Daily News for Commercial Real Estate & Business – May 20, 2010

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

To view this week's, "The Watchlist," by Costar, click here. Here are a couple of the articles in this week: National Commercial Auctioneers: Bank Ordered Property Auction; Welsh Special Asset Services Are Your Real Estate Assets Becoming Liabilities; The Hayman Co.: Receiverships, Distressed Properties and REOs; REDC Commercial: Performing & Nonperforming Note Auction; Investcap Advisors LLC: Are Distressed CMBS Opportunities Passing You by?

Gilbert Office Building Sells for $1.2M The office building at 3336 E Chandler Heights Rd. in Gilbert, AZ sold for $1.2 million, or $256 per square foot, in a sale between two private parties. The 4,683-square foot medical office building was completed in 2005 in the Gateway Airport/Loop 202 submarket. The property was fully occupied at the time of sale. View article...

CASSIDY TURLEY NEGOTIATES $3.2 MILLION RETAIL SALE IN ARIZONA Cassidy Turley BRE Commercial has completed the $3.2 million sale of a 3,838-square-foot freestanding retail building located at 830 S. Mill Ave. View article...

New owner moves to complete Chateau on Central The Wisconsin company that purchased the imposing Chateaux on Central project in March has hired general contractor Rowland Luxury Homes to complete the project. View article...

HTA Commits to $48M in MOB Buys Healthcare Trust of America Inc. has agreed to purchase $48 million worth of medical office properties in California, Georgia, South Carolina and Texas. The non-traded REIT expects to close on these acquisitions this quarter. View article...

Quiznos eyes 600 new stores by year's end Quiznos plans to open as many as 600 new stores nationwide by the end of the year, including company-owned outlets. The Denver-based sandwich chain currently has some 4,000 restaurants, including about 75 in Arizona. View article...

Alice Cooper'stown thrives on sports teams' success If the Suns are winning, so is Alice Cooper'stown. Luring sports fans with menu items such as "Kurt Warner's" corned beef, "Gonzo's" barbecue beef and "The Shaq Stack" burger, Cooper'stown, isnamed after the rock star who opened it in 1998 with other investors. View article...

Tempe Chamber names businesswoman of year (Congrats Margaret!!) The president and CEO of Tempe Schools Credit Union, a woman who calls herself a survivor, has been named the 2010 Businesswoman of the Year by the Tempe Chamber of Commerce. View article...

CoreLogic: Home prices dip, but upswing ahead Home prices in Arizona marked another year-over-year dip in March, but the tide could turn in the next 12 months, according to CoreLogic's Home Price Index. Prices were down 2.9 percent in March 2010 compared with March 2009, and an even steeper 4.6 percent when distressed sales are included. View article...

MBA: Mortgage delinquency rate rises The delinquency rate for home mortgage loans increased to a seasonally adjusted rate of 10.06 percent of all loans outstanding as of the end of the first quarter. That's up 59 basis points from the fourth quarter, and up 94 basis points from one year ago, according to the Mortgage Bankers Association's National Delinquency Survey. In Arizona, 11.59 percent of loans were past due. View article...

Mayor, DOE kick off Energize Phoenix Phoenix Mayor Phil Gordon and Cathy Zoi, assistant secretary of the U.S. Department of Energy, were to discuss plans for a $25 million grant to produce a corridor of energy efficiency along the Metro light rail line. View article...

Cap Rates Plummeted During First Quarter An uptick in investment in top retail properties helped send average cap rates for the sector down for the first quarter. Overall, the national cap rate decreased 24 basis points in the first quarter of 2010 to 8.34 percent, according to data from Valuation & Advisory Services. It is the first major decline that the brokerage firm has measured in three years. 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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