Daily News for Commercial Real Estate & Business – July 8, 2011

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

MIG REAL ESTATE PAYS $21 MILLION FOR SCOTTSDALE ROAD OFFICE PROJECT Scottsdale Office Center LLC, a company formed by MIG Real Estate (Merage Investment Group Real Estate) in Newport Beach, Calif. (Greg Merage, CEO), paid $21 million ($127.81 per foot) to buy a 164,300-square-foot office project on Scottsdale Road in Scottsdale. The seller was a partnership formed by Arden Realty Inc. in Los Angeles, Calif. (Joaquin de Monet, pres.). View article...

CORNERSTONE REAL ESTATE SPENDS $40 MILLION FOR PHOENIX APARTMENT COMPLEX A company formed by Cornerstone Real Estate Advisers LLC in Santa Monica, Calif. paid $40 million ($166,667 per unit) to purchase the 240-unit Level at Sixteenth apartments at 1550 E. Campbell Avenue in Phoenix. The seller was Broadstone Towne Square LLC, a company formed by Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenz, partners). Records show CPF Sixteenth Street LLC (formed by Cornerstone) paid cash for the project, which was built in 2009. View article...

EXCEL TRUST BUYING SCOTTSDALE PROMENADE RETAIL PLAZA IN $110 MILLION DEAL A company formed by Excel Trust Inc. in San Diego, Calif. (NYSE:EXL, Gary Sabin, CEO) has agreed to purchase The Promenade retail plaza surrounding the southeast corner of Scottsdale Road and Frank Lloyd Wright Boulevard in Scottsdale. Sources say Excel Trust, a publicly-traded real estate investment trust (REIT), will pay $110 million ($253.50 per foot) for the roughly 434,000-square-foot shopping center. The seller is a company formed by investor Bill Levine of Pacific Cos. in Phoenix. View article...

Real estate briefs: Scottsdale Airpark office sold A Scottsdale Airpark office/warehouse building has sold for $1.02 million, according to Cassidy Turley BRE Commercial. Denali National Trust VI LLC bought the 17,597-square-foot building at 7399 E. Tierra Buena Lane from Zions National Bank. View article...

LBA Realty purchases Four Gateway for $12.3M LBA Realty purchased the Four Gateway office building in Phoenix for $12.3 million. The Irvine, Calif.-based LBA purchased the137,000-square-foot property at 444 N. 44th St., from Helios AMC, a special servicer. View article...

Amazon to add fourth fulfillment center in the Phoenix area Online retailer Amazon.com plans to open a 1.2 million-square-foot fulfillment center in Phoenix that will create hundreds of full-time and seasonal jobs, the company said Thursday. The planned expansion will create Seattle-based Amazon.com's fourth fulfillment center in the Valley, bringing its total distribution-warehouse footprint in the area to more than 4 million square feet. View article...

Phoenix construction firm has big payoff Luis De La Cruz started his small Phoenix-based construction business in 2006 with the hope that he might be able to earn a modest income while working for himself and creating jobs for a few others in the community. De La Cruz never expected that five years later, his company, Andale Construction Inc., would be overseeing the design and construction of two massive military housing-development projects with a combined budget of $80 million. View article...

June home sales hit highest number in decade June home sales in the Phoenix metro area surged to 11,125 units sold, the highest number of transactions in a decade, according to a new report released by the Arizona Regional Multiple Listing Service Inc. The June number even eclipses the sales figures during the 2005 housing boom. June sales also were nearly 20 percent higher than June 2010. View article...

Phoenix has 22nd best employment record of 21st century The Phoenix area has the 22nd best employment record of the 21st century, despite the region's troubles in the recession. The information, from a study of 137 monthly unemployment reports issued by the U.S. Bureau of Labor Statistics between 2000 and May 2011, was compiled by the Business Journals, a sister publication of the Phoenix Business Journal.. 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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