Daily News for Commercial Real Estate & Business – March 31, 2011

To view this weeks The Watchlist by Costar, click here.

Melcor Makes Second Fractured Condo Buy in AZ Melcor Developments Ltd. has made its second fractured condo buy in Arizona, paying $8.4 million for 82 units that are part of the 447-unit Edge at Grayhawk. The buyer, a publicly-traded Canadian property company based in Edmonton, Alberta, acquired the units out of foreclosure from MidFirst Bank, an Oklahoma City-based financial institution. View article...

Camelback at the Stop Sells for $5.1M Camelback at the Stop LLC acquired the 236-unit apartment complex located at 4802 N. 19th Ave. in Phoenix, AZ from CW Capital Asset Management LLC for $5.1 million, or about $21,600 per unit. The gated complex, formerly known as The Pines of Camelback, delivered in 1973 and is situated on 9.3 acres. It totals 209,376 square feet and located across from a light rail train park-and-ride lot. View article...

AASK opens Peoria resource center With the growing number of foster families and foster children in the West Valley, Aid to Adoption of Special Kids (AASK) has opened a Peoria resource center. Seventy-two percent of foster kids in Maricopa County live in the West Valley, according to the Department of Economic Security. View article...

Dunkin' Donuts hits 3,000 mark Coffee and donut chain Dunkin' Donuts, which has about 40 locations in the Phoenix area, has opened its 3,000th restaurant outside the U.S., the company said on Wednesday. The 3,000th restaurant is located in Shanghai, China. View article...

Massage Envy heads to Canada Massage Envy Spa, a Scottsdale company with 670 U.S. locations, is heading north with plans to expand in Canada. The company is seeking representatives to develop locations throughout Canada over the next several years, with an initial focus in Quebec, Ontario, British Columbia and Alberta. View article...

Lane Bryant, Fashion Bug parent closing 240 stores Charming Shoppes Inc., parent to Lane Bryant, says it plans to close more than 10 percent of its stores nationwide this year. Bensalem, Pa.-based Charming Shoppes Inc. (Nasdaq:CHRS), whose holdings also include the Cacique, Fashion Bug and Catherines Plus Sizes brands, said the closings will hit 240 of its 2,064 stores. View article...

Glendale has buyers for half of Phoenix Coyotes bonds The city of Glendale has buyers for about half of the $100 million worth of bonds it needs to sell to help Chicago investment broker Matthew Hulsizer buy the Phoenix Coyotes. Glendale has investors willing to purchase about $50 million worth of the bonds, but still needs to convince the wider market to acquire the other half of the bonds for the financing plan, according to an official with direct knowledge of the Coyotes situation. View article...

ADP counts 201,000 new jobs in March One way to count jobs is to count paychecks, and payroll firm ADP found many more of them this month. The company's monthly jobs report says private employers added 201,000 jobs nationwide in March, in line with expectations, led by new hires at small businesses with fewer than 50 employees. View article...

SBA sees mortgage help for owners The U.S. Small Business Administration's temporary 504 refinancing program will soon allow entrepreneurs with eligible commercial real estate mortgages to secure more stable, long-term financing. As a result of a change to be published in The Federal Register by April 6, SBA will begin accepting applications from small business owners with mortgages maturing after Dec. 31, 2012. View article...

Shadow Inventory Drops but Supply to Remain High for Extended Period The industry's shadow inventory of repossessed and soon-to-be repossessed homes that aren't visible as properties for sale has contracted, according to CoreLogic. 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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