Daily News for Commercial Real Estate & Business – October 20, 2010

Bethany MF Portfolio Trades for $133M One of the largest lender-facilitated dispositions in the southwestern US has closed: the Bethany Kingdom I Arizona portfolio, which consists of seven multifamily communities totaling 2,759 units, has sold for $133.1 million. View article...

Foreclosure sale delayed on Bidwill land south of Arizona Cardinals stadium A foreclosure sale set for Oct. 15 on farmland owned by the Bidwill family south of University of Phoenix Stadium has been rescheduled for Nov. 16. The Bidwills also own the Arizona Cardinals, who play at UOP. View article...

Sunnyslope apartments to be razed Friday The end is approaching for Sunset Manor Apartments, a 52-unit apartment complex between Fourth and Fifth streets on Puget Avenue, just south of Dunlap Avenue. Demolition is scheduled to begin Friday. It can't come too soon for neighbor John Rulloda. View article...

Banner Health opening Queen Creek area hospital soon Banner Health will open Banner Ironwood Nov. 1 to serve the growing San Tan Valley and Queen Creek area. The state-of-the-art medical center, 37000 N. Gantzel Road, will start with 36 private rooms and a focus on emergency services, obstetrics, surgery and general medical care, officials said. View article...

Tutoring company will call downtown Scottsdale home Downtown Scottsdale has landed the corporate headquarters of a company that provides tutoring services in Arizona and three other Southwestern states. Sure Prep Learning has leased nearly 3,000 square feet on the second floor of the Scottsdale City Centre office building on the northwestern corner of Scottsdale and Camelback roads. View article...

Safeway grocery store opening in Goodyear Estrella A new Safeway grocery store will open at 8 a.m. Friday at the Mountain Ranch Marketplace at Estrella. A free party, "A Taste of Safeway" will be presented from 4 to 8 p.m. Thursday at the store. Samples and entertainment will be provided. View article...

Kierland Commons marks its first decade After wrapping up its 10th birthday celebration, Kierland Commons now is focused on the next decade. Mickey Papillon is the property manager of the retail, office and residential development near Greenway Parkway and Scottsdale Road in northeast Phoenix. View article...

FDIC Aims to Shed Some Real-Estate Assets With more banks collapsing because of commercial real-estate lending, the Federal Deposit Insurance Corp. is working on a new way to sell failed banks' hard-to-value real-estate assets back to the private sector, according to people familiar with the matter. View article...

Moody's: U.S. Commercial Real Estate Prices Fall to New Cycle Low Hearing declarations that recovery has taken hold in the commercial real estate sector, with property values and fundamentals on the upswing? Hold up - not just yet. Commercial real estate prices have slipped again and are now the lowest they've been since the beginning of the market downturn, according to new data released Tuesday by Moody's Investors Service. 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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