Daily News for Commercial Real Estate & Business – October 25, 2010

HOLUALOA PAYS $17 MILLION FOR 332 APARTMENTS IN SCOTTSDALE A company formed by Holualoa Arizona Inc. in Tucson (Mike Kasser, principal) paid $17 million ($51,205 per unit) to acquire the 332-unit Cortesian apartments at 7749 E. Camelback Road in Scottsdale. The seller was Camelback Silo LLC, a company originally formed by the Hansen Family Trust in Oro Valley (Paul Clifton, trustee), and investor Jeffrey Jones in Scottsdale. View article...

NORTH VALLEY CORPORATE CENTER IN DEER VALLEY TARGETED IN FORECLOSURE ACTION A 68-acre parcel in the Deer Valley area of north Phoenix once planned for 1 million sq. ft. of office, flex, retail and hotel buildings is targeted for foreclosure. The project, called North Valley Corporate Center, is at the southeast corner of 7th Street and Deer Valley Road. The property is collateral on a loan with an original principal balance of $34 million. View article...

Hines announces two new tenants Until recently, the largest "zombie" office building in the Phoenix metro area was 24th at Camelback II, the new 11-story, 307,000-square-foot tower near the southwest corner of 24th Street and Camelback Road. It had been vacant since it was completed in 2009. View article...

Peoria's retail market undergoing resurgence The National Retail Federation expects consumers to remain frugal for some time, but the trade group says people are spending more than they were a year ago. The retail sector seems to be taking note. New stores are popping up in and around Peoria, especially in retail hubs such as Arrowhead and north Peoria near Happy Valley Road and Lake Pleasant Parkway. View article...

South Scottsdale development plan up for adoption South Scottsdale would undergo development in major economic corridors and preserve its existing neighborhoods under a plan up for adoption by the City Council next week. Also being considered is a Scottsdale Airpark plan that envisions mixed uses with urban-style housing and branding of the city's largest employment hub. View article...

Craftsman Court getting spruced up, new restaurant Fresh landscaping, street and sidewalk repairs, and a new fine-dining restaurant all are in store for downtown Scottsdale's Craftsman Court neighborhood. This week, the city began street and sidewalk maintenance work all along Craftsman Court, said Ruth Johnson, acting downtown liaison for the city. View article...

Developer wants to build shops near 101, Frank Lloyd Wright A California developer is seeking Scottsdale approval of a small shopping center northeast of Loop 101 and Frank Lloyd Wright Boulevard. Perry Koon, a principal of the FLW 101 LLC, submitted plans this month for the Gateway 101 center. It would include four single-story buildings totaling 33,370 square feet with shops, fast food and a sit-down breakfast restaurant. View article...

Movies go upscale as IPic moves to Scottsdale Scottsdale Quarter will host the newest in luxury movie theaters when IPic Entertainment opens there later this year. The Boca Raton, Fla.-based company started work on the cinema in July and expects to wrap up in December in time for much of the holiday movie season. View article...

Phoenix Sunnyslope apartments demolished The jaws of the bulldozer bit deep into the building, and the walls - with some tugging - came tumbling down. View article...

Peoria backs spending $1.2 mil to upgrade Old Town Tuesday's Peoria City Council meeting produced another heated debate, but this time with a result. The council voted 5-2 to spend $1.2 million to improve Old Town Peoria's appearance to attract a university and to preserve the heart of the city. View article...

Study: Shadow Inventory to Keep REO Supply Elevated for Several Years An estimated 4.1 million borrowers - nearly 1 in 10 - are in the process of foreclosure or are more than 90 days delinquent and heading that way soon. Their homes make up what's been termed the "shadow inventory" - a pent up supply of REO properties that could soon hit the market, driving home prices down further and perhaps cause another wave of defaults. View article...

Ariz. unemployment stable, Phoenix dips Arizona unemployment stayed static in September, mimicking the national trend. The jobless rate remains at 9.7 percent in the state, while U.S. unemployment is slightly lower at 9.6 percent, according to the Arizona Workforce Employment report released by the Arizona Department of Commerce. View article...

7 Banks, 1 Credit Union Closed Federal and state banking regulators closed seven banks and one credit union over the week ending Friday, Oct. 22. These failures raise the total number of failed institutions to 160 so far in 2010. 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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