Daily News for Commercial Real Estate & Business – March 22, 2010

Here are the news stories you might find interesting today regarding commercial real estate and business:

WASHINGTON-BASED INVESTOR ENTERS VALLEY APARTMENT MARKET . . . SPENDS $27.5 MILLION Peoria - A company formed by Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) paid $27.5 million ($80,882 per unit) to acquire the 340-unit Trillium Villas apartments located at 10847 W. Olive Avenue in Peoria. The seller was a company formed by Trillium Residential in Tempe (Ken Losch, David Dewar, Jamie Dawson, principals). View article...

SLOSBURG CO. BUYS FIRST APARTMENT PROPERTY IN PHOENIX AREA . . . WANTS MORE Tempe - A company formed by Slosburg Co. of Omaha, Neb. (Jacob Slosburg, et al., principals) paid $11.85 million ($47,976 per unit) to purchase the 247-unit Elliot's Crossing apartments at 7250 S. Kyrene Road in Tempe. The seller was limited partnership managed by Sentinel Real Estate Corp. in New York City, N.Y. View article...

Phoenix Multifamily Complex Sells for $1.1M Due South Apartments at 8818 S. Central Ave. in Phoenix AZ, sold for $1.1 million, or approximately $8,600 per unit, in a sale between private investors. The property totals 58,944 square feet and consists of 128 units. The complex was built in 1986. View article...

Bustling marketplace planned in west Mesa Skyler Hynes points to the corner of the empty Mervyns department store in west Mesa, and in explaining the building's future tenants, utters a word one wouldn't expect to hear in this part of town: microbrewery. That's just the start. Hynes also points to where he expects a daily farmers market, a stage for live performances and spaces for dozens of local merchants to sell their wares. View article...

Council to consider Price Road office park A major new office park on Chandler's Price Road technology corridor, eventually expected to house businesses employing up to 9,000 people and a planned University of Arizona campus, goes before the City Council Monday. The technology-oriented Continuum project would transform the 152-acre former Motorola site on the southeast corner of Price and Germann roads over the next five to 10 years. View article...

Group hopes to halt razing of vacant downtown Phoenix motel A downtown Phoenix community group urged city leaders to "abandon" plans to raze a vacant motel and to build an overflow parking lot for the city's Sheraton Phoenix Downtown Hotel. Down the road, Phoenix and Arizona State University officials say, the motel property at 401 N. First St. will be used to expand ASU's downtown campus. View article...

Beaudry RV hiring sales, tech staff (the interesting statement is "expectations of increased sales this year.") Beaudry RV Co. is recruiting for six to eight sales people and several service technicians responding to an increase in customer demand and industry expectations of increased sales this year. Due to the economic downturn, the company, which has locations in Phoenix and Tucson, had to lay off employees to adjust to the marketplace, said Scott Beaudry. View article...

Semiconductor industry growing fast While most sectors of the economy continue to struggle, the semiconductor industry is showing some bounce in its step. That's good news for the East Valley because semiconductor manufacturing makes up one of the largest segments of the local economy with major employers such as Intel, Freescale and Microchip Technology. View article...

MADCAP Theaters breathe life into downtown Tempe What do grindhouse movies, indie bands, poetry, a comedy troupe, Disney and a fifth-grade play have in common? The eclectic collection has made the entertainment menu at downtown Tempe's MADCAP Theaters since the venue opened last summer. View article...

Mesa councilman: Saga over payday loan centers not over Mesa could get its wish to get rid of payday loan centers for good after a state Senate committee killed a proposed bill to keep them alive. But Mesa City Councilman Dennis Kavanaugh fears the final chapter has not been written for the controversial small-loan centers, and warns payday opponents that the city's long battle won't be over until the legislative session ends. View article...

Financing for Coyotes sale could hinge on new arena lease A new ownership group's ability to get financing to buy the Phoenix Coyotes hinges on a reworking of the hockey team's arena lease in Glendale. That is according to a source with direct knowledge of Ice Edge Holdings' bid to buy the Coyotes from the National Hockey League. View article...

Phoenix lands near bottom of metro job list Private-sector employment declined in January in all of America's 100 biggest labor markets, including Phoenix, according to figures released Friday by the U.S. Bureau of Labor Statistics. Private-sector jobs now stand at 1.44 million, down from 1.53 million a year ago and 1.49 million in January 2005. Ten years ago, the number was 1.34 million. The loss of 90,300 jobs from January 2009 to January 2010 puts Phoenix in the No. 95 slot, while the percentage drop of 5.91 percent puts the metro area at No. 92. View article...

PHOENIX HOUSING NEWS UPDATES:

Phoenix homes now undervalued by 22% A frequent leader of late on the negative side of housing stats, Phoenix avoided the top spot among offenders on IHS Global Insight's analysis of overvalued housing markets during the real estate bubble. And as of year-end, home prices here were undervalued by more than 22 percent, according to the data released Friday. View article...

Home values in Phoenix metro may fall again because of 'shadow inventory' Phoenix area home prices could experience another drop in value because of tens of thousands of properties that could flood the market in 2010. This shadow inventory, located across metropolitan Phoenix, is threatening the recovery of the real estate market and overall Arizona economy. It includes an unknown number of pending foreclosures, bank-owned homes bought at foreclosure auctions by investors who might try for a quick sale, thousands of homes foreclosed on by banks that have not yet put them up for resale and homes that will go into foreclosure after their owners abandon them and walk away from their mortgages. View article...

SE Valley home values fare better than most in metro area Home prices across the Valley took another hard hit in 2009, but real-estate data show the Southeast Valley is still faring better than most parts of Phoenix and the West Valley. Twenty-seven Maricopa County communities and 116 local ZIP codes all posted a decrease in home-sale prices in 2009, the third consecutive year of declines, according to data from Glendale-based the Information Market. 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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