Daily News for Commercial Real Estate & Business – March 10, 2011

To view the March 2011 Affordable Housing Financing magazine, click here.

To view the March 2011 Multifamily Executive magazine, click here.

Pennington Place Acquired for $3.4M Community Bridges, Inc. purchased the 67,208-square-foot office building in Mesa, AZ from The Cardon Group for $3.4 million, or about $51 per square foot. The property was constructed in 1988 and was 56 percent occupied at time of sale. The new buyer plans to occupy 20,000 square feet for its corporate headquarters, and will lease out the remaining space. View article...

Phoenix Office Sells for $1.2M Price Kong & Company acquired the office building at 5300 N. Central Ave. in Phoenix from Bonneville International Corporation for $1.2 million, or $60 per square foot. The two-story, 19,975-square-foot office building was built in 1984 in the Northwest Phoenix submarket. The building was vacant at the time of sale. View article...

Golden Flame Distributing Bldg Sells for $2.1M Crown Builders purchased 24850 N. 19th Ave. in Phoenix, AZ from Bank of the West for $2.1 million, or about $75 per square foot, in an REO sale. The 28,440-square-foot Golden Flame Distributing building, located in Happy Valley Corporate Center, was constructed in 2007 and is located in the Deer Valley / Pinnacle Peak Industrial submarket. The property was vacant at time of sale and sits on 1.98 acres. The buyer, as an owner/user, plans to build out and eventually occupy the property later this year. View article...

Phoenix Multifamily sells for $17M 1155 Grove Parkway LLC, a California-based company formed by M.F. Daily Corp, acquired the Elliot Point Apartments located at 1155 W. Grove Pkwy. in AZ from Hawthorne VI Limited Partnership for $17 million, or about $78,700 per unit. The 217,960-square-foot complex was constructed in 1995 and is situated on 11.40 acres. The property was approximately 91 percent occupied at time of sale. View article...

Vista Village Apartments Trade for $1.9M Private Asset Management, Inc. purchased the Vista Village Apartments in Phoenix, AZ from Blue Valley Apartments, Inc. for $1.9 million, or $31,667 per unit. The 40,560-square-foot complex at 1805 W. Cortez St. was constructed in 1986 and has 60 apartment units. The property was 95 percent occupied at time of sale. View article...

Gilbert, Chandler get new cupcake shops Two new shops are expanding the national cupcake trend to the Southeast Valley. Rachel and J.B. Saunders have opened TopIt Cupcakes in Gilbert. Food Network cupcake competitors Jason Podany and Kory Davidson will open a Sweet Daddy Cupcakes in Chandler this month. View article...

Bank of America could close 10% of sites Bank of America Corp., the third-largest bank in Maricopa County, could close as many as 10 percent of its 5,800 branch banking branches in future years, Joe Price, head of consumer banking, said Tuesday. The closures would come as the bank refocuses on cross-selling and new technology. View article...

Sarah Palin 2012 presidential campaign HQ would land in Scottsdale If Sarah Palin runs for president in 2012 her national campaign headquarters would be in Scottsdale, according to the Politico news website. Politico's Ben Smith reports that the location would put Palin near daughter Bristol, who lives in Pinal County. View article...

Robb & Stucky to be liquidated Robb & Stucky will be sold to a professional liquidation firm after a judge in Florida approved the deal Tuesday. The company has one Arizona store in Scottsdale at 15440 N. Scottsdale Rd. View article...

Retail Watch: Big Lots Rolling Out More Stores in Higher-End Locations Big Lots Inc. is boosting its plans for new store openings this year, looking to spend $50 million to cover opening 90 new stores. That would be 10 more new stores than opened last year. And more so than in the past couple of years, the discount retailer is looking at opening in higher-end locations. View article...

Peoria medical center to break ground, open in June 2012 Peoria's first hospital should break ground next month and open in June 2012. The medical facility in north Peoria was announced three years ago and was expected to open in 2009 until the financial markets dried up during the recession. But recent building documents submitted to the city show plans again are under way for Peoria Regional Medical Center. View article...

Waveyard, Mesa optimistic on scaled-back water park Mesa officials are working with Waveyard Development LLC to build an outdoor sports park next to the new Chicago Cubs stadium in northwest Mesa. Waveyard executives began floating the idea last year as a way to salvage at least some of what initially had been touted as a $250 million sports-themed resort that would have occupied all of Riverview Golf Course and four adjacent softball fields. View article...

Officials share lessons on City Hall, Arizona Avenue Chandler invested millions of dollars in City Hall and Arizona Avenue projects to help revive the city core. Construction was controversial, but city leaders have learned important lessons that could become benchmarks for other transformational projects. View article...

Bank of America ‘bad bank' takes on bad mortgages Bank of America said Tuesday that it's creating a "bad bank" to help rid itself of a trillion dollars in troubled mortgages. The move echoes the strategy used by bankers and regulators during the cleanup of the savings-and-loan crisis of the 1980s. View article...

Phoenix-area Foreclosure Rate Stays High Second Month May Indicate Return to Negative Trend. More bad news for the Phoenix-area housing market. A new report from the W. P. Carey School of Business at Arizona State University shows the possible return to a negative trend. In the final months of 2010, foreclosures had gone down to represent only 30 percent of the transactions in the single-family home resale market. However, in January, that rate shot up to 43 percent, and the new report reveals it was about 43 percent again in February. 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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