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Commercial Real Estate & Business News – February 4, 2013

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

Amkor Research and Development Facility in Chandler Sold to Digital Realty Trust for $24m Chandler-based chip manufacturer, Amkor Technologies, Inc., has sold its corporate headquarters and research facility to Digital Realty Trust for $23m. Digital Realty Trust is a leading provider of data center solutions and was represented by its CEO, Michael F. Foust. Gil Tily, as Executive Vice President, Chief Accounting Officer and General Counsel oversaw the transaction for Amkor. The 17.79 acre campus is located at the southwest corner of Price and Germann Roads and includes 43,044 ft2 of 2-story office built in 1996, 95,430 ft2 of warehouse and manufacturing in three buildings built in 1997 and 75,465 ft2 3-story office shell built in 2000. The $24m sales price represents a $112.18 price per square foot. View article…

VELOCITY RETAIL LEASES GILBERT ARIZONA BIG BOX TO FAMILY ENTERTAINMENT VENUE A vacant 48,573 square foot Basha’s store at the southwest corner of Queen Creek and Val Vista Drive Drive in Gilbert could have become just another statistic in the Phoenix metropolitan area big box scene. With over 275 vacant big boxes, it would have blended into the mix. However, with some creative solutions, and two very motivated parties, the vacant box is now home to a vibrant and fun-filled entertainment venue providing good clean fun for families. View article…

Korth, Gabel Close Sales on Union Crossing and 8th Avenue Shops CBRE brokers Mindy Korth and Barry Gabel represented the sellers of grocery anchored centers in two separate transactions. On the sales block were the 76,835-square-foot Asiana Market and the 93,444-square-foot 8th Avenue Shops. The buyer of Union Crossing was Eleven Investments LLC of Fargo, ND, represented by Matt Olsen of Property Resources Group. View article…

Roseview Sells Two Retail Centers Shadowed by Wal-Mart The Roseview Group has advised on the sale of two shopping centers, shadow-anchored by Wal-Mart, on behalf of a bank advisory client. The two centers, located in San Luis, AZ and Lexington, NC total 57,000 square feet and sold for an aggregate $5.78 million. In San Luis, AZ, a 40,256-square-foot, multi-tenant strip center and a 0.69-acre outparcel sold for $2.23 million. View article…

WinCo Foods Pays $5.1M for Phoenix Land WinCo Foods LLC purchased 14.57 acres located at 1301 N. Arizona Ave. in Gilbert, AZ for $5,079,192 from Earnhardt Properties LP. The existing property is an auto dealership with 11 months remaining on their lease. WinCo Foods Supermarket will start construction on their new location in 2014. View article…

The 8 Retailers That Will Shut Down The Most Stores This Year It is the time of year again, when America’s largest retailers release those critical holiday season figures and disclose their annual sales. A review of these numbers tells us a great deal about how most of the companies will do in the upcoming year. View article…

Manufacturing growth on upswing after several down months The U.S. manufacturing sector expanded in January, continuing a trend of growth despite a few months of weakness that ended 2012. The Tempe-based Institute for Supply Management reported its manufacturing index rose 2.9 points to 53.1 on a scale of 100 as most of the index’s measurements showed expansion. View article…

Too Soon to Worry About Apartment Overbuilding? It’s natural to worry about whether apartment markets will get overbuilt. The development pipeline is robust. But market researchers at the at National Multi Housing Council’s annual meeting, held January 22-23 in Palm Springs, Calif., said that the sector remains in the clear – for now. While the pipeline in some markets is at worryingly high levels, the national supply is within normal levels. View article…

HOUSING:
Report: Foreclosure Inventory Down Nearly 20% from Year Ago In December, the number of homes in some stage of the foreclosure process continued to shrink, and fewer homes were lost to foreclosure, according to the National Foreclosure Report from Corelogic. Foreclosure inventory saw a 19.5 percent decrease from a year ago as foreclosure inventory was reduced to 1.2 million homes, down from 1.5 million in December 2011. View article…

Phoenix No. 8 worst area to buy foreclosures If you’re hunting to score a bargain on a foreclosed home, then you might want to steer clear of metro Phoenix. The Valley – once Ground Zero for distressed properties during the housing crash – has been ranked the No. 8 worst metro area in the nation to buy foreclosures in 2013 by RealtyTrac Inc. But in this instance, being one of the “worst” is not really a bad thing. View article…