Daily News for Commercial Real Estate & Business – November 30, 2010

Buchanan Buys Mountain Vista Commerce Center Buchanan Street Partners, a Newport Beach-based real estate investment firm, has purchased a financially distressed industrial and office park in Phoenix. The firm has bought Mountain Vista Commerce Center, a multitenant office and industrial park measuring 133,600 square feet, from Horsham, PA-based Berkadia Commercial Mortgage for $7.8 million. View article...

Lenders reclaim 2 office projects in Glendale Lenders have taken back two high-profile office projects in Glendale's sports and entertainment district at foreclosure auctions. There were no other bidders at the trustee sales. The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. View article...

University of Phoenix parent lays off 700 employees Apollo Group Inc., the country's largest for-profit school company, said Monday that it has laid off 700 full-time employees, mostly in student admissions, as enrollment drops off sharply. View article...

Developer gives $250,000 to Goodwill Michael Pollack, a Valley retail magnate, donated $250,000 to Goodwill of Central Arizona, the largest single cash donation to the group ever. Goodwill has 46 stores across Arizona and reported $60 million in retail revenue last year. View article...

Retail sales boost Arizona's economic outlook It looks like Arizona consumers are finally releasing the stranglehold on their wallets, at least for some things. New figures Monday from the Joint Legislative Budget Committee show merchants paid the state $282.2 million last month in basic sales taxes. That does not include the proceeds from the temporary one-cent hike in the tax rate which voters approved last May. View article...

Cyber Monday may lure record 106 million The holiday shopping season is off to a strong start, as consumers spent $45 billion over the weekend, according to the National Retail Federation. View article...

Scottsdale's new draft General Plan recognizes city's 'maturity' Fifty years ago, Scottsdale was a rapidly-growing community of 10,000 residents and vacant land to spare. Single-family tract homes were popping up south of downtown, and the Safari and Valley Ho hotels became prime hideaways for Hollywood's elite. View article...

Phoenix Metro Area Home Sales Stagger in October According to MDA DataQuick, which tracks real estate trends nationally via public property records, Phoenix-area home sales dropped to their lowest level for an October in 15 years. The decline is attributed to low new-home transactions, the slow economic recovery, and the market lull created by the homebuyer tax credits. View article...

Will Pricing Power Return in 2011? As a new year approaches, building owners and operators are gauging whether 2011 might be a good time to ditch the concessions and roll out the rent hikes. Landlords think pent-up demand could give them more pricing power as seniors who held off making a move during the economic downturn have no choice now but to act. View article...

Demographers Dispel Misconceptions About Aging Adults Baby boomers represent a tantalizing business opportunity for owners of seniors housing. After all, the first of the 75 million boomers turn 65 in 2011, nearing retirement age, and possibly a point in their lives when they may want, or need, a new place to live. 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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