Daily News for Commercial Real Estate & Business – January 28, 2011

ALLIANCE COMMERCIAL SPENDS $30.45 MILLION FOR 553,317 SQ. FT. OF INDUSTRIAL SPACE A company formed by Alliance Commercial Partners LLC in Lakewood, Colo. (Richard Stone, et al., partners) paid $30.45 million ($55.03 per foot) to acquire the 553,317-square-foot 10 Chandler industrial park at the southwest corner of 54th and Galveston streets in Chandler. The seller was a venture formed by Lincoln Property Co. in Phoenix and RREEF America LLC in San Francisco, Calif. View article...

BEVERAGE COMPANY BUYS SITE IN MESA FOR NEW HEADQUARTERS AND DISTRIBUTION FACILITY Crescent Crown Distribution LLC in Phoenix (R. Moffett, Jr., pres.) plans to develop new headquarters and a distribution facility about one-half-mile east of Dobson Road at the northwest corner of Broadway and Brooks roads in Mesa. Crescent Crown, a wholesaler and distributor of beer and non-alcoholic beverages, paid just under $6.412 million to acquire the Mesa property. View article...

Scottsdale assisted-living apartment building being constructed Construction started last week on a three-story, assisted-living apartment building for seniors at 100th Street and Frank Lloyd Wright Boulevard. Belmont Village Scottsdale will include 111 apartments, 25 units for dementia care, a dining room, swimming pool, library and fitness area. View article...

Los Dos Molinos opens in Ahwatukee The windows may be dark and the name on the marquee isn't theirs but, with their legion of regulars, Los Dos Molinos is experiencing anything but a downtime after recently opening. View article...

Plan for 33 N. Scottsdale homes on smaller lots spurs outcry A small but vocal group of homeowners lashed out during Wednesday's Scottsdale Planning Commission meeting against a proposal to develop a master-planned community at the southwest corner of 118th Street and Pinnacle Vista Drive in north Scottsdale. Atalon would include 33 homes on 62 acres and would be surrounded by 19 acres of open space. View article...

Phoenix-area transportation projects may be in jeopardy The outlook for federal transportation spending reads like a winter-weather forecast: cloudy, unsettled, turbulent and freezing. It all adds up to a bumpy ride for metro Phoenix projects, particularly some pet mass-transit improvements. Proposals such as Mesa's light-rail extension and Tempe's streetcar are vulnerable and could be delayed, regional transportation officials warn. View article...

Commercial Real Estate Update for January 2011 Jed Smith, Managing Director, Quantitative Research, and George Ratiu, Research Economist, give an update on the commercial market and talk about the findings of the latest Quarterly Commercial Real Estate Market Survey. View article...

Real Money: Tally for U.S. CMBS Loans Coming Due in 2011 Exceeds $22 Billion Approximately 2,000 commercial mortgage loans are due to mature in the next 12 months, representing an outstanding balance of $22.5 billion, according to Fitch Ratings. The maturing loans, which have an average balance of $11.4 million, were originated between 1996 and 2007 and are predominantly secured by retail (32%), office (30%), and multifamily (16%) properties. View article...

CoreLogic Launches Commercial Real Estate Evaluation Service Information, analytics, and business services provider CoreLogic introduced a new commercial property evaluation service on Wednesday that utilizes more than 7,500 real estate brokers and contract appraisers to provide commercial valuations for lenders, investors, and special servicers. 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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