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Daily News for Commercial Real Estate & Business – February 3, 2012

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

PILLAR PURCHASES SAN PORTELLA IN TEMPE FOR $45.1 MILLION . . . THAT’s $146,428 PER UNIT A company formed by Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal) paid $45.1 million ($146,428 per unit) to buy the 308-unit San Portella apartments at 2155 S. 55th Street in Tempe. The seller was Apartments at Fountainhead LLC, a venture formed by Mark-Taylor Residential in Scottsdale (Jeff Mark, Scott Taylor, principals), and Principal Life Insurance Co. in Des Moines, Iowa. View article…

Phoenix starts building homeless housing Not all homeless people can turn their lives around quickly, and some won’t ever become “amazing success stories,” according to Phoenix City Councilman Tom Simplot. But that doesn’t mean they don’t deserve the security of a roof over their heads, he said. The city last week broke ground on the Encanto Pointe: Phoenix Housing First project, a 54-unit apartment complex intended to serve the homeless in the Longview West and Devonshire neighborhoods. Simplot spearheaded planning for the development that will be built at 4175 N. Ninth St. View article…

LWI Properties Purchases 17 Acres for Development LWI Properties purchased the 17 acres located at SW Ray Road and San Tan Village Parkway in Gilbert, AZ from SanTan Development Group, Inc. for $5.34 million, or about $7 per square foot. The buyer will develop SanTan Village Apartments, a 382-unit multifamily complex expected to break ground this quarter. The property closed after a lengthy escrow period due to permits, rezoning and off-sites. View article…

Morton’s Steakhouse closes in Phoenix A restaurant that’s been in business in Phoenix for more than 30 years is closing its doors. According to Kris Guthrie, the vice president of Marketing for Landry’s Inc., “Over time, demographics shift, and so do the areas in which businesses thrive, and it’s because of this that we must close the Morton’s location in Phoenix.” Guthrie said the Morton’s location in Scottsdale will stay open. View article…

Amberian Lodge in Greer to be sold at auction The Amberian Lodge in Greer will be auctioned online at Auction.com. It is not a distressed sale, according to the auction company. “Personal circumstances have compelled the owner to accelerate the sale,” according to a statement distributed by the auction company. View article…

New businesses land on Bell Road in Glendale Glendale is revitalizing an area of Bell Road that had been hit hard by the recession with 11 new businesses and an effort to bring in more office occupants. The city has helped to find tenants for several empty restaurants and stores, particularly near the 59th Avenue and Bell intersection. View article…

8th Street in Mesa may become Rio Salado Parkway Seeking to boost regional appeal, Mesa is considering renaming Eighth Street as Rio Salado Parkway from Country Club Drive west to the Tempe border. City Council member Dave Richins and the Mesa Grande Community Alliance came up with the idea almost simultaneously to enhance the identity of the area, where construction of a new Chicago Cubs complex is expected to start later this year. View article…

Mesa mayor sees light rail heading to Gateway area From the future of downtown hot dogs to long-range, multimillion-dollar expansions of Mesa’s light-rail line, an upbeat Mayor Scott Smith covered numerous topics this week during his second Twitter Town Hall. Fresh from announcing last week that he will seek a second term this year, Smith sat for an hour in the city’s TV studio and fielded questions arriving via the popular social-networking site. View article…

Scottsdale coffee shop offers jolt of alcohol with its java Long lounge seats like sofas line the walls of an eclectic, small coffee shop. Tables with simple chairs fill the interior, while a long wooden bar table greets customers in line. Hanging on the wall, menus handwritten on chalkboards give customers typical coffee options. However, the recent addition of alcohol makes this location unique. Cartel Coffee Lab, off Fifth Avenue in downtown Scottsdale, started serving wine and beer in January. This location is the fourth for the business that started in Tempe but is the first to offer alcohol. View article…

Real Estate Professionals Feeling Brunt of Recession The effects of the housing crisis are widespread, but nowhere do they hit home more than in the real estate community. Eighty-eight percent of real estate professionals in a recent survey said they have lost money since 2008 or are living off significantly less income. Many are dipping into savings to make ends meet. View article…

Mezzanine Lenders Look Forward to a Big Year In the boom years, mezzanine financing – debt that fills a gap between senior financing and equity – was a hot spot for some capital providers. The sector cooled considerably after the financial crisis set in. But 2012 may go down as the year mezzanine lenders came back in a big way due to a constellation of factors coming into line. View article…

HOUSING:
CoreLogic Records 4.7% Drop in Home Prices in 2011 Year-end data from CoreLogic shows home prices fell by 4.7 percent over 2011. It marks the fifth consecutive year the company has recorded an annual decline in residential property values. View article…

Mesa tops list for distressed properties in January Mesa topped the list in terms of the numbers of distressed properties in the Valley for January, according to the Arizona Regional Multiple Listing Service. Mesa had the most distressed properties, which include foreclosures and short sales, in January with 922. View article…

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

5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…

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