Daily News for Commercial Real Estate & Business – June 23, 2011

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

To view this weeks Costar Watchlist, click here.

Rumor of $60M Sale of Freescale Facility I was talking to a fellow colleague that said that this facility was scheduled to close yesterday. The property was the old Motorola Campus now occupied by FreeScale. They have since downsized. The total campus is a little over 720,000 Sq. Ft. More information to follow on this deal.

Country Villa Apartments Sells Phoenix Complex Country Villa Apartments LLC sold the 130-unit Country Villa's multifamily complex located at 950 N. Gilbert Road in Gilbert, AZ to ColRich for $7.7 million, or approximately $59,200 per unit. The 80,592-square-foot apartment was constructed in 1986 and renovated in 2009. The complex is situated on 5.9-acres. View article...

DC Ranch Crossing Sold For $16.5M San Francisco-based Stockbridge Capital Group LLC purchased DC Ranch Crossing at N. Pima Rd. in Scottsdale, AZ for $16.5 million. The property is a 68,113-square-foot neighborhood shopping center anchored by AJ's Fine Foods that was built in 2008. In addition, a vacant parcel located north of the center measuring 2.35 acres, and a vacant pad measuring 41,156 square feet, were also included in the sale. View article...

Cassidy Turley Sells 41,000-SF Office Building Cassidy Turley BRE Commercial has sold a 41,248-square-foot office building in Phoenix for $3.63 million. The buyer, Shea & Tatum LLC, is the parent company of Premier Hospice and Palliative Care. It plans to occupy about 5,000 square feet inside the building, bringing the property's total occupancy to 100 percent. The seller was JPMCC 2005-LDP2 Offices at 4530 LLC. View article...

Rock Bottom to close Ahwatukee location The Rock Bottom Restaurant & Brewery will be closing its doors on Saturday, June 25 after serving the Ahwatukee Foothills area since 1999. "It is with a heavy heart that we inform you Rock Bottom Restaurant & Brewery in Phoenix will be closing their doors. View article...

ICAN breaks ground on new site Nearly 350 people gathered Saturday morning to celebrate the future of Improving Chandler Area Neighborhoods. The occasion was the groundbreaking for ICAN's new facility at the southern edge of Folley Park at Hamilton and Morelos streets. View article...

Penzeys Spices back in the Northeast Valley A Wisconsin-based spice store known for traveling the world to find unique seasonings is back in the Northeast Valley. Penzeys Spices recently opened at 10810 N. Tatum Blvd. in Phoenix. "We are the purveyors of spices and seasonings all over the world. View article...

Green energy plant could open at Gateway airport A proposed plant that would generate electricity and heat from organic waste such as meat, yard trimmings and discarded wool sweaters, could be in operation by late 2012 at Phoenix-Mesa Gateway Airport if it wins the approval of city, airport and utility officials. The project by Phoenix-based Hummingbird Energy, would be the first of its type in Arizona to convert source-separated organic waste into a synthetic, green gas as fuel to produce clean heat and electric power, said David Butterfield, the company's chairman. View article...

Habitat for Humanity has some bargains Consumers looking for deals on home-improvement materials will have a new bargain option starting this week. In addition, they will be able to assist Habitat for Humanity, a nationwide organization that builds and renovates homes for low-income families. View article...

Pima County supervisors approve solar project The Pima County Board of Supervisors has unanimously approved construction of a 25-megawatt solar array in Avra Valley that Tucson Electric Power says will become the utility's largest single source of solar energy. The system will be built, owned and operated by Fotowatio Renewable Ventures on 305 acres of former farmland. View article...

Arizona No. 3 in US for solar installations Arizona ranked third in terms of solar installations during the first quarter, according to a report by the Solar Energy Industries Association. Arizona trailed California and New Jersey after a reported 22 megawatts of power production were installed on residential and commercial buildings. View article...

$350M of AZ CRE Assets Up for Auction Next week, more than $350 million of Arizona retail centers, office buildings, multi-family apartment housing complexes, undeveloped land and non-performing loans are up for auction on Auction.com. The properties are concentrated in the Phoenix metro area and include 18 mostly foreclosed properties and land. View article...

Latest PwC Real Estate Survey Finds Investors Cautious on Retail The PwC Real Estate Investor Survey for the second quarter of 2011 finds that while investors overall seem optimistic about commercial real estate, there is a bit more caution when it comes to the retail sector. Overall, 83 percent of the markets surveyed remained in a recessionary mode in 2011 and investors feel that only 25 percent of these markets will transition to "expansion" mode by 2014. View article...

Investors Flock to High-Yield Funds in a Footrace to Resolve Distressed Assets Over the past nine months, the newswires have been ablaze with announcements of heavy real estate fundraising from private opportunistic debt and equity investment funds. First in the crosshairs of these fund managers are loans held on the books of weary lenders and their servicers seeking options to exit a two-year-long strategy of extend and pretend. View article...

HOUSING:
Foreclosures as a Percentage of Market Still Drifting Down, But For How Long?
The volume of home sales in May in the Phoenix market was about on par with the rest of this spring's resale season, although the percentage represented by foreclosures continued a modest decline. But whether this portends better things to come is yet to be seen, according to the W. P. Carey School's real estate expert Jay Butler. View article...

Existing-home sales slump again Sales of existing homes slumped in May as spiking gasoline prices and severe weather took a toll on house-shopping activity, according to data released Tuesday by the National Association of Realtors in Washington. Purchases of existing homes declined 3.8 percent from April, to an annual pace of 4.81 million -- down 15 percent from a pace of 5.68 million a year earlier, when sales surged just before the expiration of the home-buyer tax credit. 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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