Commercial Real Estate & Business News – August 12, 2013

‘Sand State’ Foreclosures are Receding Fast

After years of being the USA’s foreclosure laughingstocks, Arizona and California now have better credit than the rest of us. That’s from an analysis released last week by Fannie Mae, which chronicled the performance of its $2.8 trillion loan portfolio. In states hit hardest by the housing bust – Arizona… Read more

Mack Co. To Develop Spec Industrial Project In Deer Valley Area

The Mack Co. in Scottsdale (Ralph Henig, principal) plans to develop a 168,856-square-foot spec industrial project in the Deer Valley area of Phoenix. M-PINNACLE7THAZ LLC (the Mack Co. entity) paid $2.685 million to acquire a 9.4-acre parcel located south of the southwest corner of 7th Street and Pinnacle Peak Road. The seller was 7th Street & Airport Drive II LLC in Scottsdale (Gary Schnurr, member)… Read more

Transaction Highlights Owner-Buyer Trend

In recent weeks, Valley Schools Trust paid $3.5 million to acquire the 36,724-square-foot Blackhawk Corporate Center II through The buyer plans to use the building, acquired from LNR Partners LLC, both for its own use and for cash flow purposes… Read more

Tesco May Not Find a Buyer for U.S. Stores

Just as our sources predicted back in December, British retailer Tesco is having a tough time disposing of its U.S.-based Fresh & Easy division. While earlier this year there was speculation that Whole Foods and Aldi may both want to take some Fresh & Easy locations, our sister publication Supermarket News reports that the only real bidder has been Yucaipa Co. and those negotiations are not going so well… Read more

Top Multifamily Buyers and Sellers of 2013

Sales of apartment properties were booming in the first half of the year, totaling about $48.1 billion, according to data provided by Real Capital Analytics. The massive Archstone deal certainly skewed the numbers, but even with portfolio transactions aside, volume was still about hovering around $24.8 billion, which is on par with last year’s numbers. Equity Residential’s portfolio purchases brought them to the top of the list… Read more