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Daily News for Commercial Real Estate & Business – September 9, 2011

As we enter this somber weekend from the events of a decade ago, please keep in your mind/thoughts/prayers of all of the people that lost their life and the brave men and women that continue to keep us safe.

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

ALLIANCE RESIDENTIAL TO BUILD 264 APARTMENTS AT SCOTTSDALE ROAD AND LINCOLN DRIVE Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenz, partners) plans to develop a 264-unit luxury apartment community near the northwest corner of Scottsdale Road and Lincoln Drive in Scottsdale. The company has agreed to buy the 5.31-acre site contingent on zoning approval. The property is part of a roughly 7.5-acre parcel that is owned by companies controlled by investor Len Noel of Covington Asset Management in Scottsdale. Sources say Alliance Residential will pay more than $10 million to buy the apartment site in a deal that is expected to close late first quarter 2012. View article…

PACIFIC WEST STRIKES AGAIN . . . BOLSTERS PORTFOLIO WITH GLENDALE RETAIL PLAZA Over the past 18 months, companies formed by Pacific West Land LLC in Bainbridge Island, Wa. (Bruce Galloway, principal) have acquired 13 retail projects in the Valley. In the most recent deal, FPWL Bell and 75th LLC (a Pacific West Land entity), paid $11.65 million ($167.19 per foot) to buy a 69,680-square-foot retail plaza at 17550 N. 75th Avenue in Glendale. The seller was Wells Fargo Bank. View article…

SEATTLE INVESTOR ADDS TO VALLEY HOLDINGS . . . SPENDS $32.85 MILLION FOR 328 APARTMENTS A company formed by Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal) paid $32.85 million ($100,152 per unit) to acquire the 328-unit Aldea apartments located at 2400 N. Bullard Avenue in Goodyear. The seller was Globe Goodyear Apartments LLC, a venture formed by Trammell Crow Residential in Dallas, Tex. and Globe Corp. in Scottsdale (George Getz, principal). View article…

Downtown Mesa becoming a java mecca In downtown Mesa, the most pervasive coffeehouse in America is nowhere to be found – the closest Starbucks is nearly 2 1/2 miles away. But there are five independent coffeehouses within a half mile of each other, an ironic convergence for a city founded by Mormon pioneers. View article…

Phoenix businesses near Metrocenter propose improvements Phoenix has undertaken a study of an industrial area east of Metrocenter where a medical-marijuana dispensary application has caused concern. The area, which brackets Peoria Avenue west of 19th Avenue, is home to numerous small businesses plus a couple of large ones, Arizona Public Service and Ping, the golf-club manufacturer. View article…

Phoenix foreclosure rates drop Phoenix-area foreclosure rates decreased from June of 2010 to June of this year, according to new data from CoreLogic. CoreLogic measures foreclosure rates by the current number of loans in the foreclosure process. The rate of foreclosures in the Phoenix-Mesa-Glendale area for outstanding mortgage loans is 3.59 percent. That’s down from 4.25 percent in June 2010. View article…

SRP Economic Forecast paints a brighter picture for 2012 More than 850 business leaders from throughout the state gathered at the Arizona Biltmore Resort & Spa today for the 2012 SRP Economic Forecast – mostly to figure out where the current economy is headed. View article…

Bolton details commercial real estate woes at SRP Economic Forecast These are trying times for some commercial real estate brokers. Seriously. There’s a ton of commercial properties stuck in a spider’s web of special servicers who have no motivation to sell. That’s the view of Pete Bolton, managing director of Grubb & Ellis Co. in Phoenix. View article…

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