Daily News for Commercial Real Estate & Business – January 6, 2011

To view this weeks "The Watchlist" by Costar, click here.

Stadium Corp Center Sells for $1.45M Christopher & Judy Barnes purchased 3802 N. 53rd Ave. in Phoenix, AZ from Real Estate Investment Partners for $1.45 million, or about $38 per square foot. The 38,047-square-foot Stadium Corp Center was constructed in 1982 and is located in the Southwest Phoenix Office submarket. The property was 42 percent occupied at time of sale. View article...

Blue Valley Apartments Sells 165-Unit Multi-Family Private Asset Management purchased the Desert Sunrise Apartments in Phoenix, AZ from Blue Valley Apartments for $4.65 million, or about $28,182 per unit. The 113,400-square-foot complex at 17602 N. Cave Creek Rd. was constructed in 1985 and has 165 apartment units. Fannie Mae sold the REO property with 80 percent occupancy at time of sale. View article...

OMNI AMERICAN HANDLES RETAIL PURCHASE IN "ARIZONA's ANTIQUE CAPITAL" Omni American LLC has brokered the $1.8 million acquisition of a 14,800-square-foot retail building, located at 8160 W. Union Hills in Glendale. View article...

Downtown Phoenix condos to be converted into apartments Citing weak demand for upscale condominiums, the owner of high-rise condo property 44 Monroe in downtown Phoenix has decided to convert the project to apartments. Chicago-based ST Residential bought 44 Monroe out of foreclosure in June and opened a sales office inside the building in November, hoping to sell its remaining 196 units at prices starting just under $200,000. View article...

Cleaning Up After a Tornado: Real Estate in 2010 Once the envy of most of the nation, Arizona's real estate industry has become a cautionary tale, and the new story of recovery in the real estate market is one of fits and starts. View article...

Job cuts down to lowest level since 1997 After reaching a seven-year high in 2009, downsizing dropped dramatically in 2010, according to outplacement consultancy Challenger, Gray & Christmas. There were 529,973 job cuts announced last year, down 59 percent from the 1,288,030 layoffs recorded in 2009 - the largest downsizing year since 2002 (1,466,823). View article...

CMBS Delinquency Rate Hits Record 9.2% The CMBS delinquency rate hit 9.2% in December, the highest in history for U.S. commercial real estate loans in CMBS, reports analytics firm Trepp LLC. View article...

Retail Improves, but Doubts Persist U.S. malls and shopping centers continued their slow, fitful recovery from the recession in the fourth quarter, holding relatively steady in both vacancies and lease rates. 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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