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Commercial Real Estate & Business News – December 7, 2012

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

Phoenix apartment complex sells for $30 million Seattle-based Weidner Investment Services, one of metro Phoenix’s most active multifamily investors, has snagged its 28th Arizona apartment project for $30.1 million, which brokers say is more proof that the local rental market continues to be the hottest real estate sector this year. The apartment project, dubbed La Palma, is one of Weidner’s larger portfolio assets. It includes 548 units, four swimming pools, two large clubhouses and multiple sports courts atop a 27.6-acre property. View article…

HANOVER CO.’s PATIENCE PAYS OFF . . . BUYING SITE NEXT TO WEST SIXTH IN TEMPE FOR 341 UNITS It has taken The The Hanover Co. in Houston, Tex. (J.Murry Bowden, CEO) 12 years to find its second site to develop another one of its signature luxury apartment complexes in the Valley, but the patient privately-held firm appears to have struck gold in Tempe. Hanover has agreed to acquire a 2.76-acre parcel within the Centerpoint mixed-use project in Tempe that will allow the company to build 341 upscale multi-family units adjacent to the incredibly popular West Sixth towers. Those 22- and 30-story buildings are running at near full capacity and attract some of the highest rents in the state at roughly $2 per foot. View article…

WASHINGTON-BASED INVESTOR ENTERS VALLEY MARKET . . . PAYS $30.85 MILLION FOR 240 UNITS Tuscan Townhomes LLC, a company formed by Kunz Investments LLC in Liberty Lake, Wash. (Gregory Kunz, principal), paid $30.85 million ($128,542 per unit) to acquire the 240-unit Mountain Park apartments located at 4221 E. Ray Road in Phoenix. The seller was EQR-Mountain Park Ranch LLC, a company formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR). View article…

FLURRY OF AUTO DEALERSHIP ACTIVITY INVOLVING LUND, EARNHARDT, VAN TUYL, BERGE, THEISEN Four separate transactions have left four Valley automobile dealerships changing hands in the past couple of weeks. Longtime Valley dealer John Lund has sold two dealerships. Traverse Bay Properties LLC in Scottsdale (John Lund, principal) sold a vacant parcel where the new dealership will be constructed. BCC Development Inc. in Phoenix (Larry Van Tuyl, principal) paid just over $5.723 million to buy a 8-acre parcel located at the northwest corner of 83rd Avenue and Bell Road in Glendale. View article…

ABOR approves $100M UA Cancer Center planned for Phoenix The Arizona Board of Regents has given final approval for the construction of a $100 million University of Arizona Cancer Center-Phoenix outpatient clinic at the Phoenix Biomedical Campus. At its regular board meeting today, ABOR also approved a ground lease for 1.56 acres from the city of Phoenix at the downtown Biomedical Campus, and a 20-year facility lease with St. Joseph’s Hospital and Medical Center, owned by San Francisco-based Dignity Health. View article…

Gilbert considers $35 million taxpayer deal to bring in massive commercial center The Gilbert Town Council on Thursday is set to consider an economic-incentive deal worth up to $35 million that could bring a massive, 300-acre commercial center to the town’s Santan Freeway corridor. Rivulon, a sprawling development proposed by Nationwide Realty Investors, includes 3.1 million square feet of office space, 500,000 square feet of retail shops and 250-plus hotel rooms, according to a town-staff report. The commercial complex would encompass hundreds of acres bounded by Lindsay and Gilbert roads to the east and west, Pecos Road to the north and Loop 202 on the south. View article…

2012 Downtown Phoenix Development Update In 2012 Downtown Phoenix welcomed a variety of new construction projects as well as celebrated the completion of several major developments. The Maricopa County Court Tower was completed in February, consolidating courthouses across the Valley and bringing thousands of jurors and attorneys to the core of Downtown Phoenix. The complex is home to 32 courtrooms and a pedestrian plaza, helping to make the intersection of First Avenue & Jefferson one of the busiest intersections in all of Downtown. View article…