Daily News for Commercial Real Estate & Business – July 29, 2011

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

HOLLAND PARTNERS BOLSTERS PORTFOLIO . . . PAYS $18.7 MILLION FOR 334 APARTMENTS IN TEMPE A limited partnership formed by Holland Partners in Vancouver, Wash. (Clyde Holland, principal) paid $18.7 million ($55,988 per unit) to purchase the 334-unit Sun River Village apartments located at 505 W. Baseline Road in Tempe. The seller was Century Sun River Limited Partnership, which was formed by AIMCO in Denver, Colo. (Terry Considine, CEO). View article...

GILBERT RETAIL PLAZA TARGETED IN FORECLOSURE AFTER DEFAULT ON $50+ MILLION LOAN The Gilbert Gateway Towne Center retail plaza at the northwest corner of Power and Ray roads in Gilbert is in jeopardy of being foreclosed. The 455,500-square-foot retail center is collateral on a loan with an original principal balance of $50.2 million that is in default. The beneficiaries of the loan are the registered holders of GS Mortgage Securities Corp. II Commercial Mortgage Pass-Through Certificates Series 2005-GG4. The commercial mortgage backed security (CMBS) was originated by Goldman Sachs Mortgage Securities Corp. in New York City, N.Y. The special servicer is LNR Partners LLC in Miami Beach, Fla. View article...

ION DATA SHOWS AVERAGE SALE PRICE OF COMMERCIAL PROPERTIES IN ARIZONA SKYROCKETING The average sale price of commercial properties in the state's three largest counties has increased by 74.05 percent for the first six months of 2011 as compared to the same period in 2010. And the average sale price for commercial real estate in the first quarter 2011 ($3.576 million per transaction) was greater than any previous quarter during the past 4½ years. "I'm a little surprised," says Zach Bowers of Ion Data, a Mesa-based provider of real estate information that conducted the property sales analysis. "This happened pretty suddenly." (I guess if you are not a commercial broker and active in the market, this might be a surprise to you - see the article I sent out earlier by click here)View article...

Phoenix's Select Top Retail Sales for Q2 2011 The following is an account of the Phoenix market's select top five retail sales transactions for the second quarter 2011. Smith's Food & Drug Stores purchased 1385 E Florence Blvd., a 59,388-square-foot retail supermarket in Casa Grande, for $4.25 million, or about $72 per square foot. View article...

Phoenix's Select Top Retail Leases for Q2 2011 The following is an account of the Phoenix market's select top 10 retail lease transactions for the second quarter 2011. Hobby Lobby leased 55,175 square feet at 3400-3458 W Chandler Blvd. in Chandler. View article...

Retail investment deals climbing in metro Phoenix Retail real estate investment sales have increased dramatically in the past year, according to a report released by Orion Investment Real Estate Solutions. There were 25 sales totaling $131.4 million in the second quarter 2011. That compares to eight sales for $13 million in the second quarter of 2010. It's also a jump from the first quarter of 2011 when there were 23 sales totaling $104.6 million. (I sent out an article earlier that discusses the 10-50K SF Retail Market. See my finding by clicking here) View article...

Gilbert's retail sales-tax revenue hits record high Gilbert enjoyed a meteoric rise in consumer spending during the last fiscal year as retail sales-tax revenue jumped 7.5 percent to the highest one-year total in town history. The town collected $25.5 million in retail sales tax and $48.4 million in overall sales tax, providing a welcome boost for its highly-strained general fund. View article...

Arizona budget gap overstated Arizona state government ended its fiscal year on a positive note: Tax collections were up for the first time in four years. The 11.6 percent increase in revenue compared with the last fiscal year is more than double the 5.6 percent growth rate that budget analysts had predicted, according to a preliminary report issued Wednesday by the Joint Legislative Budget Committee.That means the state will have a shallower deficit hole to dig out of as the 2012 fiscal year continues. But it's not necessarily a sign of a brighter economic forecast, the report warns. View article...

Bus ridership in metro Phoenix remains steady, light rail increases boardings Ridership on transit remains steady but slightly down in the Valley, with 54.8 million passengers on the Valley Metro bus in 2011. That compares with 55.6 million bus riders in 2010. View article...

HOUSING:
Phoenix second worst in foreclosures but sees drop
Phoenix ranks second worst for foreclosures through the midyear point but like many other markets the Valley is seeing a year-over-year decrease in foreclosures notices. Las Vegas still holds the dubious worst foreclosure market in the U.S. but is also seeing less notices compared to 2010. View article...

Beige Book: Weak Housing Market Keeps Economic Recovery in Check Economic activity continues to grow, however the pace has moderated in many parts of the country, weighed down by a persistent weakness in the residential real estate sector, according to the latest market-gauging Beige Book from the Federal Reserve. View article...

Increase in Pending Sales May Not Indicate Market Upswing The National Association of Realtors (NAR) released its Pending Home Sales Index Thursday, revealing an increase in pending home sales for the month of June, marking the third of the last four months that the index has increased. 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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