Daily News for Commercial Real Estate & Business – November 29, 2010

NEW MEXICO FIRM ENTERS VALLEY MARKET . . . PAYS $20.75 MILLION FOR PHOENIX OFFICE PROJECT A company formed by Rosemont Realty in Santa Fe, N.M. (Daniel Burrell, CEO) paid $20.75 million ($117.42 per foot) to purchase a 176,718-square-foot office building at 7878 N. 16th Street in Phoenix. The seller was a fund originally managed by Maier Siebel & Baber in San Francisco, Calif. View article...

CANADIAN REIT SPENDS $14.8 MILLION FOR GLENDALE OFFICE DEVELOPMENT . . . WANTS MORE A limited partnership formed by Artis REIT in Winnipeg, Manitoba, Canada (TSX:AX.UN, Armin Martens, CEO) paid $14.8 million ($139.07 per foot) to purchase a 106,418-square-foot office property at 8990 W. Glendale Avenue in Glendale. The seller was 91 Glendale Holdings LLC, a company formed by Shea Properties in Scottsdale. View article...

Health & Technology Park Signs Five New Tenants The Arizona Health & Technology Park has signed five new medical tenants for a total of 39,855 square feet. The Arizona Health & Technology Park is a 50-acre business park located north and west of Recker and Baseline Roads. It is an alliance between The Alter Group and the Mesa Campus of A.T. Still University of Health Sciences and the School of Osteopathic Medicine. View article...

Safari Drive condo sales resume with new marketing effort Safari Drive, a luxury condominium complex along the Arizona Canal north of Camelback Road, is back on track after a long, recession-dictated dormancy. Last week, sales resumed on the 4.8-acre mid-rise development near the northeastern corner of Camelback and Scottsdale roads. The seven-building complex was completed in 2007, but after 15 units were sold, sales were halted when the economy went south. View article...

Auto enthusiasts to open museum at Scottsdale Pavilions A group of car enthusiasts is lining up to open the Scottsdale International Auto Museum next month at the Scottsdale Pavilions shopping center. The non-profit museum it taking over a 75,000-square-foot former Mervyns store on the south side of the Pavilions at Loop 101 and Indian Bend Road. View article...

Arizona tops October construction gains Arizona and Texas added the most construction jobs between September and October while Florida and Minnesota landed on the losing end. View article...

Price Rise Is a Record Commercial real-estate prices rose in September, as measured by the Moody's/REAL All Property Type Aggregate Index, which posted a 4.3% increase. It was the first increase in the index since May and the largest gain in the history of the index. Not all sectors logged improvements in September. View article...

Reports Show Improvements in Commercial Property Sector Reports by New York-based firms Moody's and Real Capital Analytics show positive trends in the commercial property sector that experts are attributing to improved credit conditions. View article...

'Shadow inventory' imperils housing market There's more evidence that the housing market is likely to get worse before it gets better. The number of houses that are in foreclosure or headed that way is increasing dramatically, according to a new report from CoreLogic, a real estate research firm based in Santa Ana, Calif. View article...

Arizona home prices continue to slide Home prices in Arizona slid another 2.5 percent in the last quarter, faster than the national average. View article...

FDIC's List of "Problem" Banks Grows to 860 The FDIC said Tuesday that it added 31 banks to its so-called "Problem List," bringing the total number of institutions under the agency's watchful eye to 860. 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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