Daily News for Commercial Real Estate & Business – January 3, 2011

HAPPY NEW YEAR!!!

LaCurvata sells for $16.3M to Harvest LLC LaCurvata, a five-building office-showroom development in North Scottsdale, sold for $16.3 million to Harvest Development LLC of Oregon. The 177,200-square-foot complex was sold by Pima Holding Company I LLC, a collection of five banks led by National Bank of Kansas. The sales price per square foot was $92.50. View article...

Stalled Sage condominiums in Scottsdale coming back to life A downtown Scottsdale condominium complex in limbo for more than a year is gearing up to begin sales of 50 homes. Sage is preparing to sell 32 condos, 16 townhouses and two penthouse units, said Brendan Mann, a principal of the Solvere Group, which is marketing the property for its owner iStar Financial. View article...

Scottsdale Waterfront site likely to offer luxury condo units The final phases of the Scottsdale Waterfront, an emerging area of the city's downtown, likely will include a luxury condominium complex with fewer than 200 units and a tower rising 140 feet near Scottsdale Fashion Square mall. View article...

Creation of foreign-trade zone expected to boost SW Valley As the new year approaches, Southwest Valley officials hope for one significant change from 2010: more tax revenue. There are promising signs. Jack Lunsford, president and CEO of Westmarc, said the West Valley has had some great economic victories in 2010 and more are on the way. View article...

Phoenix lifts CamelSquare's zoning restrictions The Phoenix City Council has voted to strip zoning restrictions from the northwest corner of 44th Street and Camelback Road. It means a developer could build taller buildings on the CamelSquare site as early as February. Building heights, currently capped at two stories, or 36 feet, could increase to four stories, or 56 feet, thus increasing the density on the four parcels from 300,000 square feet to more than a million square feet. View article...

AF chamber to target commercial rent rates in 2011 Over the coming year, Terri Kimble says she expects to hear more complaints from Ahwatukee Foothills businesses about out-of-town landlords who refuse to renegotiate rent despite a prolonged economic downturn and the gaping hole it has created in many enterprises' budgets. View article...

Phoenix 86th as manufacturing jobs decline Phoenix ranked 86th out of the nation's largest metro areas in the drop of manufacturing jobs over the past 10 years. In fact, 99 of America's 100 biggest markets have fewer manufacturing jobs today than they did 10 years ago, according to a study by sister publication Business First of Buffalo. View article...

2011 MARKET FORECAST: The Arizona Outlook: NAR Research Department Compares State, National Trends for the Coming Year The national economic outlook for 2011 is subject to a variety of unknown risks and changing government policies. Future federal economic, tax, monetary, job creation and fiscal policies have been subject to substantial change and are becoming increasingly unpredictable...View article...

Arizona sets another foreclosure record in 2010 Arizona will close out 2010 with a record number of home foreclosures, marking the third straight year of staggering growth for bank repossessions. From January through November, 65,911 Arizona homeowners lost their houses to the mortgage holder, 12 percent more than were taken in all of record-setting 2009, according to foreclosure listing firm RealtyTrac Inc. Banks and loan companies were on track to take thousands more homes in December. View article...

Economic signs good for strong surge in '11 As 2011 begins, the United States appears poised for its strongest year of economic growth since the recession began three years ago. Although plenty of risks remain that could undermine the recovery, signposts for the economy are generally looking up. The pace of growth accelerated in the final months of 2010, according to a variety of indicators, following a lull over the summer. 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.c

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