Daily News for Commercial Real Estate & Business – May 3, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

Mesa's Riverview Office Park sells for $9.1M Riverview Office Park in northwest Mesa has been sold for $9.1 million to R&R Riverview LLC. The members of the Arizona LLC are listed as Ryan Horton of Rancho Palos Verdes, Calif., and Reagan Horton of Fort Worth, Texas. The seller and developer was Lauth Property Group of Indianapolis. View article...

Gelt Enters Phoenix with $16M MF Buy Gelt Inc. has made its first acquisition here, paying $16 million for the 415-unit Ferntree & Colonnade Gardens. The deal marks the Tarzana, CA-based firm's largest transaction since its inception in 2008. "We plan on purchasing similar size and quality properties in Phoenix," says Keith Wasserman, president of Gelt Inc. "We are looking to build a portfolio of 2,000 to 3,000 units in Phoenix." View article...

145 acres sold in Goodyear for $3.9M Two New York City companies and another in Phoenix have teamed to buy 145 acres in the West Valley for $3.9 million. Crown West Realty LLC and Petrus Partners Ltd., both of New York, bought the land with Voyager Investment Properties LLC of Phoenix. View article...

BlackRidge Real Estate Group buys Tolleson Commerce Center for $4.1M Southern California-based BlackRidge Real Estate Group LLC has purchased the Tolleson Commerce Center for $4.1 million. The seller was Johnson Bank. The five-building industrial development is located one half mile south of I-10 on 83rd Avenue in Tolleson. The buildings were constructed in 2007 on a seven-acre site. View article...

Phoenix Forest Cove rezoning request withdrawn The owners of Forest Cove Properties have withdrawn their rezoning request. Elizabeth Singleton, one of the owners, said the property near Seventh Street and Rose Lane will continue to offer supportive housing for individuals, but will not become an assisted-living facility. The decision to withdraw came after 12 members of the Alhambra Village Planning Committee unanimously voted this week to deny the rezoning request. View article...

Mesa's L.J.'s Pizza Restaurant to close after long run Mesa's L.J.'s Pizza Restaurant, which has been run by the same family for 38 years, will close this month, but some family members are hoping it could reopen in another location by fall. The restaurant is owned by Clay Moser, whose parents, L.J. and Lenore Moser, opened the pizza spot in 1973 with Clay's brother and sister-in-law, Jeff and Debbie Moser. View article...

CANAMEX Corridor detailed in Avondale Learn how the CANAMEX Corridor will affect the Southwest Valley during a meeting 7:30-9 a.m. Thursday at the American Sports Centers, 755 N. 114th Ave., Avondale. Southwest Valley Rail Partnership members will discuss the rail component. The CANAMEX Corridor Project is a joint project of Arizona, Nevada, Idaho, Utah and Montana that incorporates transportation, commerce and communications. The transportation component calls for the development of a continuous four-lane roadway from Mexico through the U.S. CANAMEX states and into Canada. View article...

Phoenix Foreclosure Numbers Reveal a City on the Mend Home sales in the metro Phoenix area are heating up thanks to the popular foreclosure market, according to ForeclosureDeals.com. The site reports that there were more than 10,000 home sales in the Phoenix area in March with nearly 1,500 of those sales foreclosure homes. View article...

Is E-Commerce the Shopping Center Industry's Friend or Foe? The introduction of the Internet, e-commerce and other online platforms has undeniably caused a revolution in the retail world. Consumers' comfort and savvy with the Internet has increased dramatically over the last decade. The percentage of people identifying themselves as Internet users increased from roughly half of the U.S. population in 2000 to approximately 80% in 2008. View article...

Moody's Finds Credit Quality of Post-Recession CMBS to Be Strong After two years of no issuance, the credit quality of commercial-mortgage backed securities (CMBS) issued post recession has been strong, according to a new report from Moody's Investors Service. 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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