 W. 14th St. for Bank of America Declared Valuation: $500,000 Plan Check No.: PC09-0825

12/07/09 - ADDITION/ALTERATION at 2900 S. Diablo Way, Bldg C for Motorola Declared Valuation: $650,000 Plan Check No.: PC07-0827

12/07/09 - ADDITION/ALTERATION at 1330 E. Dava Dr. for Kyrene Elementary School District Declared Valuation: $2,604,900 Plan Check No.: PC08-0840

12/08/09 - ADDITION/ALTERATION at 809 E. Southern Ave. for City of Tempe History Museum Declared Valuation: $1,403,000 Plan Check No.: PC09-0032

12/11/09 - TENANT IMPROVEMENT at 100 W. University Dr. for Centerpoint Declared Valuation: $650,000 Plan Check No.: PC09-0679

12/17/09 - NEW 2 STORY OFFICE/PRODUCTION FACILITY at 2825 S. Potter Rd. for Micro- Tronics Declared Valuation: $2,048,000 Plan Check No.: PC07-1163

12/17/09 - NEW BUILDING at 600 E. Gilbert Dr. for Wilson Electric Declared Valuation: $859,100 Plan Check No.: PC09-0081

12/18/09 - TENANT IMPROVEMENT at 1250 W. Washington St. for Medaire Declared Valuation: $312,900 Plan Check No.: PC09-0729

12/22/09 - ADDITION/ALTERATION at 350 W. Washington St. for First Solar Declared Valuation: $882,200 Plan Check No.: PC09-0698

12/23/09 - TENANT IMPROVEMENT at 1930 W. University Dr. for US Airways North Bldg. Declared Valuation: $200,000 Plan Check No.: PC09-0070

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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