Daily News for Commercial Real Estate & Business – March 29, 2011

Talavi Tech Center Sold for $17/SF West Coast Capital Partners, located in Torrance, CA, purchased Talavi Tech Center in Glendale, AZ for $3 million, or approximately $17 per square foot. The property was 100% vacant at the time of sale, after most recently being occupied by Honeywell. West Coast Capital reportedly plans to convert the property to a multi-tenant building and lease it out. Located at 5551 W. Talavi Blvd., the two-story, 181,596-square-foot office/flex building sits on eight acres and includes first floor assembly space with office space on the second floor. The property delivered in 1992. View article...

Toyota Renews 133,317 SF at San Tan Corporate Center Toyota Financial Services has decided to keep its administrative and call center operations at San Tan Corporate Center I. The automaker signed a five-year, 133,317-square-foot lease renewal for the class A space located at Ray Road and the Loop 101. View article...

San Marcos owners file for bankruptcy protection The owners of the Crowne Plaza San Marcos Golf Resort in downtown Chandler have filed for Chapter 11 bankruptcy protection. The filing this month by Denver-based San Marcos Capital Partners LP halted a trustee sale that had been scheduled for March 29. Business at the hotel will carry on as usual, and no managers or employees will change, said general manager Frank Heavlin. View article...

Harry & David files for bankruptcy, Chandler store closed Harry & David Holdings Inc. filed for bankruptcy on Monday and its retail stores in Scottsdale, Chandler and Anthem have closed in recent months. A customer service representative from Harry & David said Monday morning that its store in the Chandler Fashion Center closed in January. View article...

Peoria enters talks on development near sports complex Heading to Peoria Sports Complex for spring training this season? Take some "before" photos now. If an ambitious project comes to fruition, the "after" would include a four-star hotel, a three-story parking structure, retail shops, restaurants and luxury lofts on what is now a city-owned 17-acre parking lot west of the spring-training ballpark. The complex is the spring home of the San Diego Padres and Seattle Mariners and part of the city's big destination spot along 83rd Avenue south of Bell Road. View article...

Private equity firm Warburg Pincus buying Rural/Metro Private equity firm Warburg Pincus is buying Rural/Metro Corp. in an all-cash deal for $438 million. Rural/Metro shareholders will get $17.25 per share in cash from Warburg. That's 37 percent above Rural's closing price on March 25. View article...

Hilco Real Estate Targets Distressed CRE with New Acquisitions Group According to R. Aaronson, CEO of Illinois-based Hilco Real Estate, LLC (HRE), the company will launch Hilco Real Estate Acquisitions Group (HREAG) to originate, underwrite, and acquire assets across a range of property classes and stages, including those in workout, foreclosure, and REO. View article...

Urban Land Institute's touting of Phoenix a nice change I just received my copy of Urban Land, the official publication of the Urban Land Institute, and Phoenix is featured front and center. Literally. View article...

Hottest Multifamily Markets for 2011 Monthly multifamily permit activity has been gyrating like a teenage pop singer of late--rising 17% one month, only to fall 8% the next. Clearer patterns emerge from an analysis of year-long, 2010 permit data. That analysis shows where 2011 development activity is likely to be concentrated. 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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