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Daily News for Commercial Real Estate & Business – March 14, 2012

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

Lincoln Towne Centre in Scottsdale sold for $34.2 million A BPG Properties Ltd. affiliate has acquired the Lincoln Towne Centre office complex in downtown Scottsdale for $34.2 million from the Lincoln National Life Insurance Co. The 223,605-square-foot complex was 67 percent leased, including tenants CNA National Warranty Corp. and EMC Corp. View article…

Trammell Crow Venture Announces Big-Box Distribution Project In Avondale Developer Trammell Crow Co. (TCC) and investment manager Clarion Partners has formed a joint venture to develop the Coldwater Depot Logistics Center on a fully zoned and entitled 56-acre site in Avondale, AZ. The property along Interstate 10 at 127th Avenue is the only shovel ready industrial development site currently available along the major west coast/east coast transportation route in the southwest valley. Construction is scheduled to begin this summer. View article…

Historic Castle Hot Springs back on market for $5.7 million A slice of Arizona history is back on the market. Castle Hot Springs, northwest of the Valley, is priced at $5.7 million. Included in the sale are 210 acres set under 550 date palms, a vast manicured lawn, a 125,000-gallon swimming pool, a 4,800-square-foot administrative building, a guest house, several other structures and the legendary hot springs. View article…

VELOCITY RETAIL SIGNS FURNITURE STORES AT SCOTTSDALE PAVILIONS American Furniture Galleries and The Potato Barn are the most recent tenants opening at the Scottsdale Pavilions Talking Stick shopping center located at the Loop 101 and Indian Bend Roads in Scottsdale, Arizona. View article…

Trepp Loss Analysis Shows Plunge in Volume, Severity Readings The volume of CMBS conduit loans liquidated in February retreated sharply, falling 43 percent from January’s reading, according to real estate research firm Trepp LCC. The February reading was the lowest total since November 2010. At $893 million, Trepp reported that liquidations were about 32 percent below the 12-month moving average of $1.31 billion per month. Since the beginning of 2010, the special servicers have been liquidating at an average rate of about $1.08 billion per month. View article…

U.S. Metro Multifamily Cap Rates Decline U.S. metro average cap rates declined 30 basis points year-over-year from 5.6 percent in the fourth quarter of 2010 to 5.3 percent in the comparable period last year. The greatest compression was observed in the South, where cap rates fell 50 basis points to 5.7 percent. A surge in Denver investment activity contributed to a 40 basis point dip in the West. Cap rates in the Midwest fell 20 basis points to 5.2 percent and Northeast cap rates were virtually unchanged year-over-year. View article…

AAA: 8 in 10 changing driving habits as gas prices rise Rising gas prices have caused about 8 out of every 10 drivers to change driving habits in some way, a nationwide American Automobile Association survey found. “The majority of respondents admit that they’ve already altered their driving and lifestyle habits based on the current cost of fuel,” said Linda Gorman, director of communications and public affairs for AAA Arizona. View article…

FOMC Votes 9-1 to Keep Rates Low, Housing Sector Still “Depressed” Echoing the statement it issued following its January meeting, the Federal Open Market Committee said Tuesday “the economy has been expanding moderately” in the last two months, but the housing sector “remains depressed” in deciding, by a 9-1 vote, to keep the Fed Funds rate at historic low levels. View article…

HOUSING:
Distressed properties take toll on Chandler market Central Chandler continues to have more distressed properties on the market than other parts of the Southeast Valley while Mesa and Chandler have the largest citywide numbers of foreclosures and short sales. Real-estate experts say that’s not cause for concern since the market is improving, prices are going up and fewer houses are for sale. View article…

Scottsdale home prices dip 7 percent Scottsdale’s median home price of $330,100 in January was down 7 percent from a year earlier, according to the latest monthly report from the Arizona State University Center for Real Estate Theory and Practice. View article…

Phoenix home sales increase as prices move higher Home sales are up, inventory is down and prices are improving slightly in the Phoenix metro area. That’s the latest assessment from the Arizona Regional Multiple Listing Service. There were 7,249 home sales in February. Sales above 7,000 are considered “robust,” according to the ARMLS monthly report. View article…

Zillow report: Median Rent Prices on the Rise as Home Values Drop While homes prices continue to be on the decline, rent prices are actually on the rise and showed a 3 percent increase from January 2011 to January 2012, as opposed to home values, which dropped 4.6 percent during that same period, according to the January Zillow Real Estate Market Reports released today. View article…

Report: Investors Buying Foreclosures on West Coast For West coast states, the foreclosure wave is reported to be dying down as third parties, who are typically investors, snatch up foreclosed homes, according to the February 2012 ForeclosureRadar report, which only includes Arizona, California, Nevada, Oregon, and Washington. View article…

CURRENT OPPORTUNITIES:
Bella Vista Retail Center – 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…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. 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.