Daily News for Commercial Real Estate & Business – June 3, 2011

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

To view the June 2011 Scotsman Guide, click here.

To view the June 2011 Commercial Property Executive, click here.

$600 MILLION SOLIS DEVELOPMENT IN SCOTTSDALE IN JEOPARDY WITH FORECLOSURE FILING A 54-parcel assemblage, tumultuous rezoning case and the controversial approval for the relocation of an electrical substation may all be for naught, as the fate of the $600 million Solis Scottsdale hotel-residential development is in jeopardy. The project, planned by Scottsdale Canal Development LLC, may be dead in the water because of a trustee's sale that has been noticed on a loan that is secured by the majority of the nearly 11-acre site. The foreclosure sale is set for August 31, 2011. View article...

CAMELBACK ROAD OFFICE PROJECT SOLD TO LINCOLN PROPERTY FOR $19 MILLION A venture formed by Oaktree Capital Management L.P. in Los Angeles, Calif. (Howard Marks, chairman) and Lincoln Property Co. in Phoenix paid $19 million ($110.02 per foot) to purchase a 172,690-square-foot office property located at 6991 E. Camelback Road in Scottsdale. The seller was The Bank of New York Mellon Trust Co., as trustee for Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-IQ14. View article...

CASSIDY TURLEY SELLS BUILDING THREE AT 71 ROOSEVELT INDUSTRIAL PARK Cassidy Turley BRE Commercial has sold building three at 71 Roosevelt Industrial Park, a 164,000-square-foot industrial park that comprises four buildings. The 33,000-square-foot, single-tenant building was purchased by Texas Medical Distributors for $1,369,500. View article...

RED Creates New Acquisitions-Focused Firm Prolific retail developer RED Development has moved away from new construction to focus on building an operating portfolio with its existing assets and future acquisitions. The shift is a response to the continuing lack of demand for new retail product, according to Steve Maun, president of RED Development. View article...

Heart Attack Grill not closing, owner says The owner of Chandler's Heart Attack Grill said he closed the restaurant temporarily "to put a few posters on the wall" but may move the business to Phoenix or Scottsdale if the city continues to fight him over his building's paint color. Jon Basso said earlier reports that his grill may be closed for good are false. He recently opened a second restaurant in Dallas and said he is using the time when the Chandler site is closed to build the Texas business. View article...

Scottsdale to raze Brett's Barn at WestWorld this summer Doomed by structural problems and diminished demand, Scottsdale is planning to tear down Brett's Barn at WestWorld this summer. The barn razing, approved last month by the Scottsdale City Council, is expected to cost $60,000 for a building that brought in only $53,000 in user fees over the past three years. View article...

Phoenix high-rise deal averts foreclosure Owners of the Viad Corporate Center high-rise office tower in central Phoenix have managed to avoid foreclosure by bringing in a big-name investment partner to help restructure its commercial mortgage debt. Under the deal, Costa Mesa, Calif., real-estate investment firm McCarthy Cook & Co. will retain ownership of the 480,000-square-foot tower along with its new partner, New York-based investment firm Morgan Stanley. View article...

$20 million to boost fund for affordable living near light rail Two large lenders are investing at least $20 million to kick-start transit-oriented development along the Metro light-rail line. The Local Initiatives Support Corp. and the Raza Development Fund each is committing $10 million to the new Sustainable Communities Development Fund, hoping it will grow soon to $50 million. The fund should become available in the fall after a feasibility study is completed to prioritize projects and see what types of developments are most likely to flourish, said Teresa Brice, executive director of LISC's Phoenix office. View article...

Trepp: CMBS Delinquencies Retreat in May After Record-Setting April The delinquency rate on loans held in commercial mortgage-backed securities (CMBS) fell slightly in May from the new record high set the month before, according to Trepp LLC. View article...

Longer recovery or double dip? Recent economic, job and housing data out of Arizona and nationwide paint a gloomy picture of a longer-than-expected recovery, or a more distressing economic hangover resulting in a double-dip recession. Robert Mittelstaedt, dean of the W.P. Carey School of Business at Arizona State University, said housing remains an "albatross" on consumer sentiment, and he worries that will stall the rebound or even result in a double dip. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

Speak Your Mind

*

CommentLuv badge

footer script.