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In Phoenix, the only place to go is up. Commercial real estate transaction velocity came to a virtual standstill last year with total dollar volume equating to less than 10% of the properties traded in 2005. In Q4 of 2010, investment sales velocity began to increase, a trend that will continue through 2012. However, only two types of transactions are expected to dominate the investment arena this year: trophy and trauma sales. Trophy assets, including class A office, retail and multifamily properties in primary locations with strong occupancies and operational performance, will trade at near-market rates. Meanwhile, trauma assets, B and C apartment complexes, multi-tenanted retail assets and office buildings under duress, will trade at a significant discount. In most cases, trauma properties that were either foreclosed upon or were the subject of potential short-sales that owners and lenders sat on last year, will now have to be moved to the market. Apartments

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