Daily News for Commercial Real Estate & Business – November 15, 2010

PEM REAL ESTATE GROUP BACK IN MULTI-FAMILY BUYING BUSINESS . . . PICKS UP 392 UNITS IN MESA A company formed by PEM Real Estate Group in Scottsdale (Paul Mashni, principal) paid $11.825 million ($29,86 per unit) to buy the 396-unit Orange Grove apartments at 111 N. Gilbert Road in Mesa. The seller was Alliance Southwest LLC as receiver for LaSalle Bank, as trustee for the registered holders of J.P. Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates Series 2006-LD98. View article...

L.A. INVESTORS SPEND $21 MILLION FOR 480 APARTMENTS IN MESA Texzona Tradewinds Partners LLC in Los Angeles, Calif. (Helen Zeff, Rachel Glickman, Jessica Glickman Mauk, principals) paid $21 million ($43,750 per unit) to acquire the 480-unit Tradewinds apartments at 2145 W. Broadway Road in Mesa. The seller was 2145 Broadway LLC, a company formed by a group of investors headed by Ed Klugman of Pro Properties in Phoenix. View article...

Barcelona Center sold, tenant on tap for nightclub The Barcelona Center at 15444 N. Greenway-Hayden Loop in Scottsdale was sold for $2.4 million by Scottsdale Place LLC to Capital Creek Gold LLC. View article...

Troubled Elevation Chandler project soon to go on market Elevation Chandler, a site with a troubled history but great potential, will be put on the market by the lender/owner within a couple of weeks. The owner who foreclosed July 1, California-based Point Center Financial, has hired Cassidy Turley BRE Commercial, one of the largest commercial real estate brokerage firms in metropolitan Phoenix. View article...

Day of rejoicing at Mormon temple's Gilbert site In the early 1980s, the Mormon Church ambitiously accelerated its worldwide push to build temples, opening them in faraway nations such as Japan, Sweden and Chile. View article...

BrightStar Healthcare franchise opens in Phoenix Mark and Jennifer Roth opened a BrightStar Healthcare franchise in October, a response to Phoenix's growing demand for in-home health care. BrightStar Healthcare, at 1702 E. Highland Ave., Suite 404, offers medical and non-medical contract staff and health-care services for seniors, children, disabled individuals and newborns. View article...

Ten Wine Lofts in Scottsdale example of condo-reversion trend Scottsdale's long dead condo-conversion trend has given way to a high-profile condo-reversion project downtown. Connell Real Estate and Development Co. will complete the Ten Wine Lofts at 70th Street and Osborn Road and start leasing the 82 units as early as January, said David Friedin, a company senior vice president. View article...

Expect a Jump in Medical Office Cap Rates Medical office cap rates will continue to compress, as long as those transactions involve larger, on-campus facilities. That was the message of panelists here at the RealShare Medical Office Buildings conference yesterday. View article...

Navajo Nation to build its 1st Arizona casino he Navajo Nation is set to build its first casino in Arizona on newly acquired trust land. Assistant Secretary of Indian Affairs Larry Echo Hawk announced this week that 405 acres of land east of Flagstaff was placed into trust for the tribe. View article...

Amazon to hire up to 5,000 in Phoenix, Goodyear Amazon.com Inc. said Friday it is hiring more than 5,000 people in Phoenix and Goodyear -- and more than 15,500 people nationwide -- to fill temporary holiday jobs at shipping centers. That's more than the number the online retail giant hired last year. View article...

Household bills higher than average in Phoenix Monthly consumer credit payments in Phoenix are higher than the national average, according to credit reporting company Experian. In an annual study of consumer's bills - based on payments that show up on credit reports - Experian found that residents in the Phoenix area pay $957 a month in bills. That's 6 percent more than the national average of $903. View article...

Economist discusses the long road to recovery It's said that a spoonful of sugar makes the medicine go down. No wonder Arizona State University economist Lee McPheters used humor last week during Gilbert's economic summit to help the audience swallow a difficult economic forecast. View article...

Global Commercial Real Estate Investment Increases in 2010 The relatively steep rise in international investment activity that generated optimism over the last four quarters appears to have leveled off, according to a new report by real estate services firm Jones Lang LaSalle. However, direct commercial real estate investment volume for the year is still projected to increase by 35% to 40% over 2009 levels. View article...

Residential, Commercial Delinquencies Likely to Rise at Smaller Banks Third-quarter delinquency rates for both residential and commercial mortgages are expected to increase, particularly among smaller lenders, according to preliminary estimates released by the research firm Foresight Analytics. View article...

Trepp, Fitch Report Drop in CMBS Delinquencies, Moody's Sees Increase Reports from three different agencies paint distinct pictures of the rate at which loans held in commercial mortgage-backed securities (CMBS) are going bad. Two tracked declines in the CMBS delinquency rate for the month of October - one says it's the first drop in over a year, the other says it's the first in nearly three years - and the third claims delinquencies are still rising on commercial mortgages. View article...

3 Banks Closed on Nov. 12 Federal and state banking regulators closed three banks on Friday, Nov. 12. These failures raise the total number of failed institutions to 168 so far in 2010. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

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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