Daily News for Commercial Real Estate & Business – June 30, 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.

As reported last week, here is the article of the FreeScale Campus closing: WENTWORTH/NORTHWOOD VENTURE SPENDS $53.7 MILLION FOR FREESCALE CAMPUS A venture formed by Wentworth Property Co. in Phoenix (James Wentworth, Sr., James Wentworth, Jr., principals) and Northwood Investors in New York City, N.Y. (John Kukral, pres.) paid $53.7 million ($61.30 per foot) to acquire a 876,000-square-foot office-industrial project in Tempe. The seller was Freescale Semiconductor Inc. in Austin, Tex. (NYSE:FSL). View article...

Whitestone REIT Announces Purchase of Gilbert Tuscany Village in Phoenix Area Whitestone REIT (NYSE-AMEX: WSR - "Whitestone"), a fully integrated real estate company that owns, operates and re-develops Community Centered PropertiesTM, which are visibly located properties in established or developing culturally diverse neighborhoods, announced today that it has purchased Gilbert Tuscany Village out of foreclosure from a private lender for $5 million, or $101.18 per leasable square foot. The amount paid is significantly below the Center's estimated replacement cost. The 49,415 square foot Class A Community Center is located in Gilbert, Arizona..View article...

Two apartment complexes sold for $10 million Northern Point and Paseo del Sol, two large apartment complexes in north Phoenix, have been sold for nearly $10 million. The projects were sold to two separate limited liability companies formed by Cal DeSouza and Frank DeSouza of Mentor Properties Inc. in Scottsdale. The seller was a court-appointed receiver. View article...

Roehl Transport to open West Coast headquarters in Phoenix Roehl Transport Inc has purchased a warehouse and office building in the West Valley for $2 million it intends to use as its West Coast operational headquarters. The 8,000-square-foot property sits on 7.3 acres at 4909 W. Lower Buckeye Road in Phoenix. View article...

Goodwill Inks 10-Year Lease in Phoenix Goodwill Industries of Central Arizona, Inc., signed a 10-year lease for 28,000 square feet of built-to-suit retail space at the South Mountain Pavilion, located on W. Baseline Rd. in Phoenix, AZ. Construction on the building is expected to begin in November 2011, with an estimated completion date of March 2012. The ten-year lease will commence upon building completion. View article...

"We've Seen the Worst of It," JLL Phoenix Office Expert Says Exclusive second quarter data from Jones Lang LaSalle indicates the local office market has bottomed. "We've seen the worst of it," says Dennis Desmond, senior managing director in the firm's local office. "That doesn't mean the market will skyrocket back to 2006 and 2007 levels, but the message I am sharing with investors is that now is the time to buy so they can ride the market back up." View article...

Scottsdale council increases maximum building height for downtown The Scottsdale City Council narrowly approved the second proposal filed under the downtown infill-incentive district and plan that sought a maximum building height of 90 feet. Brothers Mike Gebran and Gebran Gebran own the U.S. Egg restaurant on the southwestern corner of Scottsdale Road and Angus Drive and vacant property to the north. View article...

SBA provides $10 million in 'Patriot' loans to Arizona businesses The U.S. Small Business Administration's Patriot Loan program has provided $10 million in SBA-backed loans in Arizona and more than $633 million in SBA-backed loans nationwide. The Patriot Express Pilot Loan Guarantee Initiative is targeted at small businesses owned by veterans, reservists and their spouses. 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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