Daily News for Commercial Real Estate & Business – October 1, 2010

To read the 3rd Quarter 2010 Real Estate Investment Outlook, click here.

L.A. INVESTOR BOLSTERS VALLEY APARTMENT PORTFOLIO . . . PAYS $27 MILLION FOR 672 UNITS Phoenix - A company formed by Summit Equity Investments in Los Angeles, Calif. (Michael Thom, Ryan Lynch, Joseph Rosen, partners) paid $27 million ($40,178 per unit) to buy the 672-unit Autumn Ridge apartments at 1944 W. Thunderbird Road in Phoenix. View article...

CANADA-BASED ONNI GROUP PICKS UP SECOND MULTI-FAMILY PROJECT IN PHOENIX Phoenix - A company formed by the Onni Group of Cos. in Vancouver, B.C., Canada. (Rossano De Cotiis, Giulio De Cotiis, Morris De Cotiis, principals), paid $9.2 million ($35,937 per unit) to buy the 256-unit Bell Cove apartments at 17239 N. 19th Avenue in Phoenix. View article...

SO. CALIF.-BASED FIRM DROPS $30+ MILLION FOR TUCSON APARTMENT PORTFOLIO OF 1,347 UNITS Tucson - Companies formed by the Gaines Investment Trust in La Jolla, Calif. (Jeff Gaines, managing dir.) paid $30.4 million ($22,569 per unit) to purchase a portfolio of five apartment projects in Tucson totaling a combined 1,347 units. View article...

Mesa-Cubs deal caps complex cost at $99M The total cost of a new Chicago Cubs spring training complex will be capped at $99 million, according to Mesa's latest dealings with the team. View article...

Foreclosure sales reach 47% in Arizona Foreclosure sales accounted for 47 percent of all home sales in Arizona in the second quarter, the second highest percentage among the states, according to a report Thursday from RealtyTrac. View article...

Barneys hits its stride in Scottsdale in 1 year Nearly a year ago, luxury retailer Barneys New York opened its doors at Scottsdale Fashion Square while the city and the rest of the Valley remained firmly in the grip of economic recession. View article...

Mobile-Home Makers Try To Stitch Together a Rebound Builders of manufactured homes - the kind constructed in a factory and often known to the public as mobile homes or trailers - missed out on the great American housing boom. Now some of them hope their industry has finally stopped imploding. 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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