Daily News for Commercial Real Estate & Business – June 9, 2011

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

Camelback Executive Park Sold for $19M Lincoln Property Company and a subsidiary of a real estate fund managed by Oak Tree Capital Management, LP purchased the Camelback Executive Park in Scottsdale, AZ for $19 million, or nearly $110 per square foot. The seller was The Bank of New York Mellon Trust Corporation, trustee for Morgan Stanley Capital I, Inc. Commercial Mortgage Pass Through Certificates Series 2007-IQ14. View article...

Mentor Properties Pays $3.2M For Land Pointe Apartments Mentor Properties, Inc. purchased the Land Pointe Apartment Homes in Peoria, AZ from Freddie Mac (Federal Home Loan Mortgage Corporation) for $3.2 million, or $32,350 per unit. The 81,280-square-foot complex at 11600 N. 75th Ave. was constructed in 1985 and has 100 apartment units. The bank-owned property was 75 percent occupied at time of sale. View article...

HOBBY LOBBY TO OPEN IN CHANDLER, ARIZONA Hobby Lobby has recently signed a lease at Chandler Gateway Shopping Center to combine the former Circuit City and Razmataz spaces into a 55,175-square-foot Hobby Lobby store. Located at the northwest corner of Chandler Boulevard and the Loop 101 Freeway, directly across the street from the Chandler Fashion Mall, this new store is perfectly positioned to attract shoppers in the Southeast Valley. The store is expected to open October 1, 2011. View article...

Gangplank named among top 100 brilliant companies Gangplank, the co-working incubator in Chandler, has been named as one of the 100 Brilliant Companies by Entrepreneur magazine. The workspace was the only Arizona business to crack the list, which focused on 10 market segments. View article...

Scottsdale council delays decision on developer's plan SouthBridge developer Fred Unger didn't receive the reception he was hoping for from the Scottsdale City Council Tuesday when he announced that plans are back on track to develop property along the southern side of the Arizona Canal. Unger asked the council to adopt an amendment allowing a three-year extension on the development agreement relating to the city-owned Rose Garden parking lot, on the northwestern corner of Goldwater and Fifth Avenue, and the adjacent developer-owned property along Fifth and the canal. View article...

Big road project to boost ASU Poly, CGCC SAY HELLO TO 'INNOVATION WAY' That's the name being given to a road that will be built to and around Arizona State University's Polytechnic campus just west of Phoenix-Mesa Gateway Airport. The City Council approved the $11.6 million project on Monday night. It includes work to replace crumbling, decades-old infrastructure that was left when the Air Force vacated the property in 1993. View article...

Commercial Mortgage Delinquencies Mixed with CMBS Faring Worst Delinquency rates among different commercial and multifamily mortgage investor groups were mixed in the first quarter of 2011, according to a study released Wednesday by the Mortgage Bankers Association (MBA). View article...

Trepp: Loss Severities, Volume of CMBS Loans Liquidated Increase Almost $1.4 billion in commercial mortgage-backed securities (CMBS) conduit loans were resolved with losses in May, according to Trepp LLC. That number was up about 11 percent from the April total reported by the New York-based commercial market research firm. It was the second highest value since Trepp began tracking this stat in January 2010. Only January 2011 saw a higher total. View article...

Half of Arizona mortgages still underwater More than 652,000 -- or about half -- of Arizona mortgage holders, are "underwater," or owe more than their homes are worth, according to a CoreLogic report released Tuesday. The total represents about 49.6 percent of the total housing mortgages in Arizona, which has the second-highest rate of underwater mortgages in the nation. 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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