Daily News for Commercial Real Estate & Business – March 8, 2010

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

To view the March 2010 Multifamily Executive, click here. In the Realty Check article, it covers the stats on the number of apartment sales since 2007. There was over a 60% drop by 2009 in total number of transactions in the USA.

To view the March 2010 Affordable Housing Finance, click here. There is an article about the HUD Fiscal 2011 Budget; LIHTC; and a comparison between TCAP and Exchange funds. It also has an article showing the Top 25 Affordable Housing Lenders for 2009.

Orbital buys Gilbert General Dynamics plant

Orbital Sciences said it has agreed to buy General Dynamics' satellite manufacturing and testing plant at Elliot and McQueen roads in Gilbert for $55 million in cash. Orbital, a space technology company based in Dulles, Va., already operates its launch systems division in Chandler, where the company employs about 1,300 people. The addition of the Gilbert business will add about 325 employees to the company's roster, most of them engineers, technicians and program managers, Orbital said. View article...

DAIRY FARM IN BUCKEYE SOLD FOR $13.3 MILLION . . . 621-ACRE TRACT HAD BEEN FORECLOSED

Buckeye - Stotz Farms Inc. in Avondale (Thomas Rosztoczy, pres.) paid $13.3 million to buy 621 acres at the southwest corner of Southern Avenue and Palo Verde Road in Buckeye. The seller was a company formed by MidFirst Bank in Oklahoma City, Okl. View article...

PACIFIC REALTY ADVISORS SPENDS $9.4 MILLION TO BUY NORTH PHOENIX APARTMENT PROJECT

Phoenix - A company formed by Kenn Francis and Tod Thorpe of Pacific Realty Advisors in Scottsdale paid $9.416 million ($53,500 per unit) to buy the 176-unit Bayside apartments located at 20245 N. 32nd Drive in the Deer Valley area of north Phoenix. The seller was River Oaks Apartments Limited Partnership, a company formed by Charles Heers of Inland Empire Builders in Las Vegas, Nev. Records show Deer Valley Apartments LLC in Phoenix (Francis, Thorpe and Mike Ingram, principals) paid cash for the multi-family project, which was built in 1999. View article...

CityScape's downtown debut nears

This spring and summer, downtown Phoenix's $900 million CityScape development will start to show signs of life. In early April, the first office tenants will begin to move into the 27-story tower at First and Washington streets. As the weather gets warmer, shops, restaurants and a reconfigured Patriots Square Park will open. Next year, there will be more to see: Travelers will be checking into the 240-room Hotel Palomar near Central Avenue and Jefferson Street. View article...

Adam Capital closes Arizona solar deal

Adam Capital Clean Energy Asset Finance will fund its first project in Arizona as part of a $1.8 million loan agreement. The firm, formerly known as Ethos Green Energy Asset Finance LLC, will do two projects with the funds: one with Go Solar LLC in California, and the other with Solar Solutions in Arizona. View article...

China's influence creeps into Arizona solar

China's solar footprint in Arizona might have blended silently into the desert sand were it not for Suntech Power Holdings' well-publicized decision to open a new assembly plant in Goodyear. Chinese investments are being made in Arizona's solar sector, mostly via private, behind-the-scenes deals that have some free-trade and solar skeptics concerned about the kinds of jobs that will be created here as a result. View article...

U.S. Industrial Property Review: Sector outperforms other property types

It may not be considered the sexiest or most exciting property type, but industrial real estate's stability and growth opportunities in 2010 put the sector head and shoulders above other types of commercial property. 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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