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Daily News for Commercial Real Estate & Business – September 4, 2012

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

GELT BOLSTERS VALLEY APARTMENT HOLDINGS WITH 150-UNIT PICK UP IN PHOENIX Gelt Bethany Holdings LLC, a company formed by Gelt Inc. in Tarazana, Calif. (Adrian Goldstein, Steve Wasserman, Keith Wasserman, Evan Rock, Damian Langere, principals), paid $9.05 million ($60,333 per unit) to buy the 150-unit Broadstone on 12th, a 150-unit apartment complex at 1212 E. Bethany Home Road in Phoenix. The seller was Broadstone Posada Del Este LLCin Boston, Mass. That joint venture was comprised of AEW Capital Management in Boston and Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenz, et al., principals). View article…

HOLUALOA PAYS $20.55 MILLION FOR SCOTTSDALE RETAIL PLAZA A company formed by Holualoa Arizona Inc. in Tucson (Mike Kasser, principal) paid $20.55 million ($126.85 per foot) to buy a 161,997-square-foot retail plaza located at the northwest corner of Scottsdale and Thunderbird roads. The seller was East Thunderbird 05A LLC, by court appointed receiver Gregg Williams of Trident Pacific Real Estate Group Inc. in Scottsdale. The center, called East Thunderbird Square, is anchored by Smart & Final. The plaza has 57,776 sq. ft. of vacant space. Records show the buying entity was Holualoa Scottsdale Retail LLC. That company acquired the retail plaza with a $15 million loan from Wells Fargo Bank. View article…

$170 mil entertainment complex slated for tribal land near Scottsdale Tribal leaders and private businesses are developing a $170 million entertainment complex just east of Scottsdale, introducing more competition for tourist dollars as the post-recession economy progresses. The developer and investors behind Odysea in the Desert hope to distinguish it by providing what they say will be North America’s largest butterfly pavilion, an aquarium exhibit, a Ripley’s Believe It or Not museum and other attractions. View article…

Cortney’s Place will double capacity with expansion An expansion of a Scottsdale-based facility for people with mental and physical handicaps will open within the next month, allowing the facility to serve twice as many students as it does currently. View article…

Scottsdale primed for apartment restocking Scottsdale’s apartment-development cycle that will play out over the next few years is poised to bring thousands of new rental units to a city that is showing strong demand. Apartment vacancy rates through the second quarter were 3.6 percent in Scottsdale south of Indian Bend Road and 4.7 percent for north Scottsdale and Fountain Hills, according to a Marcus & Millichap market report. View article…

Luxury apartment complex slated for banks of Tempe Town Lake San Diego-based OliverMcMillan is vying to erect a roughly 260-unit luxury apartment complex on the south edge of Tempe Town Lake. Blueprints call for a four-story project — dubbed The Lofts at Hayden Ferry — that would include fifth-level lofts and two levels of underground parking. It would be located just east of the Hayden Ferry Lakeside project near Rio Salado Parkway and Mill Ave., according to records filed with the city. The project is being designed by MVE & Partners in Irvine, Calif. View article…

Mesa to pursue 8th Street name change Mesa is pressing ahead with a proposal to change the name of Eighth Street to Rio Salado Parkway, now that it has a procedure in place for actually doing so. The idea surfaced last winter when City Councilman Dave Richins and the Mesa Grande Community Alliance said it made sense as a way to beef up northwest Mesa’s cachet. View article…

CMBS Special Servicer Volume Falls Despite Slowing Workouts The slowing pace of workouts hasn’t stopped CMBS special servicer volume from falling, Fitch Ratings reported. According to Fitch’s weekly U.S. CMBS Market Trends newsletter, the balance of loans in special servicing as of June 30 was $80.5 billion, a drop from $83.1 billion at the end of 2011 and $85.6 billion in June 2011. View article…

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Former SunTykes Property in Tempe Arizona (IN ESCROW) – Owner/User Opportunity. For more information, click here…

Freestanding Auto in Mesa, Arizona – Owner/User Opportunity. For more information, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…

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