Daily News for Commercial Real Estate & Business – October 26, 2010

CHARLES DUNN BROKERS $3.1 MILLION RETAIL ACQUISITION IN VALLEY OF THE SUN Charles Dunn Co. has closed OSSA TRUST's $3.1 million purchase of a 10,000-square-foot retail building, located at 3100 Gilbert Road in Chandler, from Glenwood Development. The property is 100 percent occupied by La Petite Academy on a long-term lease. Charles Dunn's Paul Kenworthy represented the buyer of the NNN-leased investment property. View article...

MARCUS & MILLICHAP MANAGES $4.8 MILLION APARTMENT SALE Marcus & Millichap has announced the $4.8 million sale of 148-unit The Crossroads, an apartment property located at 1010-1044 East Orange Street in Tempe. View article...

Standard Acquires Apartments For $133M Standard Portfolios Asset Management Co. purchased a portfolio of seven apartment properties totally 2,759 units, known as the Bethany Kingdom in Arizona from Trigild Inc for $133.1 million, or about $70 per square foot, on Oct. 1. The distress sale includes the following properties: 102 W Palomino Dr., 460 units, Chandler, AZ; 5020 W. Thunderbird Road, 196 units, Glendale, AZ; 2222 N. McQueen Road, 320 units, Chandler; 868 S Arizona Ave., 374 units, Chandler; 1050 S. Longmore, 432 units, Mesa, AZ; 5120 N 16th St., 395 units, Phoenix; 901 S. Country Club Drive, 582 units, Mesa. View article...

Gray Development Wins $111M Judgment After nearly three years, Gray Development Group's lawsuit against Northeast Phoenix Partners has concluded with a Maricopa County jury awarding Gray Development a judgment of $110.6 million. NPP's leadership is closely related to executives with Chicago-based Klutznick Co. A number of Klutznick executives are involved in NPP in various ways. View article...

Seasonal shops fill in Valley retail sites Temporary stores are opening up all over metro Phoenix as retailers take advantage of a glut of vacant real estate to cash in on a narrow window of opportunity for holiday-merchandise sales. View article...

Avondale, W. Valley, to begin planning development along proposed Arizona 801 alignment The alignment of Arizona 801 has long been an uncertainty that has hobbled Avondale's ability to plan development in the southern portion of the city. View article...

Many companies moving manufacturing back to U.S. Companies that once went abroad to manufacture or source materials are now starting to look closer to home. as they encounter the challenge of trying to do things more cheaply abroad. View article...

Foreclosure Activity on the Rise Again Lenders such as GMAC and Bank of America have restarted foreclosure efforts on delinquent properties after a short break. Many financially distressed homeowners hoped that the brief pause in foreclosure activity meant that banks were open to looking at alternative methods such as short sales, which have witnessed a sharp increase across the US since the financial meltdown. View article...

Investor Sentiment, CMBS Volume Rising Despite the continued lack of prime properties for sale on a global basis, investor sentiment is on the rise along with market fundamentals, according to the latest Global Market Perspective report from Jones Lang LaSalle (JLL). 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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