Daily News for Commercial Real Estate & Business – May 14, 2010

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

To view the May 2010 Multifamily Executive magazine, click here.

$900M lawsuit filed against Mortgages Ltd., Radical Bunny executives, Greenberg Traurig, Quarles & Brady law firms Investors have filed a $900 million federal lawsuit against two Phoenix law firms alleging their attorneys helped real estate investment firms Mortgages Ltd. and Radical Bunny mislead and defraud investors and operate a Ponzi scheme. View article...

Chandler apartments sell for $43.5M The largest apartment sale this year in the metro area was announced today by Phoenix brokerage firm CB Richard Ellis. The 512-unit Biscayne Bay community at 300 E. Warner Road in Chandler sold for $43.5 million. View article...

Bashas' close to bankruptcy financing deal Bashas' Inc. is close to securing new financing that would allow it to emerge from bankruptcy protection by midsummer, a lawyer for the Arizona grocer said Thursday. View article...

Chez Vous brings taste of France to The Shops at Gainey Village A trip to Scottsdale in spring 2009 turned into a life-altering experience for French husband and wife Richard and Isabelle Horvath. "Love at first sight" is how Isabelle, a former publishing house worker, described it. View article...

Gilbert welcomes town's first big-venue convention center Bob Yost says building a $21 million hotel and convention center in Gilbert during the present economic downturn wasn't as suicidal as it might seem. "It may sound kind of contrary to what's going on, but it has turned out to be a very good deal for us. More people would be building now if they could get financing," said Yost, 55, owner of Structures Inc. and Power Hotels Corp., based in Mesa. View article...

Report: Valley housing prices continue to rise Phoenix-area housing prices continued an upward trend for 2010 with prices increasing almost 5.5 percent from $136,500 in January to $144,000 in April, according to Wednesday's Realty Studies report from the W. P. Carey School of Business at Arizona State University. But there are "contradictions in the market," said report author, associate professor Jay Butler. View article...

Arizona foreclosures fall by 15% Home foreclosure activity in Arizona fell nearly 15 percent from March to April, but the state's foreclosure rate moved from the nation's third-highest to second-highest, according to new data from RealtyTrac Inc. View article...

Recovery Report: Many states, cities use Build America Bonds State and local governments have issued nearly $100 billion in Build America Bonds, an economic stimulus program that reduces their cost of borrowing. Under the program, the U.S. Treasury Department makes a direct payment to the state or local government that issues the bonds in an amount equal to 35 percent of the interest payment on the bonds. 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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