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Commercial Real Estate & Business News – December 4, 2012

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

Phoenix Industrial Sells for $1.5M Chiaz Investments LLC sold the industrial property at 7845 E. Gelding Dr. in Scottsdale, AZ to Karp Sunbelt Properties LLC for $1,486,667, or about $109 per square foot. The 13,686-square-foot industrial building was built 2003 in Maricopa County. The property was 100 percent leased to four tenants at the time of sale. View article…

Country Club Plaza Bldg Sells for $4.5M Envision Arizona LLC acquired the Country Club Plaza Goodwill building at 1046 S. Country Club Dr. in Mesa, AZ. Red Mountain Group, Inc. sold the property for $4.5 million, or $150 per square foot. The single-story, 30,000-square-foot retail building was built in 1988 in the Country Club Plaza. View article…

Talavi Corporate Center in Glendale Noticed For Trustees Sale, 153K SF Office / $24.0M Debt CWCapital, acting as the special servicer for a securitized debt on behalf of beneficiary US Bank, has issued a notice for trustees sale on $24.0M loan now in default. The Talavi Corporate Center is a 152,936 square foot office building located at 5680 W Beverly Ln in Glendale, AZ. The three-story office was built in 2001 on an 11.33 acre parcel and includes 380 covered parking spaces for a parking ratio of 2.5 per 1000 square feet. This office is the Arizona headquarters for Bechtel Corporation who reportedly leases the top two floors of this office. View article…

Medical space likely real estate survivor of fiscal cliff While the looming “fiscal cliff” would have daunting should bipartisan negotiations in Washington fall by the wayside, there is one sector of the market that could emerge virtually unscathed: medical space. The medical real estate sector has long been in the shadows of its more well-known commercial cohorts, such as office, retail and industrial space — that is, until this year. View article…

HOUSING:
Phoenix-area Home Prices Rising Again Supply Also Up, But Likely to Level Off for Winter After several months of hovering in the same tight range, Phoenix-area home prices are on the rise again. A new report from the W. P. Carey School of Business at Arizona State University reveals the numbers for Maricopa and Pinal counties, as of October:

  • After staying between $149,000 and $150,000 for four months in a row, the median single-family home price finally bounced up to $157,000 in October.
  • The short supply of homes available for sale on the market has gone up 31 percent over the last three months, but will likely level off for the winter.
  • New-home sales are skyrocketing – up 85 percent from the same time last year. View article…

CoreLogic: 58,000 Homes Lost to Foreclosure in October There were 58,000 foreclosures completed in the United States during the month of October, CoreLogic reported Monday with the release of its latest National Foreclosure Report. October’s tally was down 17 percent from last year when 70,000 foreclosures were completed during the month View article…