Daily News for Commercial Real Estate & Business – October 5, 2010

To view the October 2010 Commercial Property Executive magazine, click here.

Sun Crest Apartments Sells for $3.15M The 94-unit property at 111 N. Mesa Drive in Mesa, AZ. sold for $3.15 million or approximately $35,511 per unit. The unit mix contained 41 2-bed/2 bath, 37 2-bed/1-bath, 15 1-bed/1 -bath, and one 3-bed/2-bath. The transaction was a short sale and the property at the time of sale was 65% occupied. View article...

Toys 'R' Us Express opens at Fulton Ranch Towne Center Toys 'R' Us Express has opened for the holiday season at Fulton Ranch Towne Center on the southwestern corner of Arizona Avenue and Ocotillo Road. Next to Ross Dress for Less, it offers a selection of play items, including learning tools and games for children of all ages. View article...

Cubs unveil vision for Wrigleyville West concept The Chicago Cubs say their new Mesa stadium would capture the flavor of the iconic Wrigley Field, with the same dimensions, bleachers in the outfield and buildings peering into the park. View article...

West Valley Emergency Center to break ground in Buckeye A new emergency center with space for physician offices will bring new jobs and additional health-care services to Buckeye next year, West Valley Hospital officials announced. View article...

Scottsdale hotel occupancy slips to 42.9% Occupancy was down at Scottsdale hotels in July compared to a year ago. According to Smith Travel Research, Scottsdale's occupancy rate in July was 42.9 percent, a 2 percent decrease from last year. View article...

Stagecoach Village struggles in tough times One of Cave Creek's largest commercial projects sits in an out-of-the-way spot downhill from the town's commercial core. With its Old West design and modern facilities, the 105,000-square-foot Stagecoach Village represents old and new Cave Creek. View article...

Developers, retailers focusing on infill areas The next retail-building push won't feature new centers sprouting up on the urban fringes. Retailers, developers and lenders, no longer willing to gamble on future population growth, are focusing on infill sites in existing city cores - closer-in locations surrounded by residents with appealing demographics and solid shopping patterns. View article...

Foreign buyers see big opportunity in housing bust The beaten down U.S. housing market is attracting interest from abroad. Individual investors from Europe, South America, Asia, Russia and the Middle East are picking up cheap property across the U.S. Many plan to rent these houses and condos and then sell them once the housing market recovers. View article...

Maricopa County creates $7M high-wage job fund Maricopa County is creating a $7 million fund to recruit businesses and industries that pay higher wages. The move comes as Arizona's economy struggles to come out of the recession with the job market lagging and poverty on the rise. View article...

Paperwork Missteps to Prolong Foreclosure Crisis in Certain States Three major mortgage lenders have halted foreclosures in states where the process is handled through the court system after suspicions surfaced that employees did not follow legal procedures in preparing the required documentation. GMAC Mortgage was the first to do so, followed by JPMorgan Chase and then Bank of America. View article...

As Storm Clouds Lift, Commercial Real Estate Transitions to Sustainable Growth Commercial real estate performance generally lags economic growth by about four to six quarters. As our firm, ING Clarion Partners, suggested earlier this year, 2010 appears to be a transition year, moving from the steep downturn of 2009 toward a sustainable recovery in 2011. 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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