Daily News for Commercial Real Estate & Business – July 11, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

Byxbee Development Buys 20.64 Acres in Scottsdale McDowell Windgate Holdings LLC acquired 20.64 acres on the Northwest corner of E. Bell Rd & Thompson Peak Pky from the Arizona State Land Department for $3.4 million, or about $169,000 per acre. Byxbee currently holds the ground lease on nine acres on the hard corner where the Windgate Crossing retail complex is located. The land was purchased as an investment, with plans for developing a mixed-use retail and office center. View article...

Two Phoenix Apartments Sold for $14,270/Unit Mentor Properties, Inc. purchased two multifamily properties in Phoenix totaling 700 units for $9.99 million, or approximately $14,270 per unit. The properties were purchased out of receivership. Northern Point is a 486-unit property built in 1979 located at 1905 W. Las Palmaritas in Phoenix. It sold for $7.2 million. The property consists of 192 studios, 222 one-bedroom, and 72 two-bedroom units. Occupancy was 88 percent. View article...

Weidner Investment Services buys two apartment complexes for $4.3M Weidner Investment Services purchased two apartment complexes in the Arcadia neighborhood of east Phoenix for $4.3 million. The Kirkland, Wash.based Weidner bought the The 86-unit Silktree apartments, 4815 E. Thomas Road, and the 101-unit Palmwood Terrace, 4915 E. Thomas Road. The complexes were sold by Blue Valley Apartments. View article...

CARECENTRIX LEASES 18,254 SF AT SQUAW PEAK CORPORATE CENTER CareCentrix, a benefit management company that specializes in home healthcare services, has leased 18,254 square feet at Squaw Peak Corporate Center. Squaw Peak is a two-building, four-story office complex in Phoenix. The new lease will allow CareCentrix to expand its operation once it relocates this fall. View article...

Hospital Pending for Downtown Phoenix The Discovery Triangle is getting even healthier. Adding to its already strong portfolio of healthcare and bioscience assets, the DT welcomes plans for a new hospital in downtown Phoenix. Officials from Maricopa Integrated Health System, University of Arizona and District Medical Group signed an affiliation agreement last week that sets the stage for a hospital to be built in downtown Phoenix near UA's medical school. View article...

Phoenix MF Shows "Extreme" Variances by Submarket As a whole, the multifamily market here is in recovery mode, but the variance in neighborhood-level performance is "as extreme as you'll see anywhere across the country," according to Greg Willett, vice president of research & analysis for MPF Research. The performance differential is illustrated by rent growth, Willett notes. Most of metro Phoenix's rent growth is occurring in the upscale east side suburbs, where occupancy is at or approaching essentially full levels. View article...

New Drinkwater will reflect 'vibrant spirit of Southwest' A San Francisco-based hotel-management company is embarking on its first venture outside of California by working to reposition a downtown Scottsdale hotel. Joie de Vivre Hotels announced last week that the Hotel Theodore was being renamed the Drinkwater in honor of Herb Drinkwater, the late Scottsdale mayor who served four terms ending in 1996. View article...

Phoenix area housing market gaining ground, new data show Frenzied home-sales activity in June proved earlier speculation about a third dip in metro-Phoenix home prices to be untrue. The median price of an existing home in the region climbed to $118,950 last month, after hovering at a real-estate crash low of $115,000 for six straight months, according to the Information Market, a realty-data company. View article...

Chandler planners see new homes, subdivisions on horizon For the first time since housing prices collapsed, zoning requests for new Chandler subdivisions are coming in to city planning offices - a sign that the worst of the residential real estate meltdown is over, officials say. Three subdivisions - all in the southern part of the city - are the first to make their way to zoning hearings in about three years, said planner Erik Swanson, who is overseeing two of the requests. View article...

Nation's Unemployment Rate Rises to 9.2% The national unemployment rate edged up during the month of June to 9.2 percent, according to data released Friday by the U.S. Department of Labor. The economy added just 18,000 jobs during the month. Last month, it was reported that 54,000 new jobs were added in May, and that was considered a poor showing. With Friday's report, that number was revised downward to reflect just 25,000 new jobs in May. View article...

Multifamily Still Rules Multifamily and industrial top Real Estate Research Corp.'s outlook for the major property types for the rest of 2011. he apartment market will continue to present low risk compared to the other property types, given its strong fundamentals and the nation's demographic needs. However, some properties are considered overpriced. In addition, continued high unemployment levels and increases in rental rates, coupled with low home prices and interest rates, will keep renter demand in check. View article...

The Lending Scene Commercial real estate's slow but steady recovery after the downturn has opened up a variety of "new but old" options for financing commercial properties for the remainder of 2011. In the primary markets, a growing equity investment appetite and new construction projects are the major signs of recovery this year, aided by a rapidly improving debt lending landscape. Most notably, the debt landscape improvement is marked by the increased construction lending by banks and the dramatic increase in commercial mortgage-backed securities lenders' appetite - and as a result their terms should be getting even more borrower-friendly in the latter half of 2011. View article...

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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