Daily News for Commercial Real Estate & Business – November 18, 2010

To view the November 2010 issue of Chain Store Age, click here.

To view the November/December 2010 issue of Apartment Finance Today, click here.

To view the November 2010 issue of Multifamily Executive, click here.

Valley Metro Leases 22,250 SF in Phoenix Valley Metro signed a lease for 22,250 square feet in the office building at 4600 E. Washington St. in Phoenix, AZ. The six-story building totals 186,690 square feet and was constructed in 2008. Valley Metro plans to occupy the space in the first quarter of 2011. View article...

Church Buys Scottsdale Property for $2.15 M Shepherd of the Desert Lutheran Church and School purchased the building at 9400 E. Mountain View Rd. in Scottsdale, AZ, for $2.15 million, or about $144 per square foot, from Scottsdale Family Church. The property totals 14,917 square feet and is located in Scottsdale, AZ. The property was 100 percent occupied at the time of sale. The buyer will take occupancy of the property. View article...

StanCorp Sells Tempe Industrial Bldg for $1M SOI Holdings LLC purchased the industrial building at 1224-1320 W. Fairmont Dr. in Tempe, AZ, for $1 million, or $21 per square foot, from StanCorp Financial Group Inc. SOI Holdings purchased the REO property as an owner/user and plans to refurbish the property. The building had considerable deferred maintenance and repairs that may be required. The 48,000-square-foot masonry building sits on 3.1 acres and was constructed in 1971. The property features large outside fenced storage and approximately 6,000 square feet of office space. View article...

Apartment Complex Sells for $1.7M in Phoenix Hannay Investments, a court appointed receiver, sold the 76-unit Sundancer Apartment complex located at 400 N. 96th Ave. in Tolleson, AZ to Navaho Holding, Inc. for $1.75 million, or approximately $23,000 per unit. The 66,160-square-foot apartment community consists of 24 one-bedroom and 52 two-bedroom units. It was built in 1985 in Maricopa County and was 85 percent occupied at the time of sale. View article...

Panel: Outlook grim for banks, foreclosures A report released Tuesday by the Congressional Oversight Panel suggests banks could face validity questions about 33 million mortgages based on allegations financial institutions may have bypassed legally required steps to foreclose on homes. View article...

Fourth-Quarter Comeback for Commercial Real Estate After stumbling around on a wet playing field for three quarters, trying to establish momentum despite being mired in a soggy economy, the commercial real estate market has finally found its rhythm and is ready to snatch victory from the proverbial jaws of defeat. View article...

Dividends Start to Rise at Commercial REITs The real-estate-investment-trust industry is turning 50 years old this year and, to celebrate, landlords are giving investors a gift: bigger dividends. Some of the nation's largest commercial real-estate companies, including Simon Property Group Inc., Kimco Realty Corp. and Nationwide Health Properties Inc., raised their quarterly dividends this month, and more companies are expected to follow suit in the months ahead. View article...

U.S.'s Property Sales Get Tougher Sellers of commercial property unhappy with today's low valuations and tight financing market can commiserate with the federal government. The economic downturn has also made the job of the General Services Administration tougher. It has never been easy for the federal agency, which manages about 380 million square feet of leased and owned real estate, to sell government properties that are either vacant or obsolete - that can range from homes once used by park rangers to environmentally contaminated industrial properties. View article...

Retail Investment Sales Climate Firmed Up in Third Quarter New data from Real Capital Analytics and CBRE Valuation & Advisory Services shows that the investment sales climate for retail properties began to firm up during the third quarter. According to New York City-based Real Capital Analytics' (RCA) Retail Quarter in Review, the investment market for commercial real estate as a whole entered the fourth quarter in its strongest position since late 2007. 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...

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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