Daily News for Commercial Real Estate & Business – July 12, 2010

Here are the news stories you might find interesting today regarding commercial real estate and business:

SO. CAL.-BASED INVESTOR SPENDS $7.85 MILLION FOR 220 APARTMENTS IN TWO PHOENIX PROJECTS Phoenix - PHX Capital L.P. in Calabasas, Calif. (Mark Kanter, Chris Renard, managers) paid $7.85 million to purchase two apartment complexes in Phoenix totaling 220 units. The seller in two separate transactions was Paul Carlson, a court appointed receiver from Rancho Santa Margarita, Calif. for investors Russell W. Bill and Marcia A. Bill of Fountain Valley, Calif. PHX Capital paid $4.325 million ($32,037 per unit) to buy the 135-unit Papago Vista apartments at 5312 E. Taylor Street. View article...

ACACIA CAPITAL BOLSTERS APARTMENT PORTFOLIO BY ACQUIRING 699 UNITS Mesa - A company formed by investor Wes Clelland of Acacia Capital Corp. in Phoenix paid $33.35 million to acquire 699 apartment units in two projects in Mesa. The seller in two transactions was General Electric Credit Equities Inc. in Addison, Tex. PHX Broadway 12-B LLC (formed by Acacia Capital) paid $18.15 million ($45,949 per unit) to purchase the 395-unit Argenta apartments at 4104 E. Broadway Road. View article...

Investor Purchases Phoenix Industrial for $1.3M EastGroup Properties Inc. purchased the industrial building at 2250 S Seventh St. in Phoenix for $1.3 million, or approximately $40 per square foot, at a cap rate of 10.21%. The property is fully leased to Injected Plastics Co. on a triple-net lease, which runs thru February 2013. View article...

Arizona Hardwood Floor Buys Industrial for $1M Arizona Hardwood Floor Supply purchased the industrial building at 910 S 67th Ave. in Phoenix, AZ, for $1.09 million, or $68 per square foot, from Wrightwood Capital. Built in 2008, the property totals 16,087 square feet and is in the Phoenix Industry Center at 67th. View article...

CiCi's Pizza Plans 25-Plus Stores in AZ CiCi's Pizza has launched an aggressive franchise expansion in Arizona and plans to open 25 to 30 new restaurants in metropolitan Phoenix and the Tucson area this year. View article...

Plans for luxury apartments spark downtown height debate A Valley developer's plan to build up to 1,100 luxury apartments at Scottsdale and Camelback has resurrected a debate over the height of buildings in the downtown area. View article...

Chandler's Fat Cat restaurant closes Five months after it opened, Fat Cat restaurant in downtown Chandler closed Friday. Landlord Tom Bliss said the owners were not paying rent and left "by mutual agreement." View article...

Last big Queen Creek farm yields to builders Newell Barney may not be well known outside Queen Creek, but the 85-year-old farmer looms large in the tiny town at the southeastern fringe of the Valley. View article...

Transit options sought for Scottsdale-Rural roads corridor Growing demand for transit service along Scottsdale-Rural roads in Scottsdale and Tempe will be the topic for two public meetings sponsored by Valley Metro next week. View article...

Payday lender to leave Arizona Another payday-lending company's decision to leave the state shows the expiration of a law that allowed high-interest loans is working, Arizona Attorney General Terry Goddard said. View article...

Enterprise, RCB banks gain assets as Home National closes Enterprise Bank & Trust is expanding its Phoenix presence with the acquisition of $260 million in loan and real estate assets held by the Arizona operations of Home National Bank in Blackwell, Okla., while RCB Bank of Oklahoma marks its entry into the market taking over Homes four local branches. View article...

SBA loans plummet after stimulus breaks expire Lending through U.S. Small Business Administration programs has plummeted since the end of May, when the SBA ran out of money for the breaks that made such loans less risky for lenders and more affordable for borrowers. View article...

Shopping Centers Struggle, But Hope Seen Vacancies and lease rates at U.S. shopping centers continued to worsen in the second quarter, but the slowing pace of the deterioration hints at a recovery starting in the coming quarters. View article...

To Fix Sour Property Deals, Lenders 'Extend and Pretend' Some banks have a special technique for dealing with business borrowers who can't repay loans coming due: Give them more time, hoping things improve and they can repay later. View article...

Four Banks Closed on July 9 Latest Tally: 100 Failed Institutions So Far in 2010 Federal and state banking regulators closed four banks on Friday, July 9, raising the number of failed institutions to 100 so far in 2010. 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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