Daily News for Commercial Real Estate & Business – June 21, 2010

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

PASSCO BOLSTERS VALLEY HOLDINGS . . . SPENDS $32.63 MILLION FOR SCOTTSDALE APARTMENTS Scottsdale - A company formed by PASSCO Cos. LLC in Irvine, Calif. (William Passo, pres.) paid $32.63 million ($161,535 per unit) to buy the 202-unit Desert Parks Vista apartments located at 9393 E. Palo Brea Drive in Scottsdale. View article...

SUNDT ENTITY PAYS $10+ MILLION FOR UNDEVELOPED PARCEL LOCATED NEAR ASU IN TEMPE Tempe - MCR II LLC, a company formed by The Sundt Cos. Inc. in Tempe (J. Doug Pruitt, CEO), paid $10.125 million to buy a 3.219-acre undeveloped parcel located near the Arizona State University campus in Tempe. View article...

Phoenix entertainment district group files Chapter 11 A group proposing the Jackson Street Entertainment District in downtown Phoenix filed Thursday for Chapter 11 bankruptcy. Sojac I, headed by developer Dale Jensen, filed the petition on the same day that lender ML Manager LLC planned a trustee sale on the property. View article...

Scottsdale residents pay price for glut of luxury condos Scottsdale will pay the price for a glut of luxury condominiums for several years. People living near a number of unfinished projects are the most deeply affected. They cope on a daily basis with dusty construction sites and, in some cases, nearly completed condos that sit empty in a "Twilight Zone" limbo. View article...

Phoenix receives $36M in stimulus funds for street work The city of Phoenix received $35.5 million in federal funds for citywide transportation projects. The money came through the American Recovery and Reinvestment Act and construction on hundreds of projects throughout the city will take place this summer. View article...

Walgreens, CVS extend ties CVS Caremark Corp. and Walgreens announced Friday that they have reached an agreement in which Walgreens will continue to participate in the CVS Caremark pharmacy benefit management national retail network for existing, new or renewal plans. View article...

Recovery Report: TARP repayments surpass amount still owed The Troubled Asset Relief Program has reached a significant milestone: The amount of TARP funds paid back to the federal government has surpassed the amount that remains outstanding. View article...

Mortgage Bankers Report Rising Delinquency Rates for Commercial Loans Delinquency rates for commercial mortgages held by banks, thrifts, and life companies rose in the first quarter, the Mortgage Bankers Association reports. 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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