Daily News for Commercial Real Estate & Business – January 19, 2011

2011 Forecast Preview While still struggling, the economy has some good associated with it, including positive growth, low interest rates, and increasing private-sector employment growth. Unfortunately, much is still quite bad, including the weakness in the residential real estate market, an increasing debt load, and an unemployment rate that is much too high. As for the unknown, there is plenty of that to go around: Will there be a double-dip recession? Will the U.S. lose its AAA credit rating? Will California or other states fall into bankruptcy? What is the condition of the regional banks? View article...

Mesa Portfolio Trades for $2M Bank of America, NA sold two retail buildings at the Fry's Vineyard Shoppes in Mesa, AZ to GH Partners III LC for more than $2 million, or approximately $115 per square foot, in an REO sale. The two buildings total 17,451 square feet at 550 and 554 W. Baseline Rd. in Mesa. The retails buildings were both constructed in 1999 and were 50 percent occupied at the time of sale. View article...

MDS Pharma Services Sells Property for $1.5M Modern Industries purchased 4747 E. Beautiful Ln. in Phoenix, AZ from Real Estate Investment Partners for $1.5 million, or about $29.40 per square foot. The 51,013-square-foot Pointe at South Mountain Bldg 1 was constructed in 1987 and is located in the South Airport & South of Roeser Industrial submarket. View article...

Cesar Chavez Pays $1.3M for Phoenix Office The Cesar Chavez Foundation, a California-based, charitable non-profit organization, acquired the two-story office building at 1440 E. Washington St. in Phoenix, AZ from Fourteen Forty LLC for $1.3 million, or about $97 per square foot. The 13,440-square-foot building was constructed in 1987. It is located in the Midtown/Central Phoenix submarket of Maricopa County. View article...

Aerotech Acquires Industrial Building For $2M Aerotec International, Inc. purchased the industrial facility at 5205 S. 31st Pl. in Phoenix, AZ from Fine Woods Manufacturing, Inc. for $1.975 million, or about $52 per square foot. The 38,100-square-foot industrial building was constructed in 1988. View article...

Tohono O'odham update west-side casino plan The Tohono O'odham Nation has released renderings of what its proposed west-side casino would look like if it overcomes efforts by city of Glendale and state lawmakers to block its development. West Valley Resort, a tribal arm, says its updated plan calls for phase one to encompass 220,000 square feet on 54 acres at Northern and 95th avenues. View article...

Commercial properties in S. Scottsdale hold their own in 4th quarter A lack of available Class A office space has made south Scottsdale's office market a tough sell for companies looking to move up from Class B space, according to commercial real-estate brokerage CB Richard Ellis. View article...

Phoenix's Top Office Sales for Q4 2010 The following is an account of the Phoenix market's top five office sale transactions for fourth quarter 2010. View article...

Phoenix's Top Office Leases for Q4 2010 The following is an account of the Phoenix market's top 10 office lease transactions for fourth quarter 2010. View article...

Phoenix's Top Retail Sales for Q4 2010 The following is an account of the Phoenix market's top five retail sale transactions for the fourth quarter 2010. View article...

Phoenix's Top Retail Leases for Q4 2010 The following is an account of the Phoenix market's top 10 retail lease transactions for the fourth quarter 2010. View article...

Phoenix's Top Industrial Leases for Q4 2010 The following is an account of the Phoenix market's top 10 industrial lease transactions for fourth quarter 2010. View article...

AMC proposes dine-in theaters for Phoenix After opening four dine-in movie theaters in New Jersey and Texas in late 2010, the AMC movie chain is eyeing Phoenix. The Phoenix City Council recently endorsed a request for a liquor license at AMC Deer Valley 30, 3033 W. Agua Fria Freeway, in north Phoenix. View article...

Comerica acquires Sterling Bank for $1B Comerica Inc. has agreed to buy Sterling Bancshares for $1.03 billion, the Dallas bank said Tuesday. Comerica (NYSE:CMA), which has deposits of $131 million and 16 branches in Maricopa County, will purchase Houston-based Sterling (Nasdaq:SBIB) in a stock-for-stock transaction, exchanging 0.2365 shares of Comerica stock. View article...

Price Corrections Leave Some Hard-Hit Markets 'Undervalued' Home price declines have been sharp and widespread across the country as foreclosure numbers mount, the gap between supply and demand widens, and local markets inherently correct the unsustainable price run-ups that characterized the housing boom of a few years ago. 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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