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Daily News for Commercial Real Estate & Business – January 13, 2012

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

DALLAS-BASED INVESTOR ENTERS VALLEY MARKET . . . PAYS $26.8 MILLION FOR RETAIL PORTFOLIO Companies formed by TriGate Capital LLC in Dallas, Tex. (Jay Henry, managing member) paid a combined $26.8 million ($75.74 per foot) to buy 353,823 sq. ft. of retail space in the Phoenix area. The sellers in six separate cash transaction were commercial mortgage backed securities (CMBS). The portfolio of retail properties, located in six plazas spread across the Valley, were sold through C-III Asset Management LLC in Irving, Tex. The deal was brokered by John Williams of Savills plc in New York City, N.Y. On the average, the centers are about 50 percent occupied. View article…

WESTPORT CAPITAL ENTITY SPENDS $21.7 MILLION FOR SCOTTSDALE OFFICE PROJECT A company formed by Westport Capital Partners in Wilton, Ct. (Russel Bernard, et al., principals) paid $21.7 million ($143.71 per foot) to acquire a roughly 151,000-square-foot office building at 4141 N. Scottsdale Road in Scottsdale. The seller was First Health Group Corp. in Bethesda, Md. View article…

VENTURE FORMED BY OAKTREE CAPITAL TAKES OVER OWNERSHIP OF GATEWAY OFFICES A partnership formed by Oaktree Capital Management L.P. in Los Angeles, Calif. (Howard Marks, chairman) paid $43 million ($99.40 per foot) to buy 432,592 sq. ft. of office space in three buildings located near the northwest corner of 44th and Van Buren streets Phoenix. Records show Phoenix Office Grand Avenue Partners LLC (the Oaktree entity) paid cash for the properties, which are called One Gateway, Two Gateway and Three Gateway. The seller was Aslan III Phoenix Gateway LLC, a company formed by Transwestern Investment Co. in Chicago, Ill. (now known as Pearlmark Real Estate Partners). Sources say Pearlmark, the successor to Transwestern Investment Co., continues to have an interest in the Gateway office buildings and will manage the assets. View article…

Crown West Realty completes 26,000 SF lease Crown West Realty inked a fifteen-year, absolute net lease with K-12 public charter school management companies Choice Education and Development and EdKey, Inc., to occupy a single-tenant 26,000 square foot building in Arizona Business Park, located at 16454 North 28th Avenue in Phoenix. Choice and Edkey operate together as Sequoia Schools, and have 13 locations throughout the Valley. Sequoia’s Redwood school, currently located in Peoria, will be relocated to the building to become part of a campus with Arizona Academy for Arts and Academics, directly across the street. View article…

Canada’s Kedem Pharmaceuticals moves HQ to Mesa A Canadian pharmaceutical company has moved its headquarters to Mesa and plans to open a laboratory in Scottsdale. Kedem Pharmaceuticals Inc. (OTCBB: KDMP) has moved its six employees to 1046 E. University Drive, Mesa. Kedem Chairman and CEO Hassan Salari also will be moving to the Valley soon. View article…

Pita Jungle coming to Ahwatukee as chain expands Arizona and California can’t seem to get enough of Pita Jungle’s wood-fired pizzas, pita sandwiches, smoothies and salads. The Scottsdale-based chain plans to open one new location in Ahwatukee and two in California, bringing the total number of restaurants to 16. The 5,000-square-foot Ahwatukee restaurant at 49th Street and Ray Road is expected to open sometime by the end of March, said Rick Howard, vice president of development for the Mediterranean-themed chain. View article…

Downtown Mesa visions clash over vacant Tribune building On the surface, it was a straightforward vote on whether to offer discount parking to bring 400 jobs to downtown Mesa. But the City Council’s 4-3 approval this week of a deal for reuse of the vacant East Valley Tribune building was in some ways a broader referendum on downtown’s future. The council was asked to OK the lease between Harrison Properties, which is buying the site, and the state Department of Economic Security because DES said it needed more parking. View article…

Phoenix wage growth outpaces national average Employee wages in the Phoenix area showed steady growth in 2011, increasing at a rate slightly above the national average during the second half of last year, according to a new report by PayScale Inc. View article…

Gov. Brewer: Future of East Valley bright Gov. Jan Brewer used Arizona’s centennial as a theme Thursday to urge Southeast Valley leaders to make Arizona’s second century as successful as the first. Speaking to about 300 people at the Hilton Phoenix East/Mesa hotel, Brewer for the most part echoed themes she struck in Monday’s State of the State speech as the Legislature began this year’s work. View article…

HOUSING:
New REO Inventory in 2011 = 804,423 Homes
RealtyTrac’s year-end report released Thursday shows foreclosure filings – including default, auction, and bank repossession notices – were reported on 1,887,777 U.S. properties in 2011. Of that total, 804,423 homes were taken back by lenders as REO. Last year’s tally of nearly 1.9 million properties with a foreclosure filing seems staggering, but it’s actually the lowest reported since 2007. It’s 34 percent below 2010, 33 percent below 2009, and 19 percent below the 2008 total. View article…

Foreclosures in Most of Top 20 Metros Decline From Past Two Years With Atlanta as the exception, all of the metro areas on RealtyTrac’s top 20 list for foreclosure rates in 2011 demonstrated declines in foreclosures from both of the previous two years. Foreclosure filings in the Atlanta area in 2011 were 2 percent higher than in 2009. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate (In Escrow)
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.