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Commercial Real Estate & Business News – January 23, 2013

Make sure you sign up for the CCIM/IREM 2013 Economic Forecast. It is next week (Thursday, January 24th, 2013) at the Tempe Center for the Arts. There is a great line up of speakers. For more info and to sign up, click here…

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

Velocity Retail Investment Division Sells Gilbert Arizona Retail Building Velocity Retail Group in cooperation with Capital Pacific, LLC of Portland, Oregon completed the sale transaction of a two-tenant, 55,076 square foot retail building located at the southwest corner of Baseline Road and Power Road in Gilbert, Arizona. The property is leased by a 34,683 square foot Goodwill of Central Arizona store, and a 20,393 square foot 99 Cent Only Store. Both of these stores had leases that were completed in early 2011. View article…

Boxer Picks Up 7 Bldgs. in Houston, Atlanta, Phoenix Boxer Property purchased seven properties in the Houston, Atlanta and Phoenix markets. The assets include three buildings at Sam Houston Plaza; 507, 519, 523 N. Sam Houston Parkway in Houston. These properties are part of the 2.5 million square feet Boxer purchased in 2012. Also included are 3675 River Exchange near Atlanta; Pointe Hilton Tapatio Cliffs in Phoenix; and 5600 Northwest Central Drive and 5005 Mitchelldale in Houston. View article…

Scottsdale Investor Buys 347 Units Business Real Estate Weekly of Arizona reports that Deco Communities LLC, based in Scottsdale, AZ, has begun an expansion push in the area, recently closing on 347 units for a combined $18 million. The buyer now owns the 180-unit Squaw Peak apartments in Phoenix and the 167-unit Hyde Park apartments in Tempe, AZ, with plans to rebrand these multifamily properties under it Cabana name. View article…

Spirit Realty and Cole Become Partners Local companies Spirit Realty Capital Inc. and Cole Credit Property Trust II have signed a definitive agreement to merge. Once the final dotted lines are signed during Q3, 2013, the result will be the second-largest publicly traded triple-net REIT in the U.S., offering a pro forma enterprise value of approximately $7.1 billion. View article…

Feds tab Arizona public land with renewable potential The U.S. Interior Department has designated 192,100 acres of Arizona public land as having potential for large-scale wind and solar energy development. “Arizona has huge potential when it comes to building a clean energy economy, and this landscape-level plan lays a solid foundation for making sure that it happens in the right way and in the right places,” Interior Secretary Ken Salazar said in news release. View article…

Top sellers from the Arizona classic car auctions Five days, $223.8 million. That’s the final tally from the classic and collector car auctions that concluded Sunday night in Scottsdale, Ariz. The annual event draws hundreds of thousands of car fans who buy, sell and watch the auctions held by firms such as Barrett-Jackson, Gooding & Co. and RM Auctions. This year, the sales reflect a 21.7% increase from the $183.9 million in vehicles sold in 2012. View article…

HOUSING:
Luxury Homes Started at One Scottsdale Texas-based TDI Real Estate Holdings LLC, has begun construction on the first phase of a project that will bring up to 750 units of luxury housing to the Scottsdale market. Construction on Phase One of Jefferson at One Scottsdale is presently underway on 388 units scheduled for completion in 2014, according to a company press release. View article…

Silverado Senior Living breaks ground in Peoria, will employ 100 Silverado Senior Living broke ground today on a new, $12 million assisted living facility in Peoria, which upon completion will employ roughly 100. The Irvine, Calif.-based company specializes in assisted living communities for those who suffer from memory-impairing diseases such as Alzheimer’s disease. View article…

Zillow: Phoenix home values soar at end of 2012 to lead nation The metro Phoenix housing market has long been known for its volatility, so it should be no surprise that it lived up to its reputation through the end of last year, posting the largest – by far – home-value gains in the nation. The latest figures released Tuesday by Zillow Inc. show Phoenix home values soared by 22.5 percent year-over-year during the last three months of 2012. View article…

Report: Servicers Decrease Loans in Shadow Inventory in Q3 As servicers rise out of the paralysis caused by regulatory issues, they are able to take necessary steps to clear out aging loans in shadow inventory, according to a report from Moody’s Investors Service. In the report, Moody’s revealed the number of loans in foreclosure shadow inventory, or loans in the process of foreclosure but with no resolution, decreased from Q2 to Q3, with the exception of jumbo loans from Citi and subprime loans from Bank of America. View article…