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Commercial Real Estate & Business News – April 4, 2013

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

To view the commercial edition of Scotsman Guide April 2013, click here…

Digital Realty Trust buys three Phoenix buildings for $24 million Digital Realty Trust Inc. (NYSE: DLR), a data center ownership and development company, has purchased three Phoenix buildings, along with a large Dallas property. One of the Phoenix buildings will be added to the company’s inventory of space held for development. The 109,000-square-foot building is capable of supporting 7.2 megawatts of IT capacity, according to the company. View article…

WINCO FOODS TO BUILD 800,000-SQUARE-FOOT WAREHOUSE ON WEST SIDE WinCo Foods LLC in Boise, Idaho plans to employ 300 workers in a new 800,000-square-foot warehouse facility the company is developing in west Phoenix. The company paid just under $11.996 million to buy a 74-acre parcel at the southwest corner of Buckeye Road and 75th Avenue. The seller was Swift Transportation Co. of Arizona LLC in Phoenix (Jerry Moyes, principal). View article…

Monti’s La Casa Vieja opens Tempe’s Front Porch Some restaurants serve special menus on their patio. Monti’s La Casa Vieja on Mill Avenue in Tempe has taken that a step further and transformed its patio into a separate restaurant concept. Called Tempe’s Front Porch, the outdoor restaurant has seating for 130 people and three fire pits. View article…

KB Home to build 127 luxury homes in prime Phoenix location Los Angeles-based KB Home has entered a $6.4 million deal for a 16-acre lot in a prime Phoenix location, where it plans to build 127 luxury homes. View article…

New Scottsdale nightclubs to reach out to daytime revelers Nightclub developers are banking on downtown Scottsdale’s entertainment district becoming more than a weekend-night destination for revelers. Construction is nearing completion on Triyar Entertainment’s beach-club-anchored complex on most of the block that housed Myst nightclub on Shoeman Lane, and Suede restaurant and bar on Indian Plaza. The first venue, Hi-Fi Kitchen & Cocktails, opened last week on the northeastern corner. View article…

Ann Taylor bringing redesigned store concept to Scottsdale Fashion Square Continuing its rollout of new concept stores targeted at a younger, hipper demographic, retailer Ann Taylor will open its latest redesigned shop at Scottsdale Fashion Square mall next month. View article…

Phoenix Sky Harbor planning another expansion Leaders at Phoenix’s largest airport are planning to expand in three construction phases over a five-year period. The first, to start next year, would expand security checkpoints at Terminal 3. It would be completed by mid-2015. View article…

ADEQ completes first state superfund site cleanup In 1999, the Arizona Department of Environmental Quality declared this 10-acre lot near downtown, formerly an automobile salvage yard, a state superfund site. Today, after years spent removing soil contaminated by shredded metal, broken glass and torn hoses, the work is done, making this the first of 36 state superfund sites to be removed from the list. Soon, a new company will occupy the former East Washington Fluff site. View article…

Demographic Trends Drive Investor Interest in Alternative Real Estate Assets At a time when real estate investors still have concerns about the future performance of many traditional property types, including office, retail and multifamily, some have started to set aside capital for alternative assets. Such assets, including student housing, seniors housing and medical office buildings, among others, have broad demographic trends supporting their success, proved immune to the recession and offer higher yields than comparable properties in other sectors. As a result, interest in these types of assets is expected to keep growing. View article…

HOUSING:
Report: Prices Post First Winter Quarterly Gain in 7 Years For the first time since 2006, national home prices survived winter without experiencing a quarterly decline, according to Clear Capital’s market report for March. Home prices ended last month with a 6.5 percent year-over-year improvement, while the quarterly gain was a modest 0.9 percent. View article…

Neighbors upset by plans for homes near Las Sendas in Mesa A revised plan that would put 145 single-family homes next to Las Sendas has upset residents, who say the development wouldn’t mesh with their desert-centric, master-planned community. The plan would occupy 23 acres, or about one-third, of a larger swath of land near McDowell and Power roads. The parcel is part of northeast Mesa’s Desert Uplands, where development guidelines focus on conserving the area’s desert feel through promotion of open space and preservation of washes, hillsides and native plants. View article…

Home remodels on the rise in Phoenix It’s another positive sign that we are feeling much better about our home values in the Valley. Everybody from home remodelers to the do-it-yourself weekend warriors are coming out of the woodwork. View article…

Housing prices appear strong on the surface On the last Tuesday of each month, the S&P/Case-Shiller Home Prices Indices are released. Based on the most recent release of this information, average U.S. residential home prices have increased approximately 8.1 percent over the past 12 months. Driven by a combination of persistently low mortgage borrowing rates, moderately improved unemployment rates and a reported scarcity of supply, the increased demand for the average residential home is pushing prices upward. View article…