Daily News for Commercial Real Estate & Business – October 8, 2010

To view the October 2010 Chain Store Age magazine, click here.

SENIOR RESOURCE GROUP ACQUIRES LAS SIENA HOUSING DEVELOPMENT FOR $25.9 MILLION Phoenix - SP II La Siena LLC, a company formed by Senior Resource Group in Solana Beach, Calif. (Michael Grust, pres.), paid just under $25.927 million ($136,456 per unit) to acquire the 190-unit La Siena senior housing community at 909 E. Northern Avenue in Phoenix. View article...

COLE REAL ESTATE PAYS $13+ MILLION FOR TWO ALBERTSON's STORES IN SALE/LEASEBACK DEAL Phoenix/Mesa - Companies formed by Cole Real Estate Investments in Phoenix (Chris Cole, principal) paid $13.067+ million to buy freestanding retail buildings in Phoenix and Mesa that are occupied by Albertson's grocery. The seller in two cash sales was Albertson's LLC in Boise, Idaho. View article...

BETHANY GROUP APARTMENT PORTFOLIO OF 2,759 UNITS SOLD IN $133+ MILLION DEAL Phoenix area - A portfolio of seven valley apartment communities totaling 2,759 units that were owned by The Bethany Group in Irvine, Calif. have been sold in a $133.1 million transaction ($48,242 per unit). The buyer is Standard Phoenix Fund LLC in Arcadia, Calif. (David Liu, principal). View article...

Sub-Zero Wolf to Invest $65M in Manufacturing Facility GOODYEAR, AZ-Sub-Zero Wolf LLC will invest $65 million to relocate and expand its Valley manufacturing operations. The Madison, WI-based company, which produces high-end kitchen appliances, bought a 440,168-square-foot vacant warehouse/distribution building for $12.5 million. View article...

Universal Technical Institute moving HQ to Scottsdale Phoenix-based Universal Technical Institute Inc. is moving its corporate headquarters to the MAX at Kierland, an office building at 16220 N. Scottsdale Road in Scottsdale. View article...

Cherry Creek Mortgage hiring for new Scottsdale office Cherry Creek Mortgage is opening its fifth Arizona location, this time in northeast Scottsdale. View article...

Solar company is proposing $10 million project in Gilbert A California-based solar company this week unveiled a proposal to build solar panels at a Gilbert wastewater plant, a project that would produce nearly 5,000 megawatt hours per year. View article...

Chris-Town Y to break ground on expansion This month, the Chris-Town Y will break ground on a $2.39 million expansion project. A new name, Legacy Foundation Chris-Town Y, in recognition of BHHS Legacy Foundation's ongoing support, will complement the new look for the facility near 17th and Missouri avenues, said April Lewallen, executive director of the Y. View article...

City delays luxury apartment decision after legal protests The Scottsdale City Council on Tuesday delayed consideration of a proposed luxury apartment complex just east of Scottsdale Fashion Square to give the developer more time to work with surrounding property owners that have filed legal protests forcing a supermajority vote for approval. View article...

ProLogis, Blackstone Near $1 Billion Property Agreement Warehouse giant ProLogis is close to selling about 180 properties to Blackstone Group LP for $1 billion, according to people familiar with the matter, in a deal that signals confidence in a sector that was pummeled during the recession by a fall-off in trade and inventories. View article...

What FAS13 Means for Retail Real Estate Proposed new lease accounting standards from the U.S. Financial Accounting Standards Board and the International Accounting Standards Board have the retail real estate world dizzy with worry as property owners and managers fear the new standards will cripple tenants and lead to shorter lease terms and more conservative expansion strategies. 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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