Daily News for Commercial Real Estate & Business – July 14, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

To view this week's Costar Watchlist, click here.

To view Structured Finance Monthly, a publication produced by Morningstar's Structured Credit Ratings research group, click here. (I highlighted a few areas I found interesting)

AZ REO Shopping Center Trades for $19M Mesa Ranch Plaza, a 210,986-square-foot, distressed shopping center has sold for $19.1 million - about $2 million more than expected due to competitive bidders, according to Philip Voorhees, senior vice president with CBRE's National Retail Investment Group. Scottsdale, AZ-based Reddy Development purchased the Pro's Ranch Market-anchored center in an all-cash deal. The firm beat out 28 other bidders to claim the 55% vacant property, Voorhees tells GlobeSt.com. View article...

Union Hills Office Plaza Sells for $27M Artis Real Estate Investment Trust, a publicly traded REIT, acquired the three-story Union Hills Office Plaza located at 2550 W. Union Hills Drive in Phoenix, AZ from Pacifica Union Hills Center, LP for $27,075,000, or about $190 per square foot. The class A office was constructed in 2007 and situated on 10 acres. It totals 142,773 square feet and is anchored by University of Phoenix, Progressive Insurance, and Tata American International. View article...

Kahala tests Pizza Fresh Take N' Bake concept Kahala Corp. on Saturday plans to debut the first of at least two units of its new Pizza Fresh Take N' Bake restaurant concept in Phoenix. The franchise-concept portfolio company, which includes Blimpie and Cold Stone Creamery, will open the 1,400-square-foot Pizza Fresh in a strip mall in northern Phoenix. View article...

Scottsdale homebuilder Taylor Morrison purchased for $955M A consortium of investment funds today formally acquired Scottsdale home builder Taylor Morrison and its Canadian sister company, Monarch Homes, for $955 million. The deal first was announced March 31. The seller of both home-building operations was Taylor Wimpey PLC, a U.K. builder. View article...

Metro Phoenix 20th on green-job list Metro Phoenix ranked 20th out of the top 100 metropolitan areas for the proportion of jobs connected with the "green" or "clean" economy last year, says the Brookings Institution in a report released today. Arizonaranked lower, 25th of 50 states. View article...

LoopNet Stockholders Approve Combination With CoStar The merger between CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information and analytic services, and LoopNet, Inc. (Nasdaq:LOOP), the leading online commercial real estate marketplace, took another major step forward following the approval of LoopNet's stockholders, who overwhelmingly approved the adoption of the merger agreement with CoStar announced in April. View article...

Rising Volume of Loan Liquidations Helps Drive Down CMBS Delinquency Rate The good news is that the delinquency rate on loans underlying commercial mortgage-backed securities (CMBS) dropped 23 basis points in June to 9.37%, the second consecutive monthly decline, according to real estate analytics firm Trepp LLC. The bad news is that the drop in the percentage of loans 30 days or more past due was driven primarily by a sharp spike in loans being resolved with losses, rather than delinquent loans actually curing. View article...

 

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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