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Daily News for Commercial Real Estate & Business – October 12, 2011

CCIMLIVE! Conference starts tonight! Mick Fleetwood will be here! There is still time to register! To learn more, go to http://live.ccim.com.

Because the conference is in full swing, I will be picking the daily news back up on Monday. Be looking for a summary of the event!

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

Group Manages to Pull Off Desert Flip in Arizona A venture led by two real-estate investment firms has shown that it actually is possible to make money on land speculation in the Phoenix area. The group bought a 1,200-acre assemblage in San Tan Valley, roughly 50 miles southeast of Phoenix, early this year for about $23,000 an acre, according to people familiar with the matter. Now the venture – led by Harvard Investments of Scottsdale, Ariz., and San Francisco-based Rockwood Capital LLC – has sold 208 acres of the land to Central Arizona College, which plans to build a new campus there. The price: $8.9 million, or $43,000 an acre. View article…

Private equity firm buying 99 Cents Only Stores A private equity firm is buying the 99 Cents Only Stores chain of discount retail stores. Ares Management is buying 99 Cents Only (NYSE: NDN) for $1.6 billion, according to reports by CNBC and The Wall Street Journal. The retail chain has stores in the Valley. The cash deal has Ares buying 99 Cents Only for $22 per share, according to the company. View article…

Associated Estates Has an Appetite for Apartments Turmoil in Europe and fears of a double-dip recession have persuaded some commercial real-estate investors to step to the sidelines. Others, like Associated Estates Realty Corp., continue looking for purchases. The company this year set out to spend as much as $150 million on rental apartment buildings, and it has already spent $115 million. View article…

Downtown Phoenix will be epicenter for Super Bowl events Downtown Phoenix will be an epicenter for the 2015 Super Bowl, with more events and parties hosted in the Valley’s core when the National Football League brings the game to University of Phoenix Stadium in Glendale. Concentrating more Super Bowl-related events in downtown Phoenix was a key component of the winning presentation put together by the Arizona Cardinals, advertising agency E.B. Lane and the Arizona Host Committee. View article…

Problem Assets Often Trade in Under-the-Radar Transactions Private equity firms are increasingly acquiring lender-owned properties through small transactions that the public doesn’t always see. These under-the-radar sales allow owners of distressed properties to stay on after buyouts and continue to manage assets. These so-called “white knight” deals, in which private equity firms find troubled loans and negotiate discounted payoffs on behalf of the borrowers with banks or special servicers are done quietly because note sales don’t garner the same attention that equity sales do. Moreover, in some cases there is not always a transfer of title that takes place. View article…

CMBS Delinquency Rates Stabilize in September CMBS delinquencies stabilized in September, according to two reports. Trepp LLC said that the rate inched up 4 basis points while Fitch Ratings reported that the delinquency rate fell 5 basis points. After a leap in July and a big dip in August, CMBS delinquencies were flat in September, according to New York City-based research firm Trepp LLC.According to the firm, the delinquency rate for U.S. commercial real estate loans in CMBS inched up 4 basis points to 9.56%. View article…

Has the Slowdown in the Office Sector Begun? Uncertainty about the U.S. economy continues to run high. The unemployment rate remains stubbornly inflated at 9.1%, while market gyrations reflect unease over the limited ability of policymakers to avert a double-dip recession. With this, underlying trends reveal what may be cracks in the nascent recovery of the office sector. Office markets posted a decent increase of 6.2 million sq. ft. of occupied space in the third quarter, indicating positive churn in leasing activity. View article…

HOUSING:
Phoenix foreclosure rate down from a year ago
Home foreclosure rates in the Phoenix area were down in July compared with a year earlier, according to new data from CoreLogic. The Phoenix area had a foreclosure rate of 3.55 percent in July, a decrease of 0.83 percentage points from July 2010, when the rate was 4.38 percent. View article…

Zillow: Market Will Not See Bottom Until at Least 2012 With the release Tuesday of the Zillow Real Estate Market Report, which recorded a 0.1 percent increase in home values from July to August, Zillow’s chief economist Stan Humphries released his prediction that the housing market will not bottom out until at least next year. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center –
Investment, multi-tenant retail center. For a brochure, click here…

5051 E Thomas Road – Former Dentist Office For Sale/Lease (Price Just Reduced) For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor (New to market) For a brochure, click here…

Community:
I’m Participating in MDA Lock-Up! Please Help!
A “friend” signed me up! Now, I need your help! The goal is $2,400! Please help me achieve my goal before November 9, 2011! Click here to donate! Thank you!

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.