Daily News for Commercial Real Estate & Business – January 5, 2011

To view the January 2011 Commercial Edition of Scotsman Guide, click here.

CA Buyer Enters Phoenix with $14M MF Buy A high-net worth investor from San Diego, CA, has made his first acquisition in the Valley, paying $13.66 million for The Ridge at Sun Valley, a 264-unit apartment complex. The buyer, doing business as ADC-Ridge at Sun Valley LLC, bought the class A property in an all-cash transaction from Alcurt Phoenix II LLC, which foreclosed on the property. The developer, Cleveland, OH-based Wallick Companies lost the property to foreclosure in July 2010. View article...

Faist Leases 56,100 SF at South 40 Distribution Center United Kingdom-based Faist GreenTek LLC has inked a lease for five years with Phoenix-based Arizona Industrial Properties for 56,100 square feet of industrial space at the South 40 Distribution Center located at 5750 S. 40th St. in Phoenix. The company will occupy one complete building in the industrial park. View article...

UnitedHealthcare Moving to CityScape Amidst all of the holiday bustle last month came some exciting news for Downtown Phoenix. AZCentral reported that UnitedHealthcare officials have announced their intention to occupy 107,000 square feet in the CityScape office tower located at First Street and Washington. View article...

New sports grill a positive sign for AF business district Signs of life are returning to one of Ahwatukee Foothills' prime commercial areas, at 48th Street and Chandler Boulevard, after a spate of business closures over the last few months. View article...

Relocated Vision Gallery expands in Chandler City Hall Vision Gallery, an art-exhibition space and retail venue that hosts free children's classes, has moved into a city-owned space at 10 E. Chicago St., part of City Hall. The gallery previously occupied 2,767 square feet at 80 S. San Marcos Place, west of Arizona Avenue. Now, it has nearly 4,000 square feet. View article...

Steinway of Phoenix gets new home, new owner A new Steinway dealer has opened in northeast Phoenix and the owner said he plans to be a staple in the Valley's music scene for the next 25 years. Steinway Piano Showroom of Arizona has been open at 13802 N. Scottsdale Road, Suite 116. The store has been temporarily located in Suite 165 since it opened Dec. 15. The official opening is Monday. View article...

Eloy plant could create 300 new jobs A division of Texas-based Republic Plastics paid $3 million for an industrial building in Eloy, which will be used in the manufacture of foam products used in the food industry. View article...

Revised Scottsdale Waterfront tower hasn't removed acrimony Scottsdale Waterfront LLC will have a fight on its hands when the city Planning Commission and council consider its request to modify development standards for a project seeking a 140-foot tall building that likely would house condominiums in downtown Scottsdale. View article...

Dollar General plans 625 more stores Dollar General is planning to open 625 new stores this year, creating 6,000 jobs as it expands into three more states. View article...

Intuit: Small businesses grew jobs in December Small business employment in Arizona continued to show strong growth in December, with wages flat but hours worked up, according to a report Tuesday by Intuit Inc. View article...

Fresh Signs of Life in Office Market The amount of occupied U.S. office space increased for the first time in nearly three years during the fourth quarter of 2010 as more companies that had been postponing real-estate decisions got back into the leasing market. View article...

S&P Index Records Sharpest Drop in Home Prices Since 2009 The latest home price gauge published by Standard & Poor's recorded its largest monthly decline since February 2009 and its largest annual decline since December 2009. The data has led the firm's top analysts to make the claim, "The double-dip is almost here." 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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