Daily News for Commercial Real Estate & Business – March 18, 2011

ASU HOUSING COMPLEX SOLD TO PIERCE EDUCATION PROPERTIES VENTURE FOR $52 MILLION A venture formed by Pierce Education Properties in San Diego, Calif. (Fredick Pierce, pres.) and Partners Group in Zug, Switzerland (Steffen Meister, CEO) paid $52 million ($212,245 per unit) to acquire the 245-unit Block 1949 student housing community located adjacent to Arizona State University at 1949 E. University Drive in Tempe. The seller was JLB Tempe LLC, a company formed by JLB Partners L.P. in Irving, Tex. View article...

COLRICH RAMPING UP MULTI-FAMILY HOLDINGS . . . PAYS $21.3 MILLION FOR 361 UNITS IN MESA A company formed by investor Danny Gabriel of ColRich in San Diego, Calif. paid $21.3 million ($59,003 per unit) to buy the 361-unit Genoa Lakes apartments located at 3320 E. University Drive in Mesa. The seller was GLAPTS LLC, a company formed by investor Thomas Fair of Bronco RE Corp. in San Rafael, Calif. The property, which was sold through a short sale, was built in 1985 and 1987. View article...

Meridian Bank moves to new office Meridian Bank has moved its Central Corridor branch to a new locatio. The branch now is at 2700 N. Central Ave., not far from its former location in the Central Corridor. View article...

Thomson Reuters buys Nearhood & Parker Thomson Reuters Tax & Accounting has acquired Scottsdale-based Nearhood & Parker for an undisclosed amount. Thomson Reuters, based in New York but with offices in Scottsdale, now has 105 employees. Nearhood & Parker principal Todd Parker will remain with the firm in a leadership capacity. View article...

Intel acquires Silicon Hive Silicon Hive, a spinoff from Philips Electronics, has been acquired by Intel Corp., which employs about 10,000 people in the Phoenix area and just announced plans for another $5 billion fab. New Venture Partners said Silicon Hive - which is based in the Netherlands - is its portfolio company. View article...

First Solar expansion to bring 600 to 1,000 jobs to Mesa First Solar made a splash announcing 600 jobs at a new Mesa factory, but Thursday's news may prove to be just the beginning. The photo voltaic plant could expand to employ 5,000 and become a magnet for related companies that would make the Valley a worldwide leader in solar energy and research. View article...

RL Brown Report shows new home sales, permits decline in Phoenix The Phoenix Housing Market Letter for March, authored by consultant RL Brown Reports, shows closings of new homes are down from a year ago. There were 433 new home closings in February as compared with 532 last year. View article...

INVESTMENT GRADE PROPERTIES POST LARGEST YEAR OVER YEAR GAIN SINCE 2006 The Investment Grade Index in the most recent CoStar Commercial Repeat-Sale Indices (CCRSI) is up 10.6% versus the same period last year even after a slight decline in January 2011. The Investment Grade pair count (total number of repeat sales) is up 54% year over year, a substantial increase. View article...

Fed Says Economic Recovery on Firmer Footing The Federal Reserve expressed more confidence in the U.S. economy even as Japan's nuclear crisis raised worries around the globe. The Fed said the economic recovery is on "firmer footing" and the jobs market is "improving gradually," in a statement released after its meeting Tuesday. View article...

Moody's: CMBS Loan Delinquencies Rise to 9.18% The delinquency rate on loans included in commercial mortgage-backed securities (CMBS) conduit and fusion transactions increased 17 basis points in February to 9.18 percent, according to Moody's Investors Service. 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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