Daily News for Commercial Real Estate & Business – March 25, 2011

To view the February/March 2011 Real Estate Forum magazine, click here.

To view the Spring 2011 Knowledge Leader magazine, click here.

$170M Sale/Leaseback Transaction Closed The Apollo Group, parent company to University of Phoenix, just completed a sale/leaseback on one of their newer facilities in the I-10/32nd Street area. This transaction came from a reliable source with more information to follow...

FORMER MOTOROLA BUILDING IN EAST PHOENIX SOLD TO CHARTER SCHOOL A 141,784-square-foot office-industrial building located at 3102 N. 56th Street in Phoenix that once served as a regional headquarters for Motorola Inc. has been sold to a non-profit charter school. Great Hearts Academies in Phoenix (Daniel Scoggin, CEO) paid $6.05 million ($42.67 per foot) to buy the vacant structure, which sits on 13.5-acres. View article...

TIC FORMED BY HAMILTON ZANZE BUYS 160-UNIT APARTMENT COMPLEX IN WEST PHOENIX Five separate companies formed by a group of tenant-in-common investors led by Mark Hamilton, Anthony Zanze and Kurt Houtkooper of Hamilton Zanze & Co. in San Francisco, Calif. paid $5.8 million ($36,250 per unit) to acquire the 160-unit Ventana Palms apartments at 7021 W. McDowell Road in Phoenix. The seller was a commercial mortgage backed security (CMBS) owned by the registered holders of GS Mortgage Securities Corp. II, Commercial Mortgage Pass-Through Certificates, Series 2006-GG8 and Companion Loan Noteholders. The special servicer was CWCapital Asset Management LLC and the trustee was U.S. Bank. View article...

Scottsdale approves sale of downtown adult-care complex The Scottsdale City Council Tuesday agreed to sell a four-building complex that houses an adult day-care center to Scottsdale Healthcare Corp., in a deal that some residents say undervalues the property. Under the agreement, Scottsdale Healthcare will purchase the Civic Center Neighborhood Center, at 7375 E. Second St., for $1.5 million. The acquisition will allow Scottsdale Healthcare to continue its long-range expansion plans around its Osborn Medical Center campus. View article...

MARCUS & MILLICHAP PRESIDES OVER 131-ROOM HOTEL DEAL IN SOUTHERN ARIZONA Marcus & Millichap has managed the $1 million trade of the 131-room Executive Inn & Suites, located at 333 West Drachman Street in Tucson. The full-service, interior-corridor hotel was built in 1960. View article...

P&H Mining building $10M facility P&H Mining Equipment is breaking ground today on a $10 million facility that will be an expansion of its current facility at 112 W. Iron Ave. in Mesa. P&H Mining repairs, welds and fabricates bulky mining equipment. The new facility will double the size of operations from about 40,000 square feet to 80,000 square feet. View article...

Real Money: SilverLeaf Looks To Double Note Buys This Year SilverLeaf Financial in Salt Lake City has acquired more than $450 million of performing and non-performing loans since the company was founded in 2008, and has its sights on matching that milestone in 2011. View article...

i/o Data Centers' third site opens in New Jersey With a new type of modular equipment, i/o Data Centers is opening a massive facility in New Jersey and looking to capitalize on a number of East Coast clients. The facility, in a former New York Times facility in Edison, N.J., is 830,000 square feet and will be filled with modular equipment the company is manufacturing in Phoenix. View article...

Phoenix, Arizona unemployment rates steady The seasonally adjusted unemployment rate in Arizona remained at 9.6 percent in February for the fourth month, according to the Arizona Workforce Unemployment Report, released Thursday. View article...

Phoenix 10th for minority entrepreneurs Phoenix is No. 10 of Forbes' list of best cities for minority entrepreneurs. Atlanta is No. 1, while Milwaukee fell in last place at No. 52. View article...

Global cities of the future: An interactive map Over the next 15 years, 600 cities will account for more than 60 percent of global GDP growth. Which of them will contribute the largest number of children or elderly to the world's population? Which will see the fastest expansion of new entrants to the consuming middle classes? How will regional patterns of growth differ? 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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